The Advanced Wound Management Market is projected to secure a valuation of US$ 8.1 billion in 2023 and is anticipated to rise to US$ 11.5 billion by 2033. The market is registering a CAGR of 3.6% during the forecast period.
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Increasing cases of chronic ulcers, traumatic injuries, obesity, burn wounds, and sedentary lifestyle propel market growth. The growing number of old age population, diabetes, and chronic patients are further increasing the adoption of advanced wound management. There is a growing demand for advanced wound management from patients to heal fast and safely. In the United States, around 34.2 million people were diagnosed with diabetes in 2018.
The growing healthcare infrastructure, urbanization, and innovation of modern wound management devices are surging market opportunities. In addition, government support, new market entrance, huge investments, and a growing campaign for patient awareness are booming the market expansion. Moreover, increasing safe treatment by healthcare providers adopting wound management & prevention devices is r flourishing the market opportunities.
Manufacturers developing advanced wound care management devices such as post-surgery wound care, robotic surgery devices, and hemostatic agents are upsurging the market size. According to a report by ScienceDirect, around 25% of diabetes patients suffer from diabetic foot ulcers globally. The increasing number of healthcare experts and the innovation of newly launched devices influence the global market.
Complex Wound Care refers to the use of advanced techniques and products to facilitate wound healing in individuals with complex or chronic wounds. These techniques and products go beyond traditional wound care methods and aim to address the underlying causes of the wound, promote healing, and reduce the risk of complications.
Key Takeaways:
• The advanced wound management market is expected to have a valuation of US$ 11.5 billion by 2033.
• With a CAGR of 3.6%, the global market is booming during the forecast period.
• The market in the United States is anticipated to secure a CAGR of 3.5% through 2033.
• With a CAGR of 3.8%, the United Kingdom's advanced wound management market significantly uplifts during the forecast period.
• Canada market is expected to record a CAGR of 4.2% over the forecast period.
• German market is estimated to capture a CAGR of 4.5% by 2033.
Who is winning?
The key players have a crucial role in acquiring maximum revenue by investing huge amounts in research & development activities. These players focus on end users' requirements to provide sufficient and convenient devices to cure several chronic diseases and infections. In addition, the innovation of advanced wound care management products with the adoption of novel technologies upsurges the market to another level.
These players achieve their goals in the coming years by following marketing strategies. The marketing strategies include mergers, acquisitions, collaborations, product launches, agreements, and partnerships.
Other Essential Companies in the Market are:
• B. Braun Melsungen AG
• Mölnlycke Health Care
• ConvaTec Group plc
• Coloplast A/S, SIGVARIS
• Acelity L.P. Inc.
• 3M
• BSN Medical
• Ethicon Inc.
• Medline Industries, Inc.
• Smith & Nephew PLC.
Recent Developments in the Global Advanced Wound Management Market:
• In October 2022, a healthcare provider company, 3M, announced that it’s newly launched 3M V.A.C. Therapy named NPWT had surpassed 2,000 publishes. It is the only therapy that has gained this number of published studies.
• In September 2022, Evonik announced an agreement with Coopmedfor, a medical technology consulting and sales company. The agreement took place to distribute Epicite in Germany market, which comprises biosynthetic for chronic wound management.
• In January 2020, ConvaTec Group Plc launched its new product ConvaMax superabsorber, for dressing wounds. This product is mainly applied to diabetic foot ulcers, surgical wounds, and pressure ulcers.
Advanced Wound Management Market by Category
By Product Type:
• Advance Wound Dressings
• Foam
• Hydrocolloid
• Hydrofiber
• Film
• Alginate
• Hydrogel
• Collagen
• Wound Contact Layer
• Superabsorbent Dressings
• NPWT Devices
• Standalone NPWT Devices
• Single Use Disposable NPWT Devices
• Portable NPWT Devices
• NPWT Accessories
By Application:
• Chronic Ulcers
• Venous Leg Ulcers
• Diabetic Foot Ulcers
• Pressure Ulcers
• Non-healing Surgical Wounds
• Traumatic Wounds
• Burn Cases
By End User:
• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Skilled Nursing Facilities
• Other Facilities