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The Advanced Wound Care Market is valued USD 4.9 Billion in 2023 and anticipated to surpass USD 15.7 Billion, with a compound annual growth rate at 4.8% over the forecast period 2024-2031.
This rise in the incidence of chronic diseases across the world is creating demand for more advanced wound care products. Additionally, the increasing geriatric population that is known to experience slow healing is expected to boost the advanced wound care market revenues. For instance, for example, according to data from the United Nations Population Fund's India Aging Report 2023, the number of elderly people in India has doubled from 149 million by 2022 to 347 million by 2050.
Diabetic foot ulcers are a serious consequence of diabetes that presents in most people with diabetes. Conventional wound care is often used to treat these painful and debilitating conditions. According to an article published in ScienceDirect, more than 25% of diabetics end up with foot ulcers and in some severe cases lead to an amputee in about 20% of the population. Thus, Due to the incremental diabetic population, there are increased demands for advanced wound care products. Moisturizing products like these keep the moisture in and help you heal on the inside faster as well because keeping things moist is helpful to all ends. This is compounded by their efficiency in the absorption of necrotic tissues, so they have been and continue to be adopted by health professionals - especially for surgical site infections.
In times of Covid-19 crisis, majority of people who needed some form of surgeries; the elective procedures were delayed; however, practices limited volume and staff hours or closed entirely a substantial imbalance amongst this small type of critical or urgent group somewhere between 5-30%. Even more disturbing was that during COVID too many stayed at home postponing until forever elective diagnostic imaging studies as well as screening exams for cancer prevention. The market now for all advanced wound care products has been decent owing to both backlog from delayed surgeries plus an upsurge in cases needing better technology than old-fashioned wound dressings; here is yet another example where quite possibly without today's message those may have unknowingly faced amputation after unsuccessful treatment so let us get started with our BLOG Column Series and webinars. The key players are focusing on strategic mergers & acquisitions, new product launches, and regional expansions to sustain their leading position in the market. For example, in April 2023 Convatec Group PLC acquired the nitric oxide technology platform of Anti-infective Device Specialist Limited for wound care and to explore other applications. Therefore, it can be said that the rise in the adoption rate for advanced wound care products has created a resurgence of the market after the pandemic era.
KEY DRIVERS:
Prevalence of Chronic diseases generating the need for advanced wound care
An increase in Surgical Procedures is driving the demand for advanced wound care.
RESTRAINTS:
The higher costs of advanced wound care products can limit the adoption of advanced wound care.
Inadequate insurance policies for advanced wound care products can challenge market growth.
OPPORTUNITY:
Technological Advancements in advanced wound care devices are responsible for advanced wound care market growth during the forecast period.
Rising healthcare awareness is paving a lucrative growth opportunity for advanced wound care products.
By Product
The moist wound care segment held the largest revenue share of 72.01% in the year 2023 based on product type due to the rise in various cases of wounds and surgeries across the globe. For example, Life Span Organization reports that approximately 500,000 open heart surgeries were performed in the U.S. just 2021. Moreover, as per AHA Journals, in the U. S., around 40 thousand children received congenital heart surgery in 2020. These surgeries require time to heal, and since they are complex & require advanced wound care products that provide suitable healing mechanisms and allow quick -healing of such wounds by supporting the regeneration process. This factor is responsible for rising advanced wounds demand which is estimated to fuel during the forecast period.
Additionally, the active wound care segment is projected to witness a rapid CAGR during 2024-2032. The growth of the segment is primarily attributed to the increase in prevalence of chronic diseases, such as diabetes and obesity which leads to slow wound healing processes. Furthermore, the rising geriatric population and increasing number of surgical procedures executed across the globe are poised to propel active wound care market growth over the forecast period.
By Application
By Application, it was the chronic wounds segment that led in market share, by having a higher revenue generated during 2023. A growing number of diabetic foot ulcers, venous leg ulcers, and other chronic wounds is expected to boost segment growth. For example, the Agency for Healthcare Research and Quality reports that pressure ulcers affect more than 2.5 million people in the U.S. each year. In the same way, The NCBI informs that the incidence of pressure ulcers in care varies between 4% and 38%. A report by the CDC also states that an estimated 37.3 million people, or around 11.3% of the U.S. population were living with diabetes in 2022. The increase in the number of diabetic patients is projected to cause a rise in the diabetes foot ulcer patient numbers and hence escalate growth opportunities for the chronic wound care market.
By End-Use
The hospital segment was the leader by end-use with a net revenue of 46.13% in 2023. The rise in surgical procedures and several hospital admissions are the major drivers for this segment to grow. The Australian Institute of Health and Welfare has stated that hospitalizations in Australia also appear to be on the rise. For example, in Australia, 11.6 million people were hospitalized throughout the year between 2021-22. Hence, the growth in hospital numbers and admission rates is likely to drive the market over the forecast period. This is due to a rise in the number of surgeries across the world, which again boosts market growth. For example, Business Insider reported that approximately 1 million patients undergo plastic surgery a year in South Korea. Also, One in three young women ages 19-29 have considered going under plastic surgery. Hence, the rise in the number of surgeries boosts demand for advanced wound care products fuelling the growth of the market.
The demand for home healthcare advanced wound care was high during the COVID-19 pandemic. Furthermore, the rise in the geriatric population drives the demand for advanced wound care products. The older community is more likely to suffer from chronic wounds and as we get older our body slows down on producing the ability for its wound healing process. In addition, the Wound Care Learning Network reported that elderly individuals have a higher prevalence of pressure ulcers. Hence, an increase in the older adult population is driving growth in the advanced wound care market.
