Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 10.48 Billion | USD 16.94 Billion | 5.48% | 2023 |
According to Zion Market Research, the global Advanced Wound Care Management Market was worth USD 10.48 Billion in 2023. The market is forecast to reach USD 16.94 Billion by 2032, growing at a compound annual growth rate (CAGR) of 5.48% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Advanced Wound Care Management Market industry over the next decade.
Advanced wound care management products are designed to treat acute & chronic wounds. Chronic wounds or diseases take more time to heal and are expensive to treat. Advanced wound care is developing as a standard solution for treating chronic wounds and acute wounds. Traditional products are being increasingly replaced with advanced wound care products, due to its efficiency & effectiveness in managing wounds by enabling faster healing. Furthermore, these products help to maintain a hydrated environment, keep temperature consistent, protect the injured site from exogenous infection, allow flow of oxygen, and ease pain associated with dressing changes. Advanced wound care products include hydrocolloids, hydrogels, film & foam dressings, alginates, and others.
The players across advanced wound care management market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development.
For instance, on August 17th 2018, Avista Healthcare Public Acquisition Corporation, a special purpose acquisition firm, and Organogenesis Incorporation, a regenerative medicine organization mainly working on producing & commercialization products across advanced wound care sector, declared that they have signed a merger pact. Reportedly, as per the terms & conditions stated in the agreement the latter will become a completely owned unit of AHPAC.
Rise in the number of surgeries and inflating occurrence of chronic disorders such as diabetes will boost the advanced wound care management market trends over the next few years. Apart from this, humungous requirement for treating chronic wounds to avoid severe complications such as amputation is likely to inspire the advanced wound care management products market demand in the years ahead.
Huge escalations in the costs of medical treatments and reluctance of doctors & patients for accepting new treatment procedures can pose a threat to advanced wound care management market surge. Nevertheless, the grant allotted by the government to healthcare sector for focusing on quick healing is projected to play a vital role in shaping the growth of the advanced wound care management market, thereby normalizing the impact of hindrances on the advanced wound care management market.
Based on products, the market is segmented into Advanced Wound Dressings, Active Wound care, and Antimicrobial Dressings. Further, Advanced Wound Dressings is segmented into Foam dressings, Hydrocolloid dressings, Hydrofiber dressings, Film dressings, Alginate dressings, Hydrogel dressings, and Collagen dressings. The Active Wound Care is bifurcated into Artificial Skin and Skin Substitutes, Growth Factors. Advanced wound dressing segment held the major share in the market.
Based on the type of wound, the market is segmented into chronic wounds, and acute wounds. The chronic wounds gain a major traction in the market owing to surge in prevalence of post-operative surgical wounds.
By End Users, the market is segmented into Hospitals, Home Healthcare, and Other. The Hospitals segment is likely to hold the major share in the market and is anticipated to remain dominant throughout the forecast period. This is attributed to the rise in number of surgeries performed and higher number of patients prefer to visit hospitals for different cases such as surgical wounds, burns, and ulcers.
Report Attributes | Report Details |
---|---|
Report Name | Advanced Wound Care Management Market |
Market Size in 2023 | USD 10.48 Billion |
Market Forecast in 2032 | USD 16.94 Billion |
Growth Rate | CAGR of 5.48% |
Number of Pages | 123 |
Key Companies Covered | 3M, Smith & Nephew Plc., Acelity L.P. Inc., ConvaTec Inc., Medline Industries, Inc., Medtronic, Coloplast A/S, Organogenesis Inc. and Molnlycke Health Care. |
Segments Covered | By Product Type, By Type of Wound, By End Users and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Regionally, North America has been leading the worldwide advanced wound care management market and is anticipated to continue on the dominant position in the years to come, states the market study. Escalating health consciousness among the patients suffering from vascular disorders and diabetes is the main factor behind the dominance of the North America advanced wound care management market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional advanced wound care management market.
Some of key players in Advanced Wound Care Management market are
By Product Type
By Type of Wound
By End Users
By Region
FrequentlyAsked Questions
According to Zion Market Research, the global Advanced Wound Care Management Market was worth USD 10.48 Billion in 2023. The market is forecast to reach USD 16.94 Billion by 2032.
According to Zion Market Research, the global Advanced Wound Care Management Market a compound annual growth rate (CAGR) of 5.48% during the forecast period 2024-2032.
Some of the key factors driving the global Advanced Wound Care Management market growth are Rise in the number of surgeries and inflating occurrence of chronic disorders such as diabetes and grant allotted by the government to healthcare sector for focusing on quick healing.
North America has been leading the worldwide advanced wound care management market and is anticipated to continue on the dominant position in the years to come, states the market study. Escalating health consciousness among the patients suffering from vascular disorders and diabetes is the main factor behind the dominance of the North America advanced wound care management market.
Some of the major companies operating in Advanced Wound Care Management market are 3M, Smith & Nephew Plc., Acelity L.P. Inc., ConvaTec Inc., Medline Industries, Inc., Medtronic, Coloplast A/S, Organogenesis Inc. and Molnlycke Health Care.
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