The global advance wound care market was valued at US$10 Bn in 2019 and is set to expand 1.4x by 2030, reaching a value pool of approximately US$15 Bn. The high prevalence of chronic wounds has led to the use of advanced wound care products. Hospital wound cleansers, foam dressings and honey dressings are driving the revenue growth of the global advanced wound care market. According to the IDF, there has been a rapid increase in diabetic ulcers over the past decade. The IDF states that the prevalence of diabetic ulcers is increasing at a rate of 9% annually.
The COVID-19 pandemic is poised to take advantage of the market potential for advance wound care. Since its beginning, the pandemic has infected nearly six million people, resulting in more than 350,000 casualties. Patients with chronic conditions such as diabetes are particularly vulnerable to infection. Therefore, taking care of such patients has become a top priority. Major manufacturers such as ConvaTec Group plc have accelerated the production of hydro fiber used to treat diabetic foot ulcers.
Highlights of the Global Advanced Wound Care Market Study
- By product type, wound cleansers accounted for a major value share in the global advanced wound care market. This is mainly attributed to the increased need for wound cleansers before dressing.
- North America and Europe will collectively account for 70% of the global advanced wound care market share. These regions in East Asia and South Asia are anticipated to exhibit a remarkable CAGR due to the growing advanced wound care manufacturing facilities.
- The end users of the hospital segment dominate the global advance wound care market, which is attributed to high healthcare infrastructure and a large patient pool visiting hospitals.
- The US represents the most attractive market, followed by Germany for the advanced wound care market. Whereas, China is expected to grow significantly due to the convenience and affordability of using advanced wound care products.
Key players focusing on collaboration with surgeons for better wound management
Leading players are providing advance wound care and collaborating with surgeons to provide better wound care to the patients. The surgeon plays an important role in determining which dressing material is most appropriate based on the patient’s condition. These collaborations are expected to increase the penetration of advanced wound care products. This relationship management program also provides surgeons with the opportunity to select the product type as per the needs of the patients.
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