Rising Awareness, Tech Advancements, and Chronic Diseases Push Advanced Wound Care Market to $14,667.69 Million | Future Market Insights, Inc.

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Dec 13, 2023, 06:50 ET

As lifestyle-related diseases like diabetes and hypertension become increasingly prevalent, so too does the risk of developing chronic wounds. These wounds, often slowly healing and prone to infections, require specialized care to prevent complications and promote recovery. This has fueled a surge in demand for advanced wound care treatments.

NEWARK, Del., Dec. 13, 2023 /PRNewswire/ -- The global market for advanced wound care is estimated to be valued at US$ 11,521.11 million in 2024. In 2023, the market was valued at US$ 11,115.29 million. It is projected to exhibit a CAGR of 2.40% over the forecast period, with an estimated market size of US$ 14,667.69 million by 2034.

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With the rising prevalence of lifestyle-related conditions such as diabetes and hypertension, individuals are increasingly susceptible to developing chronic wounds. These wounds need specialized care to prevent infections and recovery. In the past few years, there has been a significant demand for advanced wound care treatments, as they offer tailored solutions and innovative technologies to address the complications of chronic wounds.

Advance wound care treatments are employed not just in healthcare facilities, like hospitals and clinics. Still, they are also widely used in nursing homes and assisted living facilities to address the unique needs of elderly residents. Its significance in the medicare sector is skyrocketing due to technological advancements like telemedicine and smart wound care devices.

The demand for advanced wound care treatments is also attributed to more efficient monitoring, personalized treatment plans, and improved overall outcomes for elderly individuals. In countries like the United States and India, where medical tourism is gaining considerable traction, advanced wound care treatments are emerging as a crucial component of the healthcare services sought by international patients.

"Advance wound care treatments are still not accessible to the general population in underdeveloped and developing economies due to financial constraints. Innovations in industry by government and private entities will make these treatments more affordable, accessible, and sustainable", says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Market Study

Wound cleansers dominate the global advance wound care market with a 27.80% share in 2024.
Institutional sales in the advance wound care market accounted for 72.90% of the revenue share in 2024.
The advance wound care market in India is predicted to grow at a CAGR of 3.70% through 2034.
The advance wound care market in China is predicted to rise at a 3.20% CAGR through 2034.
The advance wound care market in the United Kingdom has the potential to increase at 1.60% CAGR through 2034.
The German advance wound care market is predicted to rise by 1.50% CAGR through 2034.
The advance wound care market in the United States is predicted to grow at a CAGR of 1.10% through 2034.

Competitive Landscape

The advanced wound care management market is highly fragmented, with a large number of participants, contributing to a diverse and competitive landscape.
Advancements in technology are enhancing the practicality of wound care management, leading to an improved quality of life for patients with chronic wounds.
Industry players are strategically focusing on a variety of growth tactics, including mergers, acquisitions, partnerships, collaborations, and new product launches, to enhance their market presence and stay competitive.

Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.

Recent Developments

French firm Urgo achieved a breakthrough in December 2022 with its US$ 106 million Genesis project, aiming to develop artificial skin for burn victims and eliminate the need for repeated skin grafts.
In November 2023, Smith & Nephew acquired CartiHeal, an Israeli biomedical company renowned for its off-the-shelf, coral-based implant for damaged joints.
In November 2023, NICEF and the Baxter International Foundation collaborated on a three-year water, sanitation, and hygiene (WASH) initiative in Egypt, focusing on five governorates in Upper Egypt.

About the 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 faced by clients 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.

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