April 20, 2024

Advanced Wound Care Management Market Growth: Driving Healthcare Transformation

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Advanced wound care management includes products and therapies utilized for the treatment of both acute and chronic wounds. These products include foam dressings, hydrocolloid dressings, alginate dressings, antimicrobial dressings, and other advanced wound care products that help in wound healing via faster absorption of exudate and creating moist environments. Chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers have high impact on patients’ quality of life and account for major healthcare expenditure. Thus, the growing prevalence of chronic wounds worldwide is fueling the demand for advanced wound care management products.

The Global advanced wound care management market is estimated to be valued at US$ 15.11 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the advanced wound care management are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc.

The key opportunities in the market include increasing research on advanced biomaterials, demand for single-use negative pressure wound therapy devices, and technological advancements in wound closure products. Moreover, growing prevalence of chronic wounds across developing regions provides significant opportunities for global players to expand their geographic footprint.

The global advanced wound care management market is expected to witness high growth owing to rising penetration in developing regions of Asia Pacific, Latin America, and Middle East & Africa. Growing geriatric population, increasing incidence of lifestyle diseases, and improvement in healthcare infrastructure in these regions will collectively support the market growth during the forecast period.

Market Drivers
The major market driver is the increasing prevalence of chronic wounds globally, especially in developing regions, due to rising incidence of diabetes and obesity. As per WHO, incidence of diabetes has nearly quadrupled since 1980 with an estimated 350 million adults having diabetes worldwide currently. Poorly managed diabetes leads to chronic wounds and amputations, thereby driving demand for advanced wound care products.

PEST ANALYSIS

Political: Government policies play a key role in this market. They fund healthcare initiatives and mandate coverage of advanced wound care products by insurance providers. Tariffs and trade barriers also impact suppliers and manufacturers.

Economic: Growth in disposable incomes boosts healthcare spending, aiding growth. However, economic slowdowns squeeze payers and impact demand. Currency fluctuations affect costs for multinational players.

Social: Aging populations drive higher prevalence of chronic wounds and surgical cases requiring care. Lifestyle diseases also increase wound risks. However, stigmas around certain conditions hamper treatment seeking.

Technological: Digital and smart wound care technologies improve outcomes and health systems’ efficiencies. Connected devices enable remote monitoring. However, high development costs slow innovation in poor regions.

GEOGRAPHICAL CONCENTRATION OF VALUE

North America accounts for the largest market share in terms of value owing to high per capita healthcare spending and established insurance coverage. The incidence of diabetes, obesity and other chronic conditions also elevates wound risks. Asia Pacific is a fast emerging market with China and India at the forefront due to huge patient populations and improving access to care.

FASTEST GROWING REGION

Asia Pacific is projected to experience the fastest growth over the forecast period due to rising health expenditures, greater awareness, expanding medical infrastructure and increasing prevalence of diabetes and wounds in India, China and other developing nations. Growing medical tourism also attracts patients from developed regions seeking affordable treatment. This boosts demand in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it