The Advance Wound Care Market is expected to witness phenomenal opportunities by exhibiting a stable CAGR of 3.7% during the forecast period between 2021 to 2031. The global market reached US$ 10.3 Bn in 2020 and is expected to be valued at US$ 15.4 Bn by the end of 2031 according to Future Market Insights (FMI) study.
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According to the estimations evaluated during the historic period between 2016 to 2020, the global advance wound care market registered a CAGR of 3%. Surging focus on alternative medicines with a rising inclination toward preventive measures is driving current sales figures in the market. Widespread expansions and product launches in emerging markets are prominent factors promoting advance wound care market growth.
According to the statistics published in 2019, in the Advance Wound Care Journal, substantial demand for wound care products has been witnessed in the world’s two major wound-dressing markets, namely the U.S. and Europe. Globally, the yearly cost for wound care was an average of $2.8 billion in 2014. The forecast was predicted to grow to US$ 3.5 billion in 2021. As per several other investigations, it has been shown that venous insufficiency ulcers represent 50% of chronic foot ulcers related to the venous etiology of chronic wounds.
Key Takeaways
- The rising inclination towards more efficient and advance wound care facilities is increasing in developed countries which has led to a surge in the demand for high-tech technology in wound care market. Increasing investments in developing advance wound care products are expected to bolster growth in the market. In addition to that, growing efforts for their distribution by prominent stakeholders are some of the major factors expected to surge the growth of the advanced wound dressing market.
- Favorable government initiatives in developing countries are befitting manufacturers of advance wound care in the form of higher reimbursement. Deeper collaborative research on improved textile textures and fabric’s adsorbent capacity is assisting manufacturers in producing high-quality products in developing economies.
- Various government policies are working in the favor of start-up companies in developing countries and are anticipated to create massive opportunities for the market players in order to invest in the advance wound care market. Furthermore, higher attention is required toward better relationship management with surgeons which could result in higher product penetration in hospitals.
- In emerging economies, it is crucial to improve and streamline regulatory processes that are anticipated to boost the formalization of practice standards, development of better clinical treatment guidelines, standardize product usage, and shorten registration & licensing periods for AWC products.
- A significant increase has been witnessed in the e-commerce distribution channels in advance wound care product sales in recent years. The growing number of surgeries and increasing cases of chronic disorders worldwide are anticipated to improve the adoption of advance wound care products. Persistent demand for better first-aid facilities and versatile wound care products is bolstering the growth and is expected to create the opportunity of US$ 4.7 Bn by 2031.
- There is a rise in incidences of diabetic foot ulcers among the aging population in developing countries is fueling the demand for advance wound care market products. According to the estimations conducted by the International Diabetes Federation estimated the prevalence of diabetic foot ulcers is approximately 2% in developed countries as compared to over 20% in resource-poor countries of the Caribbean region. This indicates the demand for low-cost advance wound care products in in-patient care as well as in homes.
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Competitive Landscape
Developing countries such as India and China are anticipated to promote market growth in the manufacturing sector. A reasonable growth seen for value-added products is likely to boost the advance wound care market in the coming years.
More Insights into the Advance Wound Care Market
The U.S. is anticipated to dominate the North American region by accounting for a total of over 93% value share of the global advance wound care market. This dominance is driven by widespread healthcare awareness within the population. Furthermore, factors such as increasing demand for reducing hospital stays, surging number of surgeries, and a rise in demand for innovative & advance wound care products are expected to aid the growth.
Advance Wound Care Market by Category
Product:
- Hydrogels Dressings
- Semi-Permeable Films Dressings
- Semi-Permeable Films Dressings
- Alginate Dressings
- Foam Dressings
- Non Antimicrobial Foam Dressings
- Hydrocolloid Dressings
- Collagen Dressings
Distribution Channel:
- Institutional Sales
- Retail Sales
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Advance Wound Dressing Market Growth was valued at $8,978.0 million in 2020, and is projected to reach $14,190.5 million by 2030, registering a CAGR of 4.8%
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