Advanced Wound Care and Closure Market Expected to Reach $32.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Advanced Wound Care and Closure Market," The advanced wound care and closure market size was valued at $19.5 billion in 2022, and is estimated to reach $32.9 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.

Advanced wound care and closures are medical products and techniques designed to treat chronic wounds. These products facilitate efficient healing of complex wounds as compared to traditional methods. Advanced wound care and closures include silver dressings, hydrocolloids, hydrogels, skin substitutes, growth factors, and others. These products are used for the management of diabetic foot ulcer, pressure ulcer, and venous leg ulcer which require specialized care. However, wound closure works by physically sealing the wound edges, by using products such as sutures, staples, adhesive strips, and tissue adhesives. These products aim to achieve rapid and safe healing of wounds with reduced risk of infection.

Advanced wound care and closure market trends are, rise in the number of surgical procedures, technological advancement in wound care, and surge in prevalence of pressure ulcer and diabetic foot ulcer. Every surgical procedure results in acute or chronic wound and for the effective management of surgical wounds, advanced closures and other products are used. For instance, according to the National Center for Biotechnology Information (NCBI) 2020, about 310 million major surgeries are performed each year globally. Thus, increase in the number of surgical procedures drives the demand for advanced wound care and closures.

Further, rise in prevalence of diabetes is a major driver for the advanced wound care and closures market. For instance, according to National Diabetes Statistics Report by Centers for Disease Control and Prevention (CDC), 2022, about 37.3 million people suffer from diabetes in the U.S., and about 15-20% people develop diabetic foot ulcer. As the number of people with diabetes continues to grow, so does the risk of developing diabetic foot ulcers, leading to higher demand for effective treatment options.

Continuous advancements in advanced wound care and closure products is further expected to boost the advanced wound care and closure market size during the forecast period. However, high cost of development and manufacturing of innovative drugs restrains the market growth. Extensive R&D efforts and specialized manufacturing facilities and expertise contribute to high costs, which limit the entry of new players into the market and hinder the development and commercialization of novel advanced wound care and closures. Furthermore, high cost of advanced wound care and closures limit their adoption and negatively impacts the advanced wound care and closure industry. 

The advanced wound care and closure industry is segmented on the basis of type, application, end user, and region. On the basis of type, the market is bifurcated into advanced wound closures and advanced wound care. The advanced wound closures segment is further classified into hemostatic and sealing agents, topical tissue adhesive, and wound closure devices. The advanced wound care segment is further classified into moist wound dressings, active wound care, and therapy devices. By application, the market is classified into burns, ulcers, and others. The ulcers segment is further divided into pressure ulcers, diabetic ulcers, and venous ulcers. Depending on end user, the advanced wound care and closure market analysisis is done across hospitals, clinics and  and community health services and home healthcare. 

Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

On the basis of type, the advance wound care segment dominated the market in 2022 and is expected to be the fastest growing segment during the forecast period. This is attributed to surge in use of advanced wound care dressings such as foam dressings and silver dressings, and increase in the number of people suffering from chronic wounds. 

Depending on application, the ulcers segment dominated the global market in 2022, and is expected to be the fastest growing segment during the forecast period. This is attributed to increase in prevalence of diabetic foot ulcers, pressure ulcers and others.

On the basis of end user, the hospitals segment accounted for the largest advanced wound care and closure market share in 2022 and is expected to be the fastest growing segment during the forecast period, owing to increase in the number of people taking treatments from hospital settings and rise in prevalence of chronic wounds.

Region-wise, North America accounted for largest advanced wound care and closure market share in 2022, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of chronic wounds, rise in adoption of advanced wound care and closures, and strong presence of market key players. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to rise in prevalence of diabetes and development of the medical technology industry.

Key Findings of the Study

•    By type, the advance wound care segment dominated the market in 2022.
•    On the basis of application, the ulcer segment dominated the market in 2022.
•    Depending on end user, the hospitals segment dominated the market in 2022.
•    By region, North America dominated the market in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the advanced wound care and closure market forecast.