The Advanced Wound Management Market is projected to secure a valuation of US$ 8.1 billion in 2023 and is anticipated to rise to US$ 11.5 billion by 2033. The market is registering a CAGR of 3.6% during the forecast period.
Growing rates of burn injuries, obesity, severe injuries, chronic ulcers, and sedentary lifestyles drive market expansion. The use of advanced wound management is also developing as a result of the ageing population, diabetes, and chronic illness patients. Patients are increasingly asking for enhanced wound treatment in order to recover quickly and securely. In 2018, over 34.2 million Americans received a diabetes diagnosis.
Opportunities in the market are expanding due to the expansion of the healthcare infrastructure, urbanisation, and innovation in contemporary wound treatment devices. The market is expanding as a result of government assistance, new market entry, significant investments, and an intensifying patient awareness campaign. In addition, the market potential are expanding as more healthcare professionals use devices for wound management and prevention.
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The market size is increasing as a result of manufacturers creating enhanced wound care management tools such post-operative wound care, robotic surgery tools, and hemostatic agents. Over 25% of diabetes patients worldwide have diabetic foot ulcers, according to a ScienceDirect article. The expansion of the healthcare industry and the innovation of recently released gadgets have an impact on the world market.
Key Takeaways:
- The advanced wound management market is expected to have a valuation of US$ 11.5 billion by 2033.
- With a CAGR of 3.6%, the global market is booming during the forecast period.
- The market in the United States is anticipated to secure a CAGR of 3.5% through 2033.
- With a CAGR of 3.8%, the United Kingdom’s advanced wound management market significantly uplifts during the forecast period.
- Canada market is expected to record a CAGR of 4.2% over the forecast period.
- German market is estimated to capture a CAGR of 4.5% by 2033.
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Who is winning?
The key players have a crucial role in acquiring maximum revenue by investing huge amounts in research & development activities. These players focus on end users’ requirements to provide sufficient and convenient devices to cure several chronic diseases and infections. In addition, the innovation of advanced wound care management products with the adoption of novel technologies upsurges the market to another level.
These players achieve their goals in the coming years by following marketing strategies. The marketing strategies include mergers, acquisitions, collaborations, product launches, agreements, and partnerships.
Other Essential Companies in the Market are:
- B. Braun Melsungen AG
- Mölnlycke Health Care
- ConvaTec Group plc
- Coloplast A/S, SIGVARIS
- Acelity L.P. Inc.
- 3M
- BSN Medical
- Ethicon Inc.
- Medline Industries, Inc.
- Smith & Nephew PLC.
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Recent Developments in the Global Advanced Wound Management Market:
- In October 2022, a healthcare provider company, 3M, announced that it’s newly launched 3M V.A.C. Therapy named NPWT had surpassed 2,000 publishes. It is the only therapy that has gained this number of published studies.
- In September 2022, Evonik announced an agreement with Coopmedfor, a medical technology consulting and sales company. The agreement took place to distribute Epicite in Germany market, which comprises biosynthetic for chronic wound management.
- In January 2020, ConvaTec Group Plc launched its new product ConvaMax superabsorber, for dressing wounds. This product is mainly applied to diabetic foot ulcers, surgical wounds, and pressure ulcers.
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Advanced Wound Management Market by Category
By Product Type:
- Advance Wound Dressings
- Foam
- Hydrocolloid
- Hydrofiber
- Film
- Alginate
- Hydrogel
- Collagen
- Wound Contact Layer
- Superabsorbent Dressings
- NPWT Devices
- Standalone NPWT Devices
- Single Use Disposable NPWT Devices
- Portable NPWT Devices
- NPWT Accessories
By Application:
- Chronic Ulcers
- Venous Leg Ulcers
- Diabetic Foot Ulcers
- Pressure Ulcers
- Non-healing Surgical Wounds
- Traumatic Wounds
- Burn Cases
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Skilled Nursing Facilities
- Other Facilities
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