Global Advanced Wound Care Market - 2022-2029

Market Overview

The Advanced Wound Care Market size was valued US$ 10,318.90 million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 4.90% during the forecast period (2022-2029).

Advanced wound care comprises products that treat acute and chronic wounds, such as ulcers, burns, and post-operative wounds. The products, such as film and foam dressings, hydrogels, alginates, and hydrocolloids, keep the damage hydrated to encourage healing without occluding the wound. The market offers solutions to patients suffering from chronic wounds by providing them with readily reachable and priced products that can be used at their convenience. The advanced wound care management market report also covers various competing technologies, such as advanced wound dressing technologies, harmful pressure wound therapies (NPWT), biologics/bioactive products, and hyperbaric oxygen therapy devices.

Market Dynamics

The growth of the market is majorly driven by increasing aging population, advancements in technologies, raising prevalence of diabetics, increasing patient awareness, raising patient healthcare expenditure are the major factors driving the growth of the market

Rising research & investment activities related to wound care are expected to drive market growth

The presence of ongoing research activities is expected to boost the wound care market. For instance, in December 2018, according to new research from the McGill University Health Centre (MUHC) and McGill University showed the use of a new application, called Swift Skin and Wound, which measures accurately and charts the progression of skin wounds, could potentially have a significant impact on the clinical management and the patient outcomes. Clinicians and healthcare professionals are currently using the app at the McGill University Health Centre (MUHC) in Montreal.

Also, in March 2019, according to a study, published online recently in the journal Scientific Reports by a research team at the Ohio State University, stated that the electroceutical bandages could kill the bacteria around a wound, allowing the wounds to heal faster. ipLine Medical, Inc (Campbell, CA), completed a $12 million Series E round of financing to support the worldwide commercialization activities for the Zip Surgical Skin Closure product and the development of advanced tools for reducing costs in a bundled care environment. Financing was backed by a new investor, HighCape Partners (New York, NY), and existing investor MVM Life Science Partners LLP (Boston, MA). The company is an innovator in developing cost-effective, noninvasive surgical skin closure devices that improve surgical efficiency and patient satisfaction. Its leading surgical skin closure product is classified by the United States Food and Drug Administration as Class I, 510(k) Exempt.

The high cost associated with the wound care products is one of the major factors hindering the growth of the market

According to the National Health Service (NHS) in the United Kingdom, venous leg ulcers (VLUs), pressure ulcers (PUs) and DFUs are among the costliest wounds in UK. According to a UK-based study, the cost of these wound care was estimated at over £4.5 billion (5.72 USD billion), not accounting for the care of comorbidities or costs undertaken by patients themselves. No robust or cost-effective dressing is available except antimicrobial dressings (silver, iodine, or honey), which are preferred over nonmedicated dressings to heal chronic wounds.

Moreover, wound care products are prescribed in large quantities for use on an as-needed basis, which incurs additional cost. Advanced wound care products are expensive compared to traditional wound dressing techniques. Therefore, many patients opt for traditional dressings despite its slow healing process. This is posing a major challenge for the growth of the advanced wound dressings segment. The cost of treating chronic wounds in the U.S. is extremely high, with the charge per case ranging from $2,000 to $10,000 depending upon the condition and nursing costs. The cost of managing a pressure ulcer is estimated to be between $7,000 and $55,000 in the U.S., while the annual cost of all treatment is valued in billions.

COVID-19 Impact Analysis

The COVID-19 outbreak will impact the advanced wound care market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services and cancelled or postponed elective surgeries, the advanced wound care market is expected to register a certain decline during the forecast period. Many companies in the advanced wound care market are forced to halt their manufacturing and production operations, owing to spread of the virus. Moreover, business operations have been paused, owing to new government rulings, which directly influences revenue drift of the advanced wound care market. The hospital outpatient department (HOPD) wound clinics have been the primary site-of-care to treat these wounds but with the closing of several of these facilities during the initial COVID surge, many patients with chronic wounds were not seen, delayed treatment or began the transfer to the physician office for treatment. More than two-million non-emergency procedures were cancelled in the UK to free up healthcare resources to help fight against the pandemic. Similarly, the hospitals in the USA saw a 30-60% decline in hospital visits after the announcement of coronavirus as a pandemic. In fact, there is some evidence that wounds increased in severity since the start of the pandemic resulting in greater use of higher technology products and unfortunately, an increase in amputations.

