Advanced Wound Care Market to Grow by USD 4.19 Billion (2024-2028) with Tech Advancements, Report on How AI Is Driving Market Transformation - Technavio

NEW  YORK, Nov. 27, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global advanced wound care market size is estimated to grow by USD 4.19 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.05%  during the forecast period. Technological advancements in wound care products is driving market growth, with a trend towards increasing demand for combination dressings. However, high cost of wound treatments and advanced wound care products  poses a challenge.Key market players include 3M Co., 4L Health Co. Ltd., Anika Therapeutics Inc., Cardinal Health Inc., Carilex Medical Inc., Coloplast AS, ConvaTec Group Plc, DeRoyal Industries Inc., Essity AB, 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..

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Market Driver

The Advanced Wound Care market is experiencing significant growth due to the rising prevalence of chronic diseases, particularly among the geriatric population. Diabetic foot ulcers are a major concern, leading to increased demand for innovative products like nanoparticle-based wound healing and gene therapy. ScienceDirect reports that surgical site infections and chronic wounds, including pressure ulcers and venous leg ulcers, result in high hospitalizations and healthcare expenditure. Companies like DuPont, JeNaCell, and ConvaTec offer advanced wound care products such as dressings, therapy devices, biologics, and matrices. Surgical procedures, medical tourism, and sports-related injuries also contribute to market growth. Strategic partnerships, manufacturing facilities, and supply network expansions are key strategies for market players. Innovative products include electronic skin patches, compression therapy, and debridement devices. Chronic nonhealing wounds, ischemia, bacterial contamination, and chronic inflammation are significant challenges. Obesity and diabetes are major risk factors for venous ulcers and diabetic ulcers. Home healthcare, Ambulatory Surgical Centers, and Wound Care Centres are emerging trends. Financial performance is monitored through strategy maps, focusing on revenue growth, market share, and product development. 

Advanced wound care market is witnessing significant growth due to the increasing popularity of antimicrobial agents in wound dressings. Silver, iodine, and honey are commonly used antimicrobial agents in advanced wound dressings. These dressings offer multiple benefits, combining physical and chemical properties for optimal functionality. They are suitable for both partial and full-thickness wounds. End-users prefer combination dressings due to their ease of use and availability. These dressings integrate distinct components into a single dressing, providing functions such as absorption, adhesion, and protection against bacteria. 

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 Market Challenges

• The Advanced Wound Care market faces significant challenges due to the rising prevalence of chronic diseases, particularly among the geriatric population. Diabetic foot ulcers are a major concern, leading to increased demand for innovative solutions like nanoparticle-based wound healing and gene therapy. ScienceDirect reports that surgical site infections also pose a challenge, driving the need for advanced medical devices and home healthcare services. Key players like DuPont, JeNaCell, and ConvaTec offer a range of wound care products, including dressings, therapy devices, and biologics. Hospitals and clinics in emerging economies are increasing their expenditure on chronic wounds, such as pressure ulcers and venous leg ulcers, leading to opportunities for manufacturers. However, challenges include managing infections, chronic inflammation, and ischemia, as well as ensuring bacterial burden management and pressure management. Innovative products, such as electronic skin patches and tracking devices, are gaining popularity for postoperative care and sports-related injuries. The supply network must adapt to meet the demand for these advanced wound care solutions, including surgical wounds, while managing the financials and implementing effective strategies. Ambulatory Surgical Centers and Wound Care Centers/Ambulatory Centers are also important players in this market.
• The advanced wound care market growth is influenced by the high cost of advanced wound care products. For example, Smith & Nephew's ALLEVYN foam dressing has a material cost per change of USD9.83 and a nursing cost per change of USD9.18. Similarly, AxioBio's MaxioCel Wound Care Dressing For Ulcers costs USD50 per dressing. Frequent dressing changes are necessary for most patients, with alginate dressings requiring changes every two to three days, foam dressings every three to four days, hydrogel dressings every one to two days, hydrocolloid dressings every three to four days, and wound contact materials every four to seven days. These costs add up significantly, potentially limiting market expansion.

