Advanced Wound Care Management Market Share, Size, Trends, Industry Analysis Report, By Product (Dressings, Devices & Accessories, Grafts & Matrices, Topical Agents); By Wound Type; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM1127
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global advanced wound care management market size was valued at USD 10.65 billion in 2023. The market is anticipated to grow from USD 11.18 billion in 2024 to USD 16.66 billion by 2032, exhibiting the CAGR of 5.1% during the forecast period.
The key factors, such as the increasing geriatric population and the launch of novel advanced therapies, are driving the market growth during the forecast period.
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For instance, as per an estimate by United Nations, 22% of the US population will be above the age of 65 years by 2030, with individuals post 75 years of age being the fastest growing subgroup. Also, many different advanced applications of ES and electromagnetic treatment have been used or explored, including speeding injury healing. The use of electrical current through electrodes placed directly on the skin near the injury is ES for advanced therapy.
A pulsed magnetic field is used to produce current in electromagnetic advanced treatment. The Centers for Medicare & Medicaid Services (CMS) has been requested to reconsider its decision that electromagnetic therapy is not covered nationally. CMS determined that the results of using electromagnetic therapy for advanced care were comparable to the results of using ES.
Further, patients all over the world are looking for advanced, quick, and effective ways to treat chronic injuries including diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Active advanced care treatments, such as biological skin analogs and growth factors, are effective in the treatment of chronic injuries that are difficult to heal.
In this area, there are currently only a few players functioning, and these players are primarily focused on introducing novel bioactive products to the advanced wound care market. For example, Olaregen Therapeutix released Excellagen Wound Conforming Matrix 3.0 cc pre-filled syringe in October 2019.
Excellagen is a Cellular Tissue Product that has been approved by the FDA for the treatment of abrasions such as diabetic foot ulcers, venous leg ulcers, and others. Thus, local market participants' development of improved active therapies has aided in the adoption of skin grafts, collagen dressings, and other active therapies that will help the worldwide advanced wound care market's expansion.
Industry Dynamics
Growth Drivers
The growing proportion of advanced surgeries and the rising incidence of chronic disorders with the subsequent rise in the frequency of chronic and surgical injuries. For instance, as per the International Diabetes Foundation (IDF), around 463 million individuals across the globe will be suffering from diabetes in 2019.
It is anticipated to reach 578 Mn by 2030 and 700 million by 2045. Diabetes and obesity can lead to infection and chronic injuries and resulting in substantial medical costs. Further, diabetic foot ulcer is one of the most significant and devastating complications of diabetes.
According to the National Center for Biotechnology Information (NCBI), in 2019, the prevalence of diabetic foot ulcers in North America, Asia-Europe, and Africa was 13.0%, 5.5%, 5.1%, and 7.2 respectively. The high prevalence of diabetic foot ulcers has created a demand for its treatment, which in turn is anticipated to drive the growth of the Advanced Wound Care Management Market.
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Report Segmentation
The market is primarily segmented based on product, wound type, end-use, and region.
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By Product |
By Wound Type |
By End-Use |
By Region |
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Insight by Product
Based on the product segment, the dressings segment is expected to be the most significant revenue contributor in the global market. This is rising as a result of rising spending on chronic and surgical wounds, rising burn injury rates, and developments in dressing technology.
The active advanced wound care market is expected to grow at a significant CAGR over the forecast period as more active therapies, such as skin grafts and biologics, are used to treat chronic injuries that are difficult to cure.
Geographic Overview
North America had the largest revenue share. Primary factors inducing the region’s growth include a rise in the prevalence of chronic wounds coupled with patients' awareness regarding its ill effects, high disposable income, and insurance coverage required to cover medical costs.
According to the Agency for Healthcare Research and Quality's estimates, the total medical cost of treating pressure ulcers in the United States ranges from USD 9.1 to USD 11.6 billion per year. Moreover, the presence o0f favorable reimbursement policies in the region also favors the adoption of such services.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2020. Because of the rising per capita healthcare expenditure, the market is predicted to rise steadily. Also, market companies in this region are making significant expenditures, which would fuel the demand for sophisticated advanced care management products.
Competitive Insight
Some of the major players operating in the global market include 3M, Baxter International, Coloplast Corp., Convatec Group Plc, Derma Sciences (Integra Lifesciences), Medline Industries, Medtronic, Molnlycke Health Care AB, Smith & Nephew, and Urgo Medical among others.
Advanced Wound Care Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 11.18 billion |
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Revenue forecast in 2032 |
USD 16.66 billion |
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CAGR |
5.1% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 - 2032 |
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Segments covered |
By Product, By Wound Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
3M, Baxter International, Coloplast Corp., Convatec Group Plc, Derma Sciences (Integra Lifesciences), Medline Industries, Medtronic, Molnlycke Health Care AB, Smith & Nephew, and Urgo Medical |
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