Advanced wound care market to grow by USD 4.02 million from 2022 to 2027|North America will contribute 41% to the growth of the global market share- Technavio
NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The global advanced wound care market size is estimated to increase by USD 4.020 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 6.12% during the forecast period. By geography, the global advanced wound care market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global advanced wound care market. North America will contribute 41% to the growth of the global market during the forecast period. The US and Canada followed by Mexico are some of the major contributing countries for the regional market growth. The regional market growth can be attributed to factors such as the growing prevalence of acute and chronic wounds, the increasing number of surgical procedures, the increased adoption of technologically advanced NPWT devices, high awareness among patients and clinicians, advanced healthcare infrastructure, increased healthcare expenditure, and significant market presence of leading vendors. Hence, such factors fuel the growth of the market during the forecast period. Discover some insights on market size historic period (2017 to 2021) and forecast (2023 to 2027) before buying the full report -Request a sample report
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Vendor analysis -
The global advanced wound care market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer advanced wound care in the market are 3M Co., 4L Health Co. Ltd., Anika Therapeutics Inc., Cardinal Health Inc., Carilex Medical Inc., Coloplast AS, ConvaTec Group Plc, DeRoyal Industries Inc., Essity Aktiebolag, Hollister Inc., Integra Lifesciences Corp., Johnson and Johnson Services Inc., Lohmann and Rauscher GmbH and Co. KG, Medline Industries LP, Medtronic Plc, Molnlycke Health Care AB, Organogenesis Holdings Inc., Paul Hartmann AG, Smith and Nephew plc, and Vericel Corp. and others.
- 3M Co. - This company offers various products under its wound care segment, such as wound care dressings, compression systems and wraps, medical tapes, wound cleansers, wound closure, barriers, creams, and lotions.
- 4L Health Co. Ltd. - The company offers advanced wound care, such as Veraflo Therapy.
- Anika Therapeutics Inc. - The company offers advanced wound care, such as hyalomatrix hyaluronic acid wound device which is made entirely of HYAFF, a derivative of hyaluronic acid HA.
- For details on the vendor and their offerings – Request a sample report
Advanced wound care market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Product (Advanced wound dressings, Wound therapy devices, and Wound care biologics), End-user (Hospitals, Clinics, Home healthcare, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
- The advanced wound dressings segment will be significant during the forecast period. The advanced wound dressings segment is widely used to treat complex wounds, some of which include moist wound dressings and antimicrobial wound dressings. Some of the major factors include the increasing prevalence of chronic wounds and burns, the growing aging population, increasing awareness about the clinical benefits of advanced wound dressings, the rising number of surgical procedures, the increasing adoption of advanced wound dressings in hospitals and wound care clinics, and new product launches. Hence, such factors boost the growth of the segment during the forecast period.
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Advanced wound care market – Market Dynamics
Leading Drivers -
The increasing volume of surgical procedures drives the growth of the advanced wound care market. There has been a rising incidence of cardiovascular, orthopedic, gynecological, general, and ophthalmic surgeries. Furthermore, the demand for advanced wound care products because they are specifically designed to aid the wound and operate the edges of the wound tissue by closing the tissues together.
In May 2023, the CDC reported that six in 10 people in the US had one or more chronic diseases, such as heart disease, cancer, and chronic lung disease. Hence, such factors drive the growth of the advanced wound care market during the forecast period.
Key Trends -
The increasing use of telemedicine in wound care treatments is an emerging advanced wound care market trend. The growth can be attributed to the short hospital stay, increased convenience for patients as they can receive the treatment in the comfort of their homes or clinics, higher effectiveness, and easier access to wound care experts.
Telemedicine helps in assessing full-thickness wounds such as burns, where the assessment of burn depth and wound healing is particularly important in the immediate hours after a burn injury. This results in improving the quality of life of patients with chronic wounds at a minimal cost. Hence, such trends fuel the growth of the advanced wound care market during the forecast period.
Major challenges -
Emerging minimally invasive surgeries challenges the growth of the advanced wound care market. There is a growing adoption of minimally invasive surgeries because it leads to minimal invasion by creating a small incision to reach the point of surgical intervention on the patient's body.
It creates a very small scar on the body, which has to be treated with a wound closure procedure. Hence, such challenges impede the market growth of the advanced wound care market during the forecast period.
What are the key data covered in this advanced wound care market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the advanced wound care market between 2023 and 2027
- Precise estimation of the size of the advanced wound care market and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the advanced wound care market across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of advanced wound care market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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