Industry Analysis

The global advanced wound care market provides in-depth analysis of the market based on various industry factors such as porter's five forces, regulatory analysis, reimbursement analysis, supply chain analysis, pricing analysis, technological advancements etc.

Segment Analysis

Exudate management segment is expected to hold the largest market share in global advanced wound care market

Exudate is the fluid leaking from the wound, which has a vital role in the healing process. It is mainly water but also consists of nutrients, proteins, waste products and various types of cells such as platelets and macrophages. Exudate management is essential as it avoids significant pain, discomfort and suffering of the patient due to wounds; helps create an optimal environment for wound healing; and, prevents the risk of infection.

In chronic wounds, however, the exudate produced can be detrimental to the process. Wound exudate, particularly from chronic wounds, contains a cocktail of elements (cellular debris and enzymes), which can be highly corrosive, both to the wound bed and intact skin surrounding the wound. For the health professional caring for patients with chronic wounds, controlling exudate can be one of the biggest challenges. Managing wet wounds is costly in terms of dressing materials and nursing time and in the current economic climate within health care we are more than eve aware of reducing costs.

Geographical Analysis

North America region holds the largest market share in the global healthcare IT market

North America is dominating the global advanced wound care market in 2019 and estimated to hold significant market size over the forecast period (2020-2027) owing to the product innovations, rise in the incidence of diabetes cases, increasing healthcare spending and the growing aging population in this region. The increasing number of wound cases in the region are expected to boost the market. For instance, the National Institute of Health has estimated that 3% of the population of 65 years and above would have a wound at some time. An even higher rate of incidence is expected, owing to the traumatic injuries and ulcers endemic in resource-poor countries to other regions. Thus, the rising number of wounds is driving the market.

The ongoing research activities for wound management by the key players in the region is expected to boost the market. According to a study published on August 14, 2019, in the open-access journal PLOS ONE by Brennan Spiegel of Cedars-Sinai Health System and colleagues found that therapeutic virtual reality (VR) is emerging as an active, non-pharmacological treatment modality for pain, anxiety disorders, and distract patients during wound care. Thus, the presence of ongoing research activities is driving the market. The presence of key players developing wound care products in the region are expected to boost the market. For instance, on March 04, 2019 Organogenesis Holdings Inc. announced that PuraPly Antimicrobial (PuraPly AM) product has positively affected the course of healing in a variety of complex, chronic wounds that were previously unresponsive to treatment. Thus, the presence of key players launching different wound care products are driving the market.

Competitive Landscape

The advanced wound care market is highly competitive, owing to the presence of big brands. Also, the market is highly fragmented due to the presence of several large and regional players. The key players which are contributing to the growth of the global market include 3M Healthcare, Urgo Medical, B. Braun Medical, Coloplast A/s, ConvaTec Inc, Derma Sciences, Inc., Paul Hartmann AG, Smith & Nephew, Medline Industries, Inc., Acelity, Molnlycke Healthcare, Oranogenesis.

Key Companies to Watch

3M Health Care:

Overview: 3M Health Care Limited manufactures, procures, and markets medical, oral care, and drug delivery products. The company develops critical and chronic care products and solutions that help prevent and treat critical and chronic conditions across the continuum of care infection prevention solutions to reduce the risk of exposure to healthcare-associated infections for patients and healthcare professionals' health information systems to help compile and use health information. 3M Health Care Limited operates as a subsidiary of 3M Company for better clinical and financial performance inhalation, transdermal, micro needle, or oral and topical drug delivery technologies for pharmaceutical and biotechnology companies.

The company also offers orthodontic solutions, wound care solutions, surgical devices, consumer health, micro fluidics, medical grade tapes and adhesive technologies to medical device manufacturers.

Product Portfolio: PREVENA Therapy- It is uniquely engineered to empower incision management that works to protect patients, surgeons, staff, practices, and hospitals during the SARS-CoV-2 pandemic.

The global advanced wound care market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.