Advanced Wound Care Market to Reach USD 10.8 Billion by 2031, Driven by Increasing Adoption of Evidence-Based Treatments | SkyQuest Technology
WESTFORD, Mass., July 31, 2024 /PRNewswire/ -- According to SkyQuest, the global Advanced Wound Care Market size was valued at USD 6.7 billion in 2022 and is poised to grow from USD 7 billion in 2023 to USD 10.8 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
The development of advanced wound care market is primarily boosted by increasing adoption of evidence-based treatments for chronic wounds, easy availability of innovative therapy devices, and rise in geriatric population. Moreover, increasing incidences of chronic illnesses like diabetes and obesity is also supporting the advanced wound care market growth. In the last few years, diabetes has become a major driver for the market because it is a huge risk factor for developing foot ulcers. With the increasing prevalence of diabetes there is also a consistent rise in the demand for efficient diabetic foot ulcer treatment options. Moreover, advanced wound care products help in faster healing of wounds, gaining a competitive edge over conventional wound care and closure products. The advanced wound care market is witnessing constant advancement in the products, boosting the growth of the market. An aging population is also another factor that is driving this market towards progress as these people are more vulnerable to developing chronic conditions like peripheral neuropathy, peripheral arterial disease, foot ulcers, and diabetes. This situation is increasing the demand for personalized treatment and remote monitoring. Developments in dressings, bioactive materials, negative pressure wound therapy, and hyperbaric oxygen therapy have immensely enhanced healing results and quickened wound closure. Innovations in technology appeal to medical care providers and patients, enhancing the advanced wound care market.
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Advanced Wound Care Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 7 Billion |
Estimated Value by 2031 |
$ 10.8 Billion |
Growth Rate |
Poised to grow at a CAGR of 5.4% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Product, Wound Type, End User, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. |
Report Highlights |
Growing demand for connected wound care treatment |
Key Market Opportunities |
Increasing incidences of acute wounds requires efficient treatment solutions |
Key Market Drivers |
High adoption of bioactive therapies using nanofiber for last stage wound |
Segments covered in Advanced Wound Care Market are as follows:
- Product
- Dressings (Foam Dressings {Silicone Dressings, Non-silicone Dressings}, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, Collagen Dressings, Hydro Fibre Dressings, Wound Contact Layers, Superabsorbent Dressings, Others), Devices & Accessories (NPWT Devices & Accessories, Debridement Devices & Accessories, Wound Assessment & Monitoring Devices, Others), Grafts & Matrices, and Topical Agents, Devices & Accessories (NPWT Devices & Accessories, Debridement Devices & Accessories, Wound Assessment & Monitoring Devices, Others), Grafts & Matrices, and Topical Agents
- Wound Type
- Chronic Wounds (Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Others), and Acute Wounds (Surgical & Traumatic Wounds, Burns & Other Wounds)
- End-User
- Hospitals, ASCS, and Wound Care Centers, Home Care Settings, and Others
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Rising Inclination towards Smart Wound Dressings to Accelerate Healing Process Supports Market Growth
Smart dressings have emerged as a potential treatment solution that can address the increasing incidences of acute and chronic wounds. They have outstanding material properties that can take care of complex wound structures. These dressings also fit well to the surfaces making it extremely convenient for the patients. Smart bandages have the potential to manage large wound discharges and spread biopharmaceutical agents to accelerate the healing process. Recently, the op advanced wound care companies are integrating nano sensors to these dressings that start to glow when the wound is not healing properly. This warns the patients and encourages them to change their dressings. Many companies are also incorporating an all-encompassing diagnostic platform into the smart dressing that will help in communicating, sensing, and adapting to the wound conditions, creating lucrative opportunities for the market.
Rising Prevalence of Acute Wounds to Eliminate Surgical Infections Expands Market Growth
The demand for efficient treatment solutions is increasing rapidly due to the mounting incidences of venous leg ulcers and burns worldwide. In recent times, doctors have actively started using advanced wound care products to treat such injuries as they assist in retaining moisture. Such qualities of advanced wound care accelerate the healing of the wounds both internally and externally. For these reasons they are an ideal and efficient remedy for any type of surgical site infections, boosting the global advanced wound care market.
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Connected Wound Care with Improved Monitoring to Transmit Real-Time Data of the Wound
Recently, one trend in this market has demonstrated immense possibilities of growth, it is the integration of sensors and connected devices into advanced wound dressings. Today it is possible to transmit real-time data about the condition of the wound like bacterial development, moisture level, and temperature. This is possible through wirelessly transmitted by smart dressings. With this constant monitoring proactive wound care interventions are possible, which will improve treatment therapies and enhance the result. This technology of remote monitoring the healing process of wounds is beneficial for both the patients and medical care providers.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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