The global advanced wound care market size is anticipated to reach USD 10.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in the aging population and the increasing number of diabetic patients are some major factors driving this market’s growth. For instance, according to Administration for Community Living’s profile on older Americans, the U.S. population aged 65 and above was estimated to be 54.1 million in 2019, which is about 19% of the U.S. population. This population increased by about 36% from 2009 to 2019 and is projected to reach 80.8 million by 2040, and 94.7 million by 2060. As the elder population is more prone to wounds, an increasing number of elder populations is anticipated to propel the market growth during the forecast period.
Advanced Wound Care Market Report Highlights
- Based on product, the moist wound care segment dominated the market and accounted for a revenue share of 59.2% in 2021, owing to an increase in the number of chronic wound patients
- Based on application, the chronic wound segment is likely to witness the fastest growth during the forecast period, owing to an increase in the number of diabetic foot ulcers globally
- On the basis of end-use, the hospital segment dominated the market, owing to the increasing number of surgeries among the patients in hospitals. On the other hand, the home healthcare segment is anticipated to witness the fastest CAGR of 6.11% in the forecast period
- North America dominated the market and accounted for the highest revenue share of 45.2% in 2021 owing to the increasing number of surgical procedures and technological advancements
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Moreover, there has been an increase in the number of surgical procedures and traumatic incidents globally. For instance, as per a study by ResearchGate, in 2020, around 6.6% of mortality occurs due to trauma every year. Similarly, there has been an increase in the number of surgical site infections. Advanced wound care products help to contain and reduce these surgical site infections, thereby, an increase in the number of surgical site infections is expected to drive the market during the forecast period.
Furthermore, the introduction of the COVID-19 vaccine, and the lifting of lockdown impositions, are expected to have a positive impact on the market in coming years. Many elective surgeries which were postponed are expected to take place. In addition to this, many leading manufacturers are introducing new products which may help them to capitalize on the increasing demand for advanced wound care products during the forecast period.
Advanced Wound Care Market Insights By Geographical Region
North America dominated the market for advanced wound care and accounted for the largest revenue share of 45.3%. This dominance can be attributed to a well-developed healthcare infrastructure and an increase in the number of surgical procedures. In Asia Pacific, the market for advanced wound care is estimated to witness the highest CAGR of 6.0% over the forecast period. This can be attributed to rising changing lifestyles leading to an increase in the incidence of chronic diseases and an increase in the geriatric population in this region. Asia Pacific is anticipated to witness the fastest growth over the forecast period.
Industry Share Analysis By Major Players
The market for advanced wound care is highly fragmented with the presence of several small and large manufacturers. Competitive rivalry in the market is expected to increase over the forecast period due to the presence of many players in the market. with various strategies acquired by leading players, the market for advanced wound care is expected to impel during the forecast period. Some of the prominent players in the advanced wound care market include:
- Smith & Nephew
- Molnlycke Health Care AB
- ConvaTec Group PLC
- Baxter International
- URGO Medical
- Coloplast Corp.
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Advanced Wound Care Market Segmentation
Grand View Research has segmented the global advanced wound care market on the basis of product, application, end-use, and region:
- Advanced Wound Care Product Outlook (Revenue, USD Million, 2018 – 2030)
- Advanced Wound Care Application Outlook (Revenue, USD Million, 2018 – 2030)
- Advanced Wound Care End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Advanced Wound Care Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of Advanced Wound Care Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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