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Segment Overview 

This advanced wound care market report extensively covers market segmentation by  

1. Product 
• 1.1 Advanced wound dressings
• 1.2 Wound therapy devices
• 1.3 Wound care biologics
2. End-user 
• 2.1 Hospitals
• 2.2 Clinics
• 2.3 Home healthcare
• 2.4 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Advanced wound dressings-  The advanced wound dressings market is driven by the increasing prevalence of chronic wounds and burns, the growing aging population, rising awareness about the clinical benefits of advanced wound dressings, and the increasing number of surgical procedures. The moist wound dressings segment, which includes alginate, collagen, foam, hydrocolloid, hydrogel, wound contact layer, and film dressings, dominates the market due to its ability to promote fast healing, maintain a hydrated environment, and prevent infection. Alginate dressings, derived from seaweed, are highly absorbent and non-adhesive, making them easy to remove and painless for patients. Collagen dressings, derived from animal sources, stimulate the growth of new collagen and promote quick recovery. Foam dressings provide a moist environment for quick healing and are available in various compositions and sizes. Hydrocolloid dressings maintain moisture in wound treatment and are commonly used in difficult-to-dress areas. Hydrogel dressings provide a moist wound environment for cell migration and accelerate healing. Wound contact layer dressings protect the tissues from bacterial attacks and are absorbent. Film dressings protect the skin in pressure spots and promote wound healing. Antimicrobial wound dressings, which include silver, iodine, honey, and zinc dressings, eliminate or prevent bacterial growth and are used to treat localized wound infections. The market is expected to grow rapidly during the forecast period due to the increasing adoption of advanced wound dressings, the focus on reducing hospital-acquired infections, and the rising preference for minimal and non-invasive procedures.

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Research Analysis

The Advanced Wound Care market encompasses innovative technologies and treatments for managing chronic wounds, including diabetic foot ulcers and pressure ulcers. Chronic diseases, particularly in the geriatric population, contribute significantly to the prevalence of these wounds. ScienceDirect reports that chronic wounds affect over 6 million people in the US alone. Nanoparticle-based wound healing and gene therapy are emerging areas of research for advanced wound care. Home healthcare and MEA (Medical Equipment and Supplies) companies play crucial roles in providing wound care solutions. DuPont and JeNaCell are among the notable players in the market for wound care products, which include wound dressings, grafts, matrices, and surgical procedures. Surgical site infections, venous ulcers, and diabetic ulcers are common types of chronic wounds. Financial growth in the advanced wound care market is driven by increasing healthcare expenditure, the rising number of hospitals and clinics, and the growing demand for medical devices. Emerging economies offer significant opportunities for market expansion. Strategies for market success include product innovation, partnerships, and expanding reach into emerging markets.

Market Research Overview

The Advanced Wound Care market encompasses innovative technologies and treatments for managing various types of chronic wounds, including diabetic foot ulcers, pressure ulcers, surgical site infections, and venous ulcers. Chronic diseases, particularly diabetes and obesity, are major contributors to the rising prevalence of chronic wounds. The geriatric population is another significant factor, as they are more susceptible to wounds due to aging and comorbidities. ScienceDirect reports that nanoparticle-based wound healing and gene therapy are emerging areas in advanced wound care. Home healthcare, MEA (Medical Equipment and Supplies) companies, and Ambulatory Surgical Centers (ASCs) are increasingly adopting innovative products such as wound care kits, therapeutic devices, biologics, and extracellular matrix substitutes. Surgical procedures, plastic surgery, and medical tourism contribute to surgical wounds, which can lead to chronic nonhealing wounds. Hospitals, clinics, and healthcare expenditure continue to drive the market for wound care products, including dressings, grafts, matrices, and monitoring devices. The supply network includes key players like DuPont, JeNaCell, and ConvaTec, offering a range of products and services, from dressing and therapy devices to biologics and wound care centers. Innovative products include electronic skin patches, tracking devices, compression pressure monitoring, point-of-care imaging devices, and bioelectronic devices for debridement, pressure management, and bacterial burden management. Financial performance, strategy maps, and manufacturing facilities are essential aspects of the advanced wound care market, with companies focusing on cost-effective production and competitive pricing while maintaining quality and innovation. Emerging economies offer significant growth opportunities due to increasing healthcare expenditure and a large patient population. In summary, the advanced wound care market is a dynamic and growing industry, driven by demographic trends, technological advancements, and increasing healthcare expenditure. Companies must navigate the complex supply network, regulatory landscape, and competitive landscape to succeed in this market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Advanced Wound Dressings
• Wound Therapy Devices
• Wound Care Biologics
• End-user
• Hospitals
• Clinics
• Home Healthcare
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio