According to a new report published by Allied Market Research, titled, "Advanced Wound Care Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global advanced wound care market size was valued at $8,457 million in 2018, and is projected to reach $13,944 million by 2026, growing at a CAGR of 6.5% from 2019 to 2026.
Advanced wound care includes products that are used to treat chronic and acute wounds, such as burns, ulcers, and post-operative wounds. The advanced wound care products such as hydrogels, hydrocolloids, film & foam dressings, and alginates keep the wound hydrated to encourage healing. The advanced wound care market provide solutions to patients suffering from chronic wounds, by offering them reasonably priced and readily accessible products. Moreover, it covers therapy devices, such as negative pressure wound therapies (NPWT), oxygen and hyperbaric oxygen equipment, electromagnetic therapy devices, electrical stimulation devices, and pressure relief devices.
The major factors that boost the advanced wound care market growth are rise in adoption of evidence-based treatments for chronic wounds, and rapid growth in geriatric population. The advanced wound care products promote faster wound healing; and hence, are gaining an edge over traditional wound care and closure products. Continuous advancement in the advanced wound care market trends and closure products is expected to boost the market during the forecast period. Increase in prevalence of chronic diseases such as diabetes and obesity, and rise in disposable income in developing economies fuel the adoption of advanced wound care therapies. Moreover, rise in awareness for advanced wound care treatment & management boosts the demand for infection management products such as silver wound dressings, non-silver dressings, and collagens. However, low income and lack of proper medical attention in the developing countries hamper the market growth.
Based on advanced wound care market analysis, by product, the therapy devices segment dominated the market in 2018 due to rise in the incidence rate of chronic diseases such as diabetes & obesity, and surge in demand for innovative & advanced wound care products.
Depending on application, the chronic wounds segment accounted for the highest revenue share in the advanced wound care market in 2018 and is expected to maintain its dominance during the forecast period owing to rise in prevalence of post-operative surgical wounds, and surge in geriatric population. In addition, rise in awareness and improved diagnosis, and technological advancements in advanced wound care are expected to drive the growth of the advanced wound care market.
Key Finding of The Advanced Wound Care Market:
- Based on product, the therapy devices segment held 35.9% share in the global market in 2018.
- Based on application, the chronic wounds segment accounted for the largest market share in 2018 and is expected to remain dominant throughout the forecast period.
- Based on end user, the hospitals segment held 57.62% share in the global market in 2018.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 8.4% during the forecast period.
In 2018, North America accounted for the major advanced wound care market share and is expected to continue this trend owing to availability of well-developed infrastructure facilities, presence of majority of the key players, rise in chronic diseases, and huge availability of trained medical professionals. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period.