SELBYVILLE, Del., Jan. 11, 2021 /PRNewswire/ — According to the latest report “Advanced Wound Care Market by Product (Wound Dressings, Wound Therapy Devices), Application (Diabetic Wounds, Skin Burn Wounds, Pressure Wounds, Surgical Wounds, Venous Legs Ulcers), End-use (Hospitals, Homecare Settings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of advanced wound care will cross $14.4 billion by 2026. The market growth is attributed to the increasing aging population, technological advancements and rising government initiatives and other factors.
An increasing number of surgical procedures across the globe will drive market expansion over the forecast period. Growing chronic diseases that require surgical interventions, rising number of accidents and trauma injuries are forecasted to escalate the number of surgeries being performed. Severe blood loss and other critical injuries in such accidents often demand surgical intervention for treatment. Such an increasing number of surgical procedures will certainly escalate the number of patients with surgical wounds. Nonhealing surgical wounds are difficult to treats and cause huge cost burden by extending the hospital stay. It may even pose a serious threat to a patient’s life. Advanced wound care products can significantly improve the quality of life in such patients. As a result, the demand for advanced wound care products is rising to treat surgical wounds that will render a significant positive impact on industry growth.
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Wound dressings segment dominated more than 55% of the advanced wound care market share in 2019. Rising road accidents owing to alcohol consumption and reckless driving, especially in urban areas, are increasing the utilization of wound dressings. Similarly, in the case of skin burns, hydrocolloid and alginate wound dressings are utilized in the treatment. These dressings are impermeable to bacteria and speed up the wound healing process.
The surgical wounds application in the advanced wound care market valued at over USD 3.1 billion in 2019 led by the growing numbers of surgical procedures in developed as well as developing nations due to increased health problems requiring surgeries and also the development in healthcare infrastructure. Surgical wounds vary in size and advanced wound care solutions greatly help in curing the wound and to curb the chances of infection.
The homecare settings end-use segment is estimated to register a growth of around 6.5% till 2026 propelled by the growing preference by old-age population for advanced wound therapies at home. Major industry players have developed several wound care solutions that can be used by elders conveniently and without any help. Advanced wound care solutions also aid elders by limiting hospital visits.
The Asia Pacific advanced wound care market accounted for 16% of revenue share in 2019 impelled by growing medical tourism in the developing economies such as India and Thailand. Rising investment in healthcare infrastructure will create potential growth opportunities. Also, the rise in the number of diabetic patients, especially in India, that are at a high risk of developing chronic wounds will fuel the demand for advanced wound care products.
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Some of the prominent companies operating in advanced wound care market include Smith and Nephew, 3M, Coloplast, Hollister Incorporated, Beiersdorf global, Mölnlycke, HARTMANN International, ConvaTec Group, Derma Sciences, MPM Medical, B. Braun, Medline Industries, Organogenesis, Integra LifeSciences Corporation and Lohmann & Rauscher. These industry leaders are adopting several strategic initiatives such as collaborations, partnerships, mergers and novel product launch, to maintain a strong foothold in the industry.
Table of Contents (ToC) of the report:
Chapter 3 Advanced Wound Care Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Regulatory landscape
3.5 COVID-19 impact analysis
3.6 Technology landscape
3.7 Growth potential analysis
3.7.1 By product
3.7.2 By application
3.7.3 By end-use
3.8 Porter’s analysis
3.9 Competitive landscape, 2019
3.9.1 Company market share analysis, 2019
3.10 PESTEL analysis
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Advanced Wound Care Market Growth Predicted at 5.2% Through 2026: GMI
APAC advanced wound care market accounted for 16% of revenue share in 2019 owing to growing medical tourism in the developing economies such as India and Thailand.
SOURCE Global Market Insights Inc.