Global Advanced Wound Care Market Thriving: Projected to touch USD 18.4 Billion by 2027, growing at the CAGR of 8.4 % during the forecast period (2020-2027)
Published | April 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Global Advanced Wound Care Market was worth USD 10.1 Billion in the year 2020. It is estimated to grow at the CAGR of 8.4%, earning revenue of around USD 18.4 Billion by the end of 2027. The global advanced wound care market is primarily driven by factors such as an ageing population, an increase in chronic disorders such as diabetic foot and pressure ulcers, as well as increasing government initiatives. Additionally, emerging countries are introducing new innovations and advances in wound care, which is helping the advanced wound care market in developed countries expand. However, the growing number of patients with chronic injuries places a tremendous financial strain on healthcare systems around the world. Moreover, the high cost of superior wound care products is a big stumbling block in the advanced wound care industry.
Growing prevalence of several lifestyle disorders driving market growth
Several chronic conditions, such as diabetic foot, venous leg ulcer, and pressure ulcer, are on the rise and will help drive the advanced wound care market forward in the coming years. For example, Diabetes may contribute to the development of diabetic foot ulcers, which can become infectious over time. As a result, innovative wound care products are increasingly being developed to help patients suffering from chronic illnesses manage their pain. Diabetic foot ulcers are expected to become more common in the coming years. A growing number of patients with diabetic foot ulcer is likely to create a massive demand for advanced products for wound care. Additionally, prevalence of obesity, lifestyle changes, and poor eating patterns are also expected to increase, thereby propelling the growth of the market.
Innovations in advanced wound dressing
Advanced wound treatment techniques have replaced old-fashioned wound dressing as the preferred form among healthcare practitioners. The need for advanced wound dressing in the healthcare sector is increasing due to a rise in the demand for advanced dressing for handling and treating wounds such as diabetic foot ulcers, lower limb ulcers, pressure ulcers, and others. Moreover, the rising occurrence of diabetic and surgical wounds in developing countries further contributes to the growth of the advanced wound dressings market.
High-priced Therapies to Constrict Market Expansion
The restraining factor in the market's growth is the high cost related to advanced wound care products. In developing countries, unfavorable reimbursement policies such as negative pressure wound therapy acts as a restraint in the market's growth. Out-of-pocket costs account for a large portion of total care costs in emerging countries, further limiting the use of advanced wound devices and dressings. Furthermore, in developing economies, a lack of understanding about actual therapies and devices, as well as a preference for traditional treatment options, could hinder the acceptance of new treatments, limiting market development.
Impact of COVID-19 in the industry
The advanced wound care market has been hit hard by the COVID-19-induced pandemic. Patients are avoiding wound care facilities because they are concerned about contracting COVID-19 infections in hospitals and other healthcare settings. Due to the spread of the virus, many specialized wound care firms had to suspend their manufacturing and distribution activities. Furthermore, due to new government regulations, company activities have been halted, which has a direct impact on sales drift in the advanced wound care industry. Due to nationwide lockdowns, denied wound care services, and canceled or suspended surgeries, the advanced wound care market is expected to witness an unavoidable deterioration during the forecast period.
Hospitals & Clinics, occupies the largest share of Global Advanced Wound Care Market
Based on end-users advanced wound care market is divided into Hospitals & Clinics, Ambulatory Care Centers, Wound Care Centers, and others. The hospital & clinics Segment is the leading segment among all of these. Owing to an increase in trauma and traffic accidents, the number of surgical procedures in hospitals & clinics has increased dramatically. Patients that undergo surgical operations are more likely to develop surgical wounds. The availability of advanced facilities and healthcare services for the treatment of various surgical wounds, as well as the healthcare outflow to provide better patient care, would aid the market growth.
North America Region Projected to witness significant growth in the market during the forecast period
Because of the growing number of chronic and acute wounds, North America is expected to be the leading region during the forecast period. Also, the rising numbers of patients suffering from Diabetic foot ulcers and surgical wounds will further promote the growth of the market. Apart from North America, the Asia Pacific market is also booming, owing to the region's growing healthcare infrastructure. Additionally, developing hospital facilities and an increase in government healthcare expenditure in the region would have a significant impact on Asia Pacific’s wound care market over the forecast period.
Do not miss the business opportunity of the Global Advanced Wound Care Market. Consult our analysts to gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides information about the growth potential, upcoming trends, and statistics of the Global Advanced Wound Care Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Advanced Wound Care Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.