Bioactive Wound Management Market to reach US$ 3,057.12 Mn by 2027 COVID-19 Impact and Global Analysis by The Insight Partners
According to our latest study on “Bioactive Wound Management Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by product, application, end user,” the market was valued at US$ 1,751.38 million in 2019 and is projected to reach US$ 3,057.12 million by 2027; it is expected to grow at a CAGR of 7.3% during 2020–2027. The report highlights trends prevailing in the global bioactive wound management market and the factors driving market along with those that act as hindrances.
The wound dressing products made from biomaterials are known as bioactive wound care dressings. These materials are designed to be in direct contact with the injury and prevent the chances of further infection. The dressings are made up of both synthetics as well as natural polymers. The rise in diabetes cases, as well as skin injuries due to burns, fuels the growth of the bioactive wound management market. The bioactive wound management market is expected to witness huge growth during the forecast period on the back of the increasing medical cases involving wounds and ulcers, and growing number of surgical procedures being conducted worldwide. Moreover, innovations in wound care products are also expected to foster the market growth in the coming years. However, the high cost associated with wound care management is limits the growth of the market.
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Bioactive Wound Management Market: Competition Landscape & Key Developments
The growth of the bioactive wound management market is attributed to factors such as increasing cases of wounds and ulcers, growing number of surgical procedures carried out worldwide, and innovation in advanced wound care products. However, the high cost associated with wound care management restrains the growth of the market. Smith+Nephew, MiMedx, Integra LifeSciences, Organogenesis, Tissue Regenix Group Plc, Coloplast, Hartmann plc, Covalon Technologies Ltd., ConvaTec, and ETS Wound Care, LLC are among the leading companies operating in the bioactive wound management market.
Increasing Incidences of Wounds and Ulcers
Rising diabetes-associated risks such as diabetic foot ulcers and pressure sores are increasing the demand for bioactive wound care products. In addition, factors such as antimicrobial resistance, adoption of unhealthy lifestyles, alcohol consumption, and smoking contribute to the rise in the prevalence of non-communicable diseases. As per the International Diabetes Federation, in 2019, approximately 463 million adults had diabetes, and this number is expected to reach 700 million by 2045.
Moreover, complications associated with diabetes, such as diabetic foot ulcers, are also facilitating the need for advanced wound care management products. For instance, as per the International Diabetes Federation, persons with diabetes are 15–40 times more likely to require lower-leg amputation. Approximately 85% of amputations are followed by the development of a neuropathic foot ulcer.
Bioactive Wound Management Market: Segmental Overview
The global bioactive wound management market based on product is segmented into alginates, collagen-based dressings, antimicrobial dressings, bioengineered skin substitutes, and hydrocolloids. The alginates segment held a largest share of the market in 2019; however, the bioengineered skin substitutes segment is estimated to register the highest CAGR during the forecast period; this projected growth is ascribed to the rising prevalence of rare diseases, increasing geriatric population prone to develop chronic wounds, and high use of these substitutes by healthcare providers in the management of chronic wounds.
Based on application, the bioactive wound management market is segmented into pressure ulcers, diabetic foot ulcers, venous leg ulcers, burn wounds, and surgical wounds. The burn wounds segment held the largest share of the market in 2019 owing to increasing number of burn incidence globally, especially in low-income countries. According to the WHO data for 2018, every year, ~180 000 deaths are caused due to burning injuries. In addition, the incidences of burn injuries are seen in low-middle income countries. According to the WHO, countries such as India, Pakistan, Bangladesh, Nepal, Colombia, and Egypt have a higher number of burn management cases. Further, the surgical wounds segment is anticipated to register the highest CAGR during the forecast period.
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