- Advanced Wound Care Market Size – USD 9.72 billion in 2019, Advanced Wound Care Market Growth - CAGR of 9.7%, Advanced Wound Care Industry trends – Rising geriatric population
- The growth of the market is driven by the rising incidences of diabetes and its prevalence and wound ulcer prevalence.
VANCOUVER, B.C., Sept. 14, 2020 /PRNewswire/ -- The Global Advanced Wound Care Market is expected to reach USD 20.42 Billion by 2027, according to a new report by Emergen Research. The growth of the market is primarily driven by the increasing prevalence of diabetes, escalating geriatric population, rising incidences of wound ulcer, technological development in advanced wound care products, higher funding for wound care research, and growing awareness programs on wound management.
The rising geriatric population base is at high risk of chronic wounds, which is speculated to propel the demand for advanced wound care products. The surging number of patients suffering from chronic injuries causes significant cost burdens on healthcare systems worldwide.
It is predicted that the existing and rising cost burden of these chronic wounds will drive investment in advanced wound care technology that will have a significant positive impact on the growth of the industry. However, prohibitive costs of market products, which often undermine the affordability of treatment, will, in the foreseeable future, hinder industry growth. Impaired or delayed healing of wounds in chronic diseases, as well as after surgical procedures, poses a serious threat to patients and puts them at risk of infection, amputation, and death.
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Key Highlights From The Report
- In the wound type segment, surgical wounds holds a significant share due to the increasing incidence of diabetic foot ulcers & pressure ulcers and post-operative surgical wounds. Surgical wounds extend hospital stay, causing an enormous economic burden, and significantly impair the quality of life. The increasing number of surgeries due to trauma, accidents, and rising prevalence of chronic diseases will boost market growth during the forecast period.
- Increasing hospital admissions due to chronic wounds and increased incidences of hospital-acquired pressure ulcers are key market drivers for this end-user segment's growth. Furthermore, extended hospital stays of diabetes patients in this end-user segment further increases the demand for advanced wound care products.
- The moist wound therapy segment is expected to grow at a CAGR of 9.5% during the forecast period. Factors that drive this segment's growth include the increasing incidence of diabetes-associated ulcers and surging demand for innovative and advanced wound dressings to treat such wounds.
- North America is expected to hold the largest market share in the year 2019. The regional demand will be driven by the high prevalence of chronic and acute wounds and an increasing number of surgeries. Moreover, rising awareness and adoption of advanced wound care devices are expected to propel regional growth.
- Key participants include Smith & Nephew, Mölnlycke Health Care, B. Braun, ConvaTec Group, Coloplast, Integra LifeSciences, 3M, Cardinal Health, and Lohmann & Rauscher, among others.
For the purpose of this report, Emergen Research has segmented the Global Advanced Wound Care Market on the basis of product type, wound type, end-user, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Moist Wound Dressings
- Pressure Relief Devices
- Negative Pressure Wound Therapy Systems
- Hyperbaric Oxygen Equipment
- Electrical Stimulation Devices
- Other Wound Therapy Devices
- Artificial Skin and Substitutes
Wound Type Outlook (Revenue, USD Billion; 2017-2027)
- Surgical Wounds
- Traumatic Wounds
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Home Care Settings
- Hospitals and Clinics
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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