The global advance wound care market was valued at US$ 10 Bn in 2019 and is poised to expand 1.4x by 2030, to reach a value pool of almost US$ 15 Bn. The high prevalence of chronic wounds has leveraged the utilization of advanced wound care products. Wound cleansers, foam dressings, and honey dressings in hospitals are boosting revenue growth of the global advance wound care market. According to IDF, diabetic ulcers have shown a rapid increase in the last decade. IDF has stated that the prevalence of diabetic ulcers is growing by 9% annually.
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The COVID-19 pandemic is set to leverage market prospects for advance wound care. Since its onset, the pandemic has infected nearly six million people, resulting in over 350,000 casualties. Patients with chronic conditions such as diabetes are especially vulnerable to infection. Therefore, taking care of such patients has become top priority. Leading manufactures such as ConvaTec Group plc, have accelerated the production of hydro fibers used to treat diabetic foot ulcers.
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Key Takeaways of Global Advance Wound Care Market Study
- By product type, wound cleansers accounted for a prominent value share in the global advanced wound care market. This is primarily attributed to the growing need for wound cleansers prior to dressing.
- North America and Europe will collectively hold 70% of the global advanced wound care market share. East Asia and South Asia are anticipated to exhibit notable CAGR, owing to growing advance wound care manufacturing facilities in these regions.
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- The hospitals segment end user dominated the global advance wound care market, attributed to high healthcare infrastructure and a large patient pool visiting hospitals.
- U.S. represents the most lucrative market, followed by Germany for Advanced Wound Care market. While, China is expected to witness significant growth due to convenience of use and affordability of advanced wound care products.
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“Greater attention towards better relationship management with surgeons could lead to higher product penetration of advance wound care product in hospitals.” says the Fact.MR Analyst.
Key Players are Focusing on Collaboration with Surgeons for Better Wound Management
Leading players are providing advance wound care and are collaborating with surgeons in order to provide better wound care to patients. The surgeon plays an important role in determining which dressing material is the most suitable based on the patient’s condition. These collaborations are anticipated to increase the penetration of advance wound care products. This relationship management program also provides surgeons with an opportunity to select the product type as per the needs of patients.
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