The Advanced Wound Management Market is on track for sustained growth, fueled by the rising demand for effective solutions to treat chronic and complex wounds. According to a recent market analysis, the market is anticipated to reach a value of USD 8.1 billion by the end of 2023. This positive trend is expected to continue, with the market projected to reach a significant USD 11.5 billion by 2033, reflecting a consistent Compound Annual Growth Rate (CAGR) of 3.6%.
The year 2020 presented unforeseen challenges for the advanced wound management sector, marked by the unprecedented impacts of the COVID-19 pandemic that induced a temporary decline in sales. However, the industry showcased its resilience as the global community rallied with intensified research and development efforts, focusing on innovative wound care solutions. This concerted effort has paved the way for a remarkable recovery, positioning the industry for a gradual and sustained upswing in the demand for advanced wound management products throughout the assessment period.
An exciting development to watch is the integration of biomaterials like alginates and silver into topical wound healing treatments, which is poised to further propel sales. These advancements are inspiring leading industry players to pioneer effective and cutting-edge solutions for advanced wound healing, ensuring a promising future for the market.
Product developments in the advanced wound dressing segment such as hydrogels, collagen, and hydrocolloids are on the cards. Apart from these products, the 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 countries including the U.S., the U.K., and China will create lucrative growth opportunities in the advanced wound management industry.
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 the 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 a high demand for advanced wound management due to the increasing incidence of chronic wounds and reimbursements for medical expenditure.
- The advanced wound management industry 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.
Growing investments in the healthcare sector, coupled with innovations in advanced wound management products are anticipated to positively shape demand in the upcoming years.
Advanced Wound Management Market Competitive Landscape
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.
Advanced Wound Management Market by Category
By Product Type:
- Advanced wound dressings
- Alginates
- Collagens
- Films
- Foams
- Hydrocolloids
- Hydrofibers
- Hydrogels
- Wound contact layers
- Superabsorbent dressings
- Negative pressure wound therapy devices
- Standalone NPWT devices
- Portable NPWT devices
- Single-use disposable NPWT devices
- NPWT accessories
By Application Type:
- Chronic ulcers
- Venous leg ulcers
- Diabetic foot ulcers
- Pressure ulcers
- Non-healing surgical wounds
- Traumatic wounds
- Burn cases
By End-User Type:
- Hospitals
- Clinics
- Ambulatory surgical centers
- Skilled nursing facilities
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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