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By Region, North America led the market with a revenue share of 46.05% in 2023, owing to the well-established healthcare infrastructure & rising surgical procedures. For example, in 2022 alone, nearly 23.6 million Americans had minimally invasive cosmetic surgery according to the American Society of Plastic Surgeons (ASPS). As a result, the demand for advanced wound care products is on the rise which are being largely used to avoid surgical site infections. Moreover, the rising number of accidents such as road traffic injuries, burns incidents and trauma events is expected to drive the market in this region.
The U.S. has accounted largest share in 2023 in the North American region. Growing incidence of chronic diseases along with rising surgical procedures, are the key factors driving the market. In other words, according to a report by the National Center for Chronic Disease Prevention and Health Promotion last updated on May 2023, six in ten people living U.S. carry at least one chronic state such as cancer, diabetes Mellitus, etc. Further, these factors are anticipated to increase the demand for advanced wound care. Therefore, generate the segment over the forecast timeline.
High disposable income, well-established healthcare infrastructure along the availability of skilled manpower are the factors that drive the Europe market The favorable reimbursement scenario added to the greater adoption of surgical processes. Moreover, the geriatric population and growing incidents of burns & trauma are other factors expected to propel the market.
The key market players include Mölnlycke Health Care AB, ConvaTec Group PLC, Coloplast Corp, Medtronic, 3M, Derma Sciences Inc., Medline Industries, Inc., Smith & Nephew PLC, Baxter & Other Players.
In October 2023, DuPont came up with an innovative product: a soft skin adhesive; called the Liveo MG 7-9960 that is capable of delivering stronger adhesion and reduced cyclic silicone. This innovative adhesive has been engineered for wound care dressings and medical device fixation to provide longer wear times with less risk of damage upon removal.
In June 2023, the JeNaCell, a German-based pharmaceutical giant launched the epicite balancing wound dressing. In particular, the dressing is suitable for managing low to medium-exudating chronic wounds such as soft tissue defects, diabetic foot ulcers (DFU), venous leg ulcers (VLU), and peripheral arterial disease wounds.
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.9 Billion |
| Market Size by 2031 | US$ 15.7 Billion |
| CAGR | CAGR of 4.8 % From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Product (Moist, Antimicrobial, Active) •By Application (Chronic Wounds, Acute Wounds) •By End-Use (Hospitals, Specialty Clinics, Home Healthcare & Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Mölnlycke Health Care AB, ConvaTec Group PLC, Coloplast Corp, Medtronic, 3M, Derma Sciences Inc., Medline Industries, Inc., Smith & Nephew PLC, Baxter & Other Players |
| Key Drivers | •Prevalence of Chronic diseases generating the need for advanced wound care •An increase in Surgical Procedures is driving the demand for advanced wound care. |
| RESTRAINTS | • The higher costs of advanced wound care products can limit the adoption of advanced wound care. •Inadequate insurance policies for advanced wound care products can challenge market growth. |
Ans: Advanced Wound Care Market Size was valued at USD 15.7 billion in 2031.
Ans: CAGR of Advanced Wound Care Market is 4.8% From 2024 to 2031.
Ans: The major players are Mölnlycke Health Care AB, ConvaTec Group PLC, Coloplast Corp, Medtronic, 3M, Derma Sciences Inc, smith & Nephew PLC, Medline Industries, Inc., smith & Nephew PLC, Baxter, and others in the final report.
The market will expand at a faster rate as the prevalence of diseases and ailments that impair wound healing capacity rises.
Advanced wound care products are available
Ans: The market is segmented into three types by Product, by Type, by Application.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Advanced Wound Care Market Segmentation, By Product
8.1 Moist
8.1.1 Foam Dressings
8.1.2 Hydrocolloid Dressings
8.1.3 Film Dressings
8.1.4 Alginate Dressings
8.1.5 Hydrogel Dressings
8.1.6 Collagen Dressings
8.1.7 Other Advanced Dressings
8.2 Antimicrobial
8.2.1 Silver
8.2.2 Non-Silver
8.3 Active
8.3.1 Biomaterials
8.3.2 Skin-substitute
9. Advanced Wound Care Market Segmentation, By Application
9.1 Chronic Wounds
9.1.1 Diabetic Foot Ulcers
9.1.2 Pressure Ulcers
9.1.3 Venous Leg Ulcers
9.1.4 Other
9.2 Acute Wounds
9.2.1 Surgical & Traumatic Wounds
9.2.2 Burns
10. Advanced Wound Care Market Segmentation, By End-use
10.1 Hospitals
10.2 Specialty Clinics
10.3 Home Healthcare
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Mölnlycke Health Care AB
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 ConvaTec Group PLC
12.3 Coloplast Corp
12.4 Medtronic
12.5 3M
12.6 Derma Sciences Inc.
12.7 Medline Industries, Inc.
12.8 Smith & Nephew PLC
12.9 Baxter
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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Key Segments:
By Product
Moist
Foam Dressings
Hydrocolloid Dressings
Film Dressings
Alginate Dressings
Hydrogel Dressings
Collagen Dressings
Others
Antimicrobial
Silver
Non-silver
Active
Biomaterials
Skin-substitute
Growth Factors
By Application
Chronic Wounds
Diabetic Foot Ulcers
Pressure Ulcers
Venous Leg Ulcers
Other
Acute Wounds
Surgical & Traumatic Wounds
Burns
By End-Use
Hospitals
Specialty Clinics
Home Healthcare
Others
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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