According to a new report published by Allied Market Research, titled, “U.S. Advanced Wound Care Market by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the U.S. Advanced Wound Care market Size was valued at $3.35 billion in 2019 and is expected to reach $4.97 billion by 2027, registering a CAGR of 9.9% from 2020 to 2027. The chronic wounds segment accounted for more than two-third of the total advanced wound care market share in 2019.
Advanced wound care include products that are used to treat chronic and acute wounds such as burns, ulcers, and postoperative wounds. Advanced wound care products such as hydrogels, hydrocolloids, film & foam dressings, and alginates keep wounds hydrated to facilitate rapid healing. Advanced wound care products provide solutions to patients suffering from chronic wounds by offering them reasonably priced and readily accessible products. Moreover, the report covers information on therapy devices, such as negative pressure wound therapies (NPWT), oxygen & hyperbaric oxygen equipment, electromagnetic therapy devices, electrical stimulation devices, and pressure relief devices.
The wound patients with multiple comorbidities are at the high risk of infection of COVID-19. Moreover, hospitalization of these patients further requires a large percent of cost of care. Thus, Federal, state governments, as well as payers have urged hospitals and providers to reduce utilization of non-essential health services and suggested to shift the site of necessary care to lower risk environments. In addition, market players are required to stay prepared for disruption from the pandemic mode. Moreover, various manufacturers are facing issues in supply of their products.
The major factors that boost growth of the U.S. advanced wound care market are rise in adoption of evidence-based treatments for chronic wounds and rapid increase in geriatric population. In addition, advanced wound care products promote faster wound healing, and hence are gaining an edge over traditional wound care and closure products, which significantly contributes toward growth of the market. Furthermore, continuous advancements in advanced wound care & closure products is further expected to boost the market growth during the forecast period. However, high cost of advanced wound care products hamper growth of the U.S. advanced wound care market.
Depending on product, the therapy devices segment dominated the U.S. advanced wound care market in 2019, owing to rise in incidence rate of chronic diseases such as diabetes & obesity and surge in demand for innovative & advanced wound care products.
By application, the chronic wounds segment accounted for the highest revenue share in the U.S. advanced wound care market in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to rise in prevalence of postoperative surgical wounds and surge in geriatric population. In addition, rise in awareness toward advanced wound care & improved diagnosis and technological advancements in advanced wound care products are expected to offer remunerative opportunities for market expansion in the future.
Key Findings Of The Study
- By product, the active wound care segment is expected to experience rapid growth, registering a CAGR of 14.6% from 2020 to 2027.
- By application, the chronic wounds segment dominated the U.S. advanced wound care market in 2019 and is expected to maintain this trend during the forecast period.
- Depending on end user, the hospitals segment held more than 50% of the U.S. advanced wound care market in 2019, and is anticipated to continue this trend during the forecast period.
- By skin substitutes, the allografts segment held the major share in the market in 2019, and is anticipated to continue this trend during the forecast period.
- Depending on acute wounds, the surgical wounds segment is a lucrative segment that is estimated to grow at a CAGR of 10.0% during the forecast period.