The Advance Wound Care Market size is projected to be valued at US$ 11.5 Billion in 2023 and is expected to rise to US$ 17.4 Billion by 2033. The sales of advance wound care are expected to grow at a significant CAGR of 4.2% during the forecast period. The growing global geriatric population, as well as the growing incidences of ulcers, diabetic ulcers, and other chronic wounds, are key factors driving the market.
Furthermore, the rising prevalence of diabetes and obesity, as well as a significant increase in the need for surgical procedures around the world, are fueling demand for advanced wound care products. In line with this, rising consumer awareness of the proven benefits and effectiveness of these products is driving up global sales.
In addition, technological developments in improved wound care products are fueling market expansion.
- For instance, bioactive molecules across the applied area maintain the drug release and enhance the therapeutic benefits of pharmaceuticals in nanoparticle-based wound healing and skin regeneration.
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The increase of ambulatory surgical centres (ASCs), which offer surgical care for pain management, orthopaedics, urology, restorative, organ transplantation, and reconstructive surgeries, is being driven by the expansion of these facilities.
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- Wound cleaner is expected to expand at the fastest rate (5.6%) among all items. Protection against loose debris and planktonic bacteria to create an ideal healing environment will boost the growth of the wound cleansers market.
- Institutional sales are the most preferred distributional channel growing with an impressive rate of 4.8% due to an increase in surgical wound cases brought on by a rise in surgical procedures.
- The U.S. will generate a revenue of USD 5.7 Bn by 2033 due to their advance healthcare setup and growing investments on healthcare technologies.
- With a market share of more than 40% Asia Pacific advance wound care industry, India’s advance wound care market is anticipated to expand at a CAGR of 6.4%. The rising number of product approvals and launches, distribution contracts, and mergers and acquisitions are all factors contributing to the country’s growth.
- It is projected that product releases and other strategic moves made by Japan’s industry participants will hasten market expansion and contribute a revenue of USD 1.2 Bn by 2033.
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Manufacturers are constantly evolving business models:
With a large number of participants, the advanced wound care management market is extremely fragmented. Patients with chronic wounds enjoy better quality of life as technology develops and becomes more practical. Due to their efficiency and effectiveness in managing wounds by facilitating faster healing, modern wound care management and closure solutions are progressively replacing traditional wound care and closure treatments. In order to increase their market presence through mergers, acquisitions, partnerships, collaborations, new product launches, etc., industry players are concentrating on a variety of growth tactics.
Latest Developments:
- The 3M V.A.C. Therapy negative pressure wound therapy (NPWT) reached a clinical evidence milestone of 2,000 published, peer-reviewed medical journal articles in October 2022, according to a release from 3M Health Care’s Medical Solutions Division. The first and only NPWT treatment to have as many published research about its therapy is V.A.C. Therapy.
- Evonik and Coopmed, a medical technology consulting and sales organisation, signed a contract in September 2022 for the distribution of the wound dressing Epicite. Starting right away, Coopmed will only provide the German market with Epicite, a biosynthetic cellulose-based product for managing chronic wounds.
Some of the Key Players Operating in Advance Wound Care Market Include:
- Smith & Nephew
- Molnlycke Health Care AB
- ConvaTec Group PLC
- Baxter International
- URGO Medical
- Coloplast Corp.
- Medtronic
- 3M
- Derma Sciences Inc. (Integra LifeSciences)
- Medline Industries
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Key Segments Covered in the Advance Wound Care Market Report
Product:
- Hydrogels Dressings
- Antimicrobial Hydrogel Dressings
- Non-Antimicrobial Hydrogel Dressings
- Semi-Permeable Films Dressings
- Semi-Permeable Films Dressings
- Antimicrobial Bordered Film Dressings
- Antimicrobial Non-Bordered Film Dressings
- Semi-Permeable Films Dressings
- Non-Antimicrobial Bordered Film Dressings
- Non-Antimicrobial Non-Bordered Film Dressings
- Alginate Dressings
- Antimicrobial Alginate Dressings
- Non-Antimicrobial Alginate Dressings
- Foam Dressings
- Antimicrobial Foam Dressings
- Antimicrobial Bordered Foam Dressings
- Antimicrobial Non-Bordered Foam Dressings
- Non-Antimicrobial Foam Dressings
- Hydrocolloid Dressings
- Antimicrobial Hydrocolloid Dressings
- Non-Antimicrobial Hydrocolloid Dressings
- Collagen Dressings
- Contact Layer
- Super Absorbent Dressings
- Compression System
- Antimicrobial Gels
- Antimicrobial Powder
- Concentrated Surfactant
- Skin Protectants
- Wound Cleansers
- Honey Dressings
- Unna Boots
- Tapes
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Distribution Channel:
- Institutional Sales
- Hospitals
- Long-Term Care Centers
- Retail Sales
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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