Advanced Wound Care Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Advanced Wound Care Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : November, 2022 | Medical Devices

Report Digest

Advanced Wound Care Market – Overview

The advanced wound care market is predicted to display steadfast growth over the forecast period from 2020 to 2030. Factors such as increasing prevalence of chronic diseases, increasing burden on healthcare facilities that necessitate to reduce hospital stay, rising number of surgical procedures, and growing number of ambulatory surgical centers are primarily fuelling the advanced wound care market.

Key parameters based on which the advanced wound care market is divided in this report are product, end use, application, and region.

The report provides an exhaustive analysis of the advanced wound care market for the forecast period from 2020 to 2030, including demand drivers, growth opportunities, and competitive landscape. Besides this, an analysis of key segments with projections of their growth rate for the forecast period is provided in the report.

Advanced Wound Care Market – Competitive Landscape

The advanced wound care market is fairly consolidated with major share held by some large companies that hold commanding position. Product innovation and product development are some key organic growth strategies of large players who are strategizing to consolidate their position in this intensely competitive vendor landscape. Some players are also engaging in partnerships and collaborations to benefit from manufacturing and scientific expertise of partnering companies.

Prominent players in the advanced wound care market include

  • Smith & Nephew plc
  • Acelity
  • Baxter
  • Medtronic
  • Derma Sciences Inc.
  • Molnlycke Health Care AB
  • Convatec Group plc
  • Coloplast Corp.
  • 3M
  • Medline Industries Inc.

Advanced Wound Care Market – Key Trends

Vast rise in the number of chronic diseases is a key factor fuelling the advanced wound care market. Some advanced wound care products for chronic diseases include films, hydrogel, gauze, hydrocolloid, and foam dressings. Besides this, advanced wound care products that contain alginates and silver are used to remove excess fluids from wounds and protect them from getting an infection. In terms of composition, silver and alginate products comprise hormone-like substances that allow rapid healing and promote growth of cells post an injury.

Skin grafts and biomaterials are some other advanced wound care products for healing and closing larger wounds, which can’t repair on their own. For example, according to statistics of the U.S. National Institutes of Health, chronic injuries affect nearly 6.5 million people each year, with expense of more than US$25 billion on the treatment of these diseases.

Rise in the number of road accidents, burn accidents, and trauma has led to the increase in demand for a host of medical therapies, medical devices, and wound care products. For example, according to the 2018 annual report of the World Health Organization, road crash is one of the leading causes of death among children and adults in the 5- 29 years of age. Advanced wound care products find considerable use for dressings and quick healing of injuries caused by the crash. This, in turn, is creating opportunities in the advanced wound care market.

Advanced Wound Care Market – Geographical Analysis

North America and Europe display the leading demand for advanced wound care products among other key regions. According to a report, titled “Diagnosis and Management of Diabetic Foot Complication”, by the American diabetes Association and Organogenesis Inc., in Western countries, the annual incidence of diabetic foot ulcers is 2.0% and lifetime risk associated with this is 15- 25%. For rapid healing of diabetic foot ulcers, generally, moist wound dressings are used, which creates opportunities in the advanced wound care market in these regions.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

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Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?