Advanced Wound Care Market Is Expected To Reach Revenue Of USD 20.2 Bn By 2033, At 5.1% CAGR: Dimension Market Research

Advanced wound care is expected to have significant growth in the coming years, driven by technological innovations, expanding aging populations, and growing chronic disease occurrence. Expectations like better-personalized treatments, integration of digital health solutions, and high focus on evidence-based practices to optimize patient outcomes and lower healthcare costs.

New York, May 21, 2024 (GLOBE NEWSWIRE) — Overview:

The Global Advanced Wound Care Market valued at USD 12.3 billion by 2024 and is further anticipated to reach USD 20.2 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 5.1% from 2024 to 2033.

The global Advanced Wound Care Market offers diverse products personalized for managing complex chronic & surgical wounds, driven by factors like aging populations and advancements in wound care technologies. These products extend beyond basic wound care, aiming to enhance healing, reduce complications, and enhance patient outcomes.

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Market growth in this sector is propelled by drivers such as the rising number of chronic illnesses, an aging population, technological development in wound treatment, and higher awareness of advanced wound care solutions.

Important Insights

  • The Advanced Wound Care Market is expected to grow by about USD 6.8 billion by 2033 from 2025 with a CAGR of 5.1%.
  • Moist wound care products are expected to lead in 2024 with a major & are anticipated to dominate throughout the forecasted period.
  • Chronic wounds are expected to hold the majority of the advanced wound care market in 2024, driven by factors like prevalence, complexity, and the demand for specialized care.
  • North America is expected to maintain its lead in the global advanced wound care market with a 46.9% share in 2024, driven by strong healthcare infrastructure, high chronic wound prevalence, and ongoing technological advancements.

Global Advanced Wound Care Market: Trends

  • Telemedicine Integration: Increasing adoption of telemedicine supporting remote wound assessment & monitoring, improving patient care and convenience.
  • Bioactive Dressings: Rise in interest in bioactive dressings containing substances like growth factors or antimicrobial agents for better wound healing.
  • Patient-Centric Solutions: Focusing on patient-centered care drives the advancement of customized wound management approaches personalized to individual needs.
  • Smart Wound Monitoring: Use of wearable devices and IoT technology for on-time wound monitoring, enabling proactive intervention and better outcomes.

Advanced Wound Care Market: Competitive Landscape

The growth of the global advanced wound care market is driven by innovative products and industry leaders like Smith & Nephew plc, 3M Company, and Mölnlycke Health Care AB. Smith & Nephew provides various dressings, like wound healing and negative pressure solutions. 3M’s health division contributes majorly to complete wound care.

Mölnlycke Health Care specializes in wound care and infection control. These key players collectively shape the competitive landscape, meeting changing patient needs effectively.

Some of the major players in the market include Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group PLC, Baxter International, URGO Medical, and more.

Some of the prominent market players:

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

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Advanced Wound Care Market Scope 

Report Highlights Details
Market Size (2023) USD 12.9 Bn
Forecast Value (2033) USD 20.2 Bn
CAGR (2024-2033) 5.1 %
Leading Region in terms of Revenue  Share North America
Percentage of Revenue Share by Leading Region 46.9 %
Historical Data 2017 – 2022
Forecast Data 2025 – 2032
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is expected to maintain its dominance in the global advanced wound care market, while anticipated to have a 46.9% share in 2024. The region, majorly the United States and Canada, benefits from strong healthcare infrastructure, high occurrence of chronic wounds, and ongoing technological development. Leading companies in wound care technology thrive in this well-regulated environment, fostering innovation.

The region’s significant healthcare expenditure fuels the adoption of advanced clinical solutions. Additionally, an aging population contributes to the rising demand for advanced wound care services. While North America leads, other regions are also set to experience growth driven by factors such as increasing healthcare awareness and improving infrastructure.

Region and Countries

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Segment  Analysis:

Chronic wounds are expected to claim 63.01% of the advanced wound care market share in 2024, showing significant growth potential. Their dominance in the global advanced wound care market comes from many interconnected factors, like their occurrence, complexity, and the need for specialized care. Chronic wounds, often linked to essential health conditions like diabetes and vascular diseases, drive the requirement for advanced wound care solutions.

The aging global population further contributes to this trend, as elderly individuals are more susceptible to chronic health issues & slower wound healing. Demographic switches and the growing number of chronic diseases sustain the need for specialized wound care products customized to chronic wounds.

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Advanced Wound Care Market Segmentation

By Product

  • Moist
    • Foam Dressing
    • Hydrocolloid Dressings
    • Film Dressing
    • Hydrogel Dressing
    • Collagen Dressing
    • Others
  • Antimicrobial
    • Silver
    • Non-silver
  • Active
    • Biomaterials
    • Skin-substitute
    • Growth Factors

 By Application

  • Chronic Wounds
    • Diabetic Foot Ulcers
    • Pressure Ulcers
    • Venous Leg Ulcers
    • Others
  • Acute Wounds
    • Surgical & Traumatic Wounds
    • Burns

Global Advanced Wound Care Market: Driver

  • Increasing Aging Population: An increase in the elderly population globally creates a higher occurrence of chronic wounds, driving the need for advanced wound care products &therapies.
  • Rising Prevalence of Diabetes and Obesity: Growth in rates of diabetes and obesity contributes to a greater incidence of complex wounds, driving the need for advanced wound care solutions.
  • Technological Advancements: Constant innovations in wound care technologies improve treatment efficacy, promoting market growth and adoption.
  • Expanding Surgical Procedures: A growth in surgical interventions globally requires advanced wound care products for optimal healing & fewer complications, bolstering market expansion.

Global Advanced Wound Care Market: Restraints

  • Cost Barriers: High costs linked with advanced wound care products limit accessibility, mainly in regions with constrained healthcare budgets.
  • Regulatory Challenges: Strict regulatory needs and complex approval processes slow down product launches and hinder market entry for innovations.
  • Reimbursement Issues: Uncertain payment policies & limited coverage for advanced wound care products pose barriers to market adoption.
  • Limited Awareness and Education: Lack of awareness among patients & healthcare professionals about advanced wound care options may impact market growth and adoption.

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Global Advanced Wound Care Market: Opportunities

  • Expanding Home Healthcare Market: Growing preference for home-based wound care provides opportunities for advanced wound care products customized for remote use.
  • Emerging Markets: The rise in healthcare infrastructure and growth in disposable incomes in emerging economies provide untapped market potential for advanced wound care products.
  • Technological Integration: The integration of digital health solutions & advanced biomaterials provides opportunities for advanced wound care products and services.
  • Focus on Personalized Medicine: Switching toward personalized wound care approaches opens new opportunities for customized treatment modalities and customized product offerings.

Recent Developments in the Advanced Wound Care Market

  • November 2023: Sonoma Pharmaceuticals, Inc. launched its latest advanced pulse lavage irrigation solution at the Symposium on Advanced Wound Care Fall Conference to address infection prevention and enhance healing time.
  • July 2023: Coloplast announced the acquisition of Kerecis, a biologics wound care company using patented intact fish skin technology, for up to USD 1.3 billion aims to support its US-centric biologics segment.

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