Advanced Wound Care Market | Vast Rise in the Number of Chronic Diseases Mainly Drive the Market
The advanced wound care market is predicted to display steadfast growth over the forecast period from 2020 to 2030. Factors such as increasing prevalence of chronic diseases, increasing burden on healthcare facilities that necessitate to reduce hospital stay, rising number of surgical procedures, and growing number of ambulatory surgical centers are primarily fuelling the advanced wound care market.
Key parameters based on which the advanced wound care market is divided in this report are product, end use, application, and region.
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The report provides an exhaustive analysis of the advanced wound care market for the forecast period from 2020 to 2030, including demand drivers, growth opportunities, and competitive landscape. Besides this, an analysis of key segments with projections of their growth rate for the forecast period is provided in the report.
Advanced Wound Care Market – Competitive Landscape
The advanced wound care market is fairly consolidated with major share held by some large companies that hold commanding position. Product innovation and product development are some key organic growth strategies of large players who are strategizing to consolidate their position in this intensely competitive vendor landscape. Some players are also engaging in partnerships and collaborations to benefit from manufacturing and scientific expertise of partnering companies.
Prominent players in the advanced wound care market include
- Smith & Nephew plc
- Derma Sciences Inc.
- Molnlycke Health Care AB
- Convatec Group plc
- Coloplast Corp.
- Medline Industries Inc.
Advanced Wound Care Market – Key Trends
Vast rise in the number of chronic diseases is a key factor fuelling the advanced wound care market. Some advanced wound care products for chronic diseases include films, hydrogel, gauze, hydrocolloid, and foam dressings. Besides this, advanced wound care products that contain alginates and silver are used to remove excess fluids from wounds and protect them from getting an infection. In terms of composition, silver and alginate products comprise hormone-like substances that allow rapid healing and promote growth of cells post an injury.
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Skin grafts and biomaterials are some other advanced wound care products for healing and closing larger wounds, which can’t repair on their own. For example, according to statistics of the U.S. National Institutes of Health, chronic injuries affect nearly 6.5 million people each year, with expense of more than US$25 billion on the treatment of these diseases.
Rise in the number of road accidents, burn accidents, and trauma has led to the increase in demand for a host of medical therapies, medical devices, and wound care products. For example, according to the 2018 annual report of the World Health Organization, road crash is one of the leading causes of death among children and adults in the 5- 29 years of age. Advanced wound care products find considerable use for dressings and quick healing of injuries caused by the crash. This, in turn, is creating opportunities in the advanced wound care market.
Advanced Wound Care Market – Geographical Analysis
North America and Europe display the leading demand for advanced wound care products among other key regions. According to a report, titled “Diagnosis and Management of Diabetic Foot Complication”, by the American diabetes Association and Organogenesis Inc., in Western countries, the annual incidence of diabetic foot ulcers is 2.0% and lifetime risk associated with this is 15- 25%. For rapid healing of diabetic foot ulcers, generally, moist wound dressings are used, which creates opportunities in the advanced wound care market in these regions.
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