Northbrook, IL 60062 -- (SBWIRE) -- 06/09/2023 -- Advanced Wound Care Market in terms of revenue was estimated to be worth $11.2 billion in 2022 and is poised to reach $17.7 billion by 2027, growing at a CAGR of 9.4% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in this market is mainly driven by factors such as the increasing number of diseases and conditions affecting wound healing capabilities, the rise in spending on chronic wounds, and technological improvements.

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Driver: increasing number of surgical procedures across the globe

As the surgical treatment becomes more accessible and affordable on a global scale, more surgeries are expected to be performed. The incidence of related surgical wounds and infections has increased along with the prevalence of chronic diseases and the expansion of surgical procedures. Along with sophisticated treatments like NPWT, this will raise the market for improved wound care products and debridement procedures.

Surgical techniques frequently result in wound infections, severe bleeding, or tissue damage. The use of advanced wound care products like honey wound dressings, which are stuffed with antimicrobial agents and have emerged as a feasible option to speed up the healing process by lowering wound bacterial colonisation and infection, Due to a product's established advantages and the rising public awareness of their efficacy, more people are choosing to use advanced wound care treatments both during and after surgical procedures

Opportunity: Growth potential of emerging economies

Compared to Europe and North America, the Asia Pacific and Latin America are relatively unexplored markets for advanced wound management and have better market potential. Due to this, various players are focusing on increasing their presence in these regions. Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE offer significant growth opportunities to major market players. This can be due to comparatively easy regulations and barriers, advancements in healthcare infrastructure like hospitals and clinics, a rising patient population, especially the geriatric population, and ever-increasing healthcare expenditure.

In 2021, the dressings segment held the largest share of the advanced wound care market, by product segment.

The advanced wound care market is segregated into dressings, devices & accessories, grafts & matrices, and topical agents according to product. The dressings segment held the largest share of the advanced wound care market in 2021. The prevalence of chronic, surgical, and traumatic wounds is rising, and innovations in the dressing technology are fueling the market growth of this segment.

The hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care, by end user segment, in 2021

Based on end users, the advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2021, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market. The growth of this market is being fueled by the quantity of medical procedures carried out in the hospitals, the accessibility of reimbursements, and the volume of patients receiving care in the hospitals.

North America is the largest regional market for advanced wound care market

The global advanced wound care market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the advanced wound care market. The large share of this region can be attributed to the increasing demand for advanced wound treatment products, devices, equipments and the highly advanced healthcare system in the US and Canada. The market for sophisticated wound care products is also projected to increase as the senior population rises. Growth in this population segment will raise the need for improved wound care in the area because there is a direct association between the elderly population and the prevalence of wounds.

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Advanced Wound Care Market Dynamics:

Drivers:

1. Growing prevalence of diseases & conditions affecting wound healing capabilities

a. Growing geriatric population
b. Increasing prevalence of diabetes
c. High incidence of obesity
d. Increasing number of surgical procedures

e. Increasing number of traumatic wounds
2. Increasing spending on chronic wounds
3. Increasing incidence of burn injuries
4. Technological advancements

Restraints:

1. High cost of advanced wound care products
2. Risks associated with use of advanced wound care products

Opportunities:

1. Growth potential of emerging economies
2. Technological advancements

Trends:

1. Acquisitions by leading companies
2. Focus on expanding capabilities of current technologies and launching novel products

a.Smart advanced wound care
b. Crab shell bandages
c. Color changing dressings
d. Integration of nanotechnology in advanced wound care products
e. Novel wound assessment/measurement devices

Key Market Players:

The major players operating in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).

Recent Developments:

- In June 2022, Smith & Nephew (UK) announced that it will be building a new R&D and manufacturing facility for its Advanced Wound Management franchise on the outskirts of Hull, UK. The new facility is expected to support more than USD 10 billion worth of sales in its first ten years of operation.

- In March 2022, ConvaTec Inc. (UK) acquired Triad Life Sciences (US), a company that develops biologically derived products to address unmet clinical needs in surgical wounds, chronic wounds, and burns.

- In January 2020, ConvaTec Inc. (UK) launched ConvaMax, an advanced wound dressing that helps in managing highly exuding wounds, including leg ulcers, surgical wounds, and diabetic foot ulcers.

- In October 2019, 3M Company (US) acquired Acelity Inc. (US). This acquisition enhanced 3M's capabilities in advanced wound care, a significant and growing market segment.

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