Advanced Wound Care Market Size To Hit USD 12.26 Bn By 2027
Market Data Forecast
Advanced wound care treatment is used to treat chronic wounds and chronic ulcers. The health care provider should take this wound treatment in the hospital for a better cure. In this process, wound care products help to facilitate the oxygen flow to the wound and provide a moist environment to prevent further infection. It also removes the dead cells and tissues around the wound, which helps relieve pain.
The increasing older population, growing number of people suffering from diabetes and obesity cases, and rising investments from investment governments are propelling the advanced wound care market.
According to a survey in 2019, nearly 1 billion people are over 60 worldwide. Older people are more prone to chronic wounds due to decreasing immunity and the presence of fewer antibodies to heal the wound. Additionally, most people who have diabetes take more time to cure the wound. For some people, it becomes severe, and they need to undergo advanced wound therapy to treat the wound, which demands the market forward.
Due to the increase in chronic wounds, the world government is increasing its investment in wound therapy products to provide better patient treatment. As a result, increasing research and development, product approval, and reimbursement policies drive the market forward.
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Due to the availability of different types of chronic wounds, treatments support the wound care type segment.
The wound care type segment is divided into the dressing, therapy devices, and active wound care. The dressing segment has the highest market share due to the increasing availability of dressing methods for wound cleaning and healing in clinics and hospitals. This has driven the segment's growth forward.
Increasing different types of wound types in patients due to accidents, sunburns, and surgeries support the application segment forward.
The application segment is divided into skin ulcers, surgical wounds, and burn wounds. Skin ulcer has a larger market share due to increasing diabetics' wounds, wound due to accidents, etc.
Increasing awareness about the success of advanced wound care therapies among the population drives the end-user segment.
The end-User segment is divided into In-patient services and outpatient services. In-patient service has the highest market share due to the increasing number of people admitted to hospitals to treat chronic wounds with advanced wound care therapies.
Regional outlook of the advanced wound care market:
North America dominated the market growth due to the increasing number of surgical procedures and advanced healthcare infrastructure in hospitals and clinics. As a result, the North America Advanced wound care market was valued at USD 11.64 billion in 2022 and is predicted to reach USD 13.80 billion by 2027 with a CAGR of 3.46%.
The Advanced wound care market in Europe is predicted to grow by USD 3.67 billion by 2027 with a CAGR of 4.63%, and the market is valued at USD 2.93 billion in 2022.
Asia Pacific is in the third position in the market share due to increasing awareness about advanced wound care therapies and increasing road accidents. The Asia pacific advanced wound care market was valued at USD 1.35 billion in 2022 and is expected to reach USD 1.81 billion by 2027 with a CAGR of 6.12%. India and China hold the maximum market share in this region.
Latin America is slowly increasing its market growth due to the government's introduction of different wound therapy for patient safety.
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Analysis of key players in the advanced wound care market:
Key players are combining to manufacture the devices and products used for advanced wound care therapy. For example, in the year 2022, Evonik has a partnership with medical technology consulting to distribute the wound dressing epicite, which is used to manage chronic wounds.
Some of the key players in the market are Smith & Nephew Plc., Molnlycke Health Care AB, DermaRite Industries LLC, Lohmann & Rauscher, Hollister Incorporated, Welcare Industries SPA, ConvaTec Group, 3M Group, Accel-Heal, Zimmer Biomet, B. Braun Melsungen Ag, Cardinal Health Inc., Mil Laboratories.
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