Advanced Wound Care Market: Elder Populations Is Anticipated To Propel The Market Growth During The Forecast Period

 Advanced Wound Care Industry Overview

The global advanced wound care market size is anticipated to reach USD 10.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in the aging population and the increasing number of diabetic patients are some major factors driving this market’s growth. For instance, according to Administration for Community Living’s profile on older Americans, the U.S. population aged 65 and above was estimated to be 54.1 million in 2019, which is about 19% of the U.S. population. This population increased by about 36% from 2009 to 2019 and is projected to reach 80.8 million by 2040, and 94.7 million by 2060. As the elder population is more prone to wounds, an increasing number of elder populations is anticipated to propel the market growth during the forecast period. 

 

Moreover, there has been an increase in the number of surgical procedures and traumatic incidents globally. For instance, as per a study by ResearchGate, in 2020, around 6.6% of mortality occurs due to trauma every year. Similarly, there has been an increase in the number of surgical site infections. Advanced wound care products help to contain and reduce these surgical site infections, thereby, an increase in the number of surgical site infections is expected to drive the market during the forecast period. 

Furthermore, the introduction of the COVID-19 vaccine, and the lifting of lockdown impositions, are expected to have a positive impact on the market in coming years. Many elective surgeries which were postponed are expected to take place. In addition to this, many leading manufacturers are introducing new products which may help them to capitalize on the increasing demand for advanced wound care products during the forecast period. 


Advanced Wound Care Market Segmentation 

Grand View Research has segmented the global advanced wound care market on the basis of product, application, end-use, and region:

Based on the Product, the market is segmented into Moist, Antimicrobial, and Active.

  • The moist wound caresegment dominated the advanced wound care market and accounted for the largest revenue share of 59.2% in 2021. This dominance can be attributed to an increase in the number of wound cases and an increase in the number of surgeries globally. 
  • The antimicrobial wound care products segment is anticipated to witness the fastest CAGR of 5.9% during the forecast period. These dressing covers are used to alter the wound bed bioburden. Antimicrobial wound care is majorly indicated for partial and full-thickness wounds, such as surgical incisions and other chronic wounds.

 

Based on the Application, the market is segmented into Chronic Wounds, and Acute Wounds.

  • The acute wounds segment dominated the market for advanced wound care and held the largest revenue share of 59.9% in 2021. The segment is anticipated to witness a considerable growth rate over the forecast period. The increasing number of different traumatic wounds, such as road accidents is the major factor driving the segment.

 

  • The chronic wounds segment is expected to witness the fastest CAGR of 5.6% during the forecast period. An increasing number of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth.

 

Based on the End-use, the market is segmented into Hospitals, Specialty Clinics, Home healthcare, and Others.

  • The hospital segment dominated the market for advanced wound care and held the largest revenue share of 45.2% in 2021. The growth of this segment can be attributed to an upsurge in surgical procedures and an increase in the number of hospital admissions.

  • The home healthcaresegment is expected to witness the fastest CAGR of 6.1% during the forecast period. During the COVID-19 pandemic, there was an increase in demand for home healthcare advanced wound care products. Moreover, an increase in the geriatric population is anticipated to impel advanced wound care products further. 

 

Key Companies & Market Share Insights

The market for advanced wound care is highly fragmented with the presence of several small and large manufacturers. Competitive rivalry in the market is expected to increase over the forecast period due to the presence of many players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers, and acquisitions to strengthen their product portfolios. For instance, in January 2020, ConvaTec announced the release of ConvaMax, a superabsorber dressing that is used for wound dressing for management of highly exuding wounds, such as pressure ulcers, leg ulcers, and diabetic foot ulcers. 

Similarly, in May 2020, Integra LifeSciences announced a positive clinical result for Integra Bilayer Wound Matrix (IBWM). This product is part of the company’s regenerative technology portfolio, which used collagen and amniotic products. Thus, with various strategies acquired by leading players, the market for advanced wound care is expected to impel during the forecast period. Some of the prominent players in the advanced wound care market include:

  • Smith & Nephew
  • Molnlycke Health Care AB
  • ConvaTec Group PLC
  • Baxter International
  • URGO Medical
  • Coloplast Corp.
  • Medtronic
  • 3M
  • Derma Sciences Inc. (Integra LifeSciences)
  • Medline Industries

 

Order a free sample PDF of the Advanced Wound Care Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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