by Advanced wound care management includes products for treating chronic and acute wounds such as leg and foot ulcers, pressure ulcers, diabetic ulcers, and surgical wounds. These products include collagen products, antimicrobial dressings, foam dressings, gauze, hydrocolloids, film dressings, alginates, and hydrogels. Collagen products, such as collagen based wound dressing, provide moisture to the wound and help promote healing. Antimicrobial dressings prevent infection of the wound by destroying or inhibiting the growth of microorganisms. Foam dressings provide high absorption and maintain a moist environment ideal for wound healing.
The global advanced wound care management market is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The significant demand for advanced wound care products from hospitals, specialty wound care clinics, and long-term care facilities is expected to drive the growth of the advanced wound care management market over the forecast period. Advanced wound care products such as collagen products and antimicrobial dressings are widely used in the treatment of chronic and acute wounds as they facilitate faster wound healing. Additionally, the increasing prevalence of diabetes and associated chronic wounds such as diabetic foot ulcers is also expected to propel the market growth. It is estimated that over 463 million adults aged 20-79 years suffered from diabetes in 2019, and this number is expected to rise to 700 million by 2045. Diabetic foot ulcers require advanced wound care for management and treatment to prevent amputation, thereby fueling the demand for these products.
Segment Analysis
The advanced wound care management market can be segmented into wound dressings, wound treatment devices, wound treatment drugs, and others. Among these, the wound dressings segment dominates the market and accounts for over 50% market share. This is due to the high demand for wound dressings such as hydrocolloid dressings, foam dressings, alginate dressings, hydrogel dressings, and others from clinics, hospitals, and ambulatory surgical centers. Wound dressings aid in faster healing of wounds and help prevent infections.
PEST Analysis
Political: Governments across countries are increasingly focusing on improving healthcare infrastructure and spending on advanced wound care products. Favorable reimbursement policies are also boosting market growth.
Economic: Rising per capita healthcare expenditures, growing geriatric population suffering from chronic wounds, and increasing cases of diabetes and obesity driving wound cases are fuelling market revenues.
Social: Growing awareness among patients about available advanced wound care options and non-invasive treatment nature is positively impacting the market.
Technological: Companies are investing heavily in developing novel wound dressings containing antimicrobial agents, wound healing drugs, and advanced wound care devices to accelerate treatment.
Key Takeaways
The Global Advanced Wound Care Management Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global advanced wound care management market is estimated to be valued at b and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
The North America region currently dominates the market due to growing prevalence of diabetes and vascular disorders increasing wound cases. This is attributed to the rising geriatric population suffering from chronic wounds, favorable reimbursement policies, growing diabetes prevalence and presence of key players in the region. Increase in wound-related surgeries has also propelled the usage of advanced wound care products in hospitals and clinics.
Key players
Key players operating in the advanced wound care management market are Boiron, Heel, Schwabe Group, Dolisos, Nelsons, Weleda, SBL Homeopathy, Hahnemann Laboratories, Inc., Reckeweg, Helios Homeopathy, Ainsworths, Pekana, WHP (Washington Homeopathic Products), Hyland’s Homeopathic, Hapé Homeopathic Pharmacy. Boiron, Heel, and Schwabe Group are the dominant players due to their extensive product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
