Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
The advanced wound care market size was valued at $9,255.70 million in 2019, and is estimated to reach at $15,305.94 million by 2027, registering a CAGR of 11.6% from 2020 to 2027.
Growth of the global advanced wound care market is attributed to increase in geriatric population and increase in incidences of diabetes, ulcer, obesity, and chronic conditions. Furthermore, surge in awareness related to advanced wound care applications and advantages are some of the factors that contribute to the growth of the market.
The chronic wounds segment to remain lucrative during the estimated period-
Based on application, the chronic wounds segment contributed to more than two-thirds of the global advanced wound care market in 2018, and is anticipated to dominate during 2019–2026. The same segment is also projected to register the fastest CAGR of 6.7% by 2026. Various methods are now available to treat chronic wounds, including, debridement, moist wound healing, vacuum-assisted closure, oxygenation, warming etc., which has driven the growth of the segment.
The major factors that boost the growth of the global advanced wound care market are rise in adoption of evidence-based treatments for chronic wounds and rapid increase in geriatric population. In addition, advanced wound care products promote faster wound healing, and hence are gaining an edge over traditional wound care and closure products, which significantly contributes toward the growth of the market.
Key market players–
- Adynxx, Inc.
- 3M (Acelity Inc.)
- Smith & Nephew Plc.
- Coloplast A/S
- ConvaTec Group Plc.
- AB (Mölnlycke Health Care AB)
- Essity AB (BSN Medical GmbH)
- Medtronic Plc.
- Integra Lifesciences (Derma sciences)
- Investor Johnson & Johnson
- Medline Industries, Inc.
- B Braun Melsungen AG
- Organogenesis Holdings Inc.
The chronic wounds segment to remain lucrative during the estimated period-
Based on application, the chronic wounds segment contributed to more than two-thirds of the global advanced wound care market in 2018, and is anticipated to dominate during 2019–2026. The same segment is also projected to register the fastest CAGR of 6.7% by 2026. Various methods are now available to treat chronic wounds, including, debridement, moist wound healing, vacuum-assisted closure, oxygenation, warming etc., which has driven the growth of the segment.
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