The global chronic wound care market is anticipated to grow at a compound annual growth rate (CAGR) of 3.8%. According to projections, the market value will rise from US$ 17,272.4 million in 2023 to US$ 25,042.5 million in 2033. The market for chronic wound care, which was estimated to be worth US$ 16,689.3 million in 2022, is projected to rise at a compound annual growth rate of 3.5% in 2023.
As a result of increased research and development by numerous governmental and non-governmental entities, new, creative items should hit the market. According to a Frontiers in Physics research, new smart bandages have been developed that allow clinicians to speak with patients without having to touch the wound.
Furthermore, researchers at the Indian Institute of Science have developed bandages with magnetic nanofibers that offer a non-invasive treatment for skin cancer. IISc researchers have developed a bandage that is made by electrospinning a special combination of nanoparticles. It has been shown that employing a variety of sensing modalities, such as physical and chemical sensors, real-time monitoring of wound parameters at the wound site is essential for optimal wound care. Recent years have seen a significant amount of effort directed toward the development of technology to monitor a range of indicators impacting wound healing, such as temperature, pressure, pH, and infection status. Advanced wound therapies, such as local and on-demand drug administration, have been developed to help with wound diagnosis and therapy.
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The advancement of technology and innovative 3D techniques, along with trackers and apps, will allow consumers to monitor the healing process of their finger wounds. For instance, Heriot-Watt University researchers developed tiny sensors that track wound healing and speed using a bandage under a bandage. There have been many studies on wound biology, but little is known about the physicality’s that contribute to wound healing, especially at the microscale, where advancement occurs at sub-hair widths. Crichton writes that few studies have actually been conducted on wounds.
Key Takeaways from the Market Study
- The global market size for chronic wound care is estimated to reach US$ 15.98 Billion by 2023.
- According to the forecast, the market is expected to grow by 7% between 2023 and 2033, reaching a total of US$ 31.46 billion by 2033.
- Across all wound dressing categories in 2023, advanced wound dressings accounted for 54% of the total market value.
- Chronic wound care in North America expanded with a market share of 33% in 2022.
- According to forecasts, by 2023 the diabetic ulcer market will account for 38% of the total market value.
“As diabetic ulcers become more prevalent and new drugs and devices are approved, artificial intelligence and technology are expected to play a significant role in growing sensor-based bandages.” comments a Future Market Insights analyst.
Competitive Landscape
Research and the development of innovative diagnostic techniques are expected to be the focus of many companies in the near future, resulting in the expansion of their product lines, the acquisition of other companies, and the merger of their businesses.
- Healthium Medtech, based in Bengaluru, has introduced its new wound dressing portfolio Theruptor Novo to manage chronic wound care such as diabetic foot ulcers and leg ulcers. Healthium expands its portfolio of advanced wound dressing products with Theruptor Novo. Approximately 25% of diabetics will develop a foot ulcer during their lifetime. As a result of complications caused by untreated diabetic foot ulcers, almost 1 lakh amputations have been registered in India today. In addition to being painful and expensive, foot ulcers require a lot of treatment.
- In an era when complex chronic wound care are on the rise, while access to wound care nurse specialists is becoming more challenging, HARTMAN USA and Corstrata announce their partnership to support home health and other in-home providers. Clinical expertise and evidence-based treatment protocols are essential to integrate advanced wound dressings with a successful wound care program. BerryDunn’s National Healthcare at Home Best Practices and Future Insights Study, published in recent months by top-50 accounting firm BerryDunn, indicates that wound-certified specialists are on staff at all of the top 10% of home health agencies with positive financial surpluses.
Key Companies Profiled:
- Paracrine, Inc.
- Oneness Biotech
- Biotissue
- Polarity TE
- MediWound
- Anterogen Co., Ltd.
- TR Therapeutics
- RHEACELL GmbH & Co.KG
- Smith & Nephew
- Kaken Pharmaceutical
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Key Segments Profiled in the Chronic Wound Care Market Industry Survey
Type:
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Other Chronic Wounds
Product:
- Advanced Wound Dressings
- Wound Care Therapy
- Active Therapy
- Others
End User:
- Hospital and Wound Care Centers
- Homecare Settings
- Others
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