Growing investments in the healthcare sector, coupled with innovations in advanced wound management products are anticipated to positively shape demand in the upcoming years.
With increasing incidence of chronic wounds globally, Future Market Insights (FMI) projects the advanced wound management market to exceed US$ 6.5 Bn between 2021-2031.
In 2020, the unprecedented COVID-19 outbreak dampened sales in the advanced wound management market. However, with recovery of research and development initiatives focusing on solutions for optimal wound care, demand in the advanced wound management market will rise at a steady pace during the assessment period.
Incorporation of biomaterials such as alginates and silver in topical wound healing treatments will further drive sales. These developments are encouraging key market players to innovate effective advanced wound healing solutions.
Product developments in advanced wound dressing segment such as hydrogels, collagen, and hydrocolloids are on cards. Apart from these products, emergence of negative pressure wound therapy devices will boost sales in the market.
Besides this, government-backed initiatives such as public health insurance schemes in counties including the U.S., the U.K., and China will create lucrative growth opportunities in the advanced wound management market.
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Key Takeaways from the Advanced Wound Management Market Analysis
- Advanced wound dressing is anticipated to dominate the product segment.
- Based on application, chronic ulcers will witness increasing adoption of advanced wound management.
- Hospitals, followed by clinics are expected to account for maximum market sales.
- The U.S. is projected to witness high demand in the advanced wound management market, owing to increasing number of diabetic patients in the country.
- The U.K. will emerge as a lucrative market with rapid product developments by leading players.
- China will exhibit high demand for advanced wound management due to increasing incidence of chronic wounds and reimbursements for medical expenditure.
- Advanced wound management market in India is expected to grow at a steady pace, owing to growing cases of road accidents and chronic wounds.
“Increasing research and development activities aimed at offering advanced wound healing devices and fast-track approvals for novel advanced wound management products are anticipated to propel sales in the market through 2031,” says the FMI analyst.
As per FMI’s analysis, ConvaTec Group Plc. Coloplast A/S, Molnlycke Health Care AB, 3M Healthcare, and Smith & Nephew PLC. are among the leading players in the market, accounting for approximately 3/4th of the market share.
Key players operating in the advanced wound management market are actively focusing on product innovations, strategic collaboration, mergers, acquisitions, and government approvals as a part of their growth strategies. For instance:
- In July 2021, Ethicon Inc., a part of the Johnson & Johnson Medical Devices Company, announced the U.S. Food and Drug Administration (FDA) has granted Breakthrough Designation for the company’s transbronchial microwave ablation technology. The advanced technology uses robotic-assisted bronchoscopy for the treatment of debilitating diseases and conditions.
- In July 2021, Illinois-based Medline Industries announced its plan to open a new distribution center worth US$ 100 Mn in the Katy area. The new distribution facility will bring the company’s total employee strength to around 375 employees.
More Insights into the Advanced Wound Management Market Report
In its latest report, FMI offers an unbiased analysis of the global advanced wound management market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (advanced wound dressing, wound contact layers, superabsorbent dressings, and negative pressure wound therapy devices), application type (chronic ulcers and non-healing surgical wounds) end-user type (hospitals, clinics, ambulatory surgical centers, and skilled nursing facilities) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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Key Questions Answered in the Report
- What is the current Advanced Wound Management market value?
The advanced wound management market reached a valuation of US$ 6.5 Bn in 2021.
- At what rate did the Advanced Wound Management market grow between 2016 and 2020?
The advanced wound management market experienced healthy growth, exhibiting a 4.5% CAGR between 2016 and 2020.
- What are the key trends driving Advanced Wound Management sales?
Rising cases of chronic wounds and diabetic foot ulcers, coupled with product developments by leading players are key factors driving sales in the advanced wound management market.
- Who are the leading players in the Advanced Wound Management market?
Leading players operating in the advanced wound management market include ConvaTec Group Plc. Coloplast A/S, Molnlycke Health Care AB, 3M Healthcare, and Smith & Nephew PLC.
- What will be the demand outlook for North America Advanced Wound Management market?
North America advanced wound management market is anticipated to witness high growth during the forecast period.