PUBLISHER: Grand View Research | PRODUCT CODE: 1405744
PUBLISHER: Grand View Research | PRODUCT CODE: 1405744
The North America advanced wound care market size is anticipated to reach USD 6.7 billion by 2030, registering a CAGR of 4.79% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growth in the aging population as well as increasing figure of diabetic patients are some major factors driving this market's growth. For instance, as per a United Health Foundation report (published in May 2023), more than 55.8 million adults aged 65 and older lived in the U.S., accounting for about 16.8% of the nation's population in 2021, increasing number of senior populations is anticipated to propel the market growth during the forecast period.
There has been a growth in the number of surgical procedures and traumatic incidents. For instance, per iData Research's report, published in August 2023, more than 900,000 cardiac surgery procedures are performed in the U.S. annually, which is expected to reach 1.3 million by 2029. Similarly, there has been an increase in the number of surgical site infections. Advanced wound care products help reduce these surgical site infections. An increase in the number of surgical site infections is expected to drive the market growth over the forecast period.
In addition, many leading manufacturers are introducing new products, which may help them capitalize on the increasing demand for advanced wound care products during the forecast period. For instance, in September 2022, PolyNovo Limited Company received FDA 510 (k) clearance for its product 'NovoSorb MTX'. This product is intended to be used to manage complex chronic wounds. Thus, the above-mentioned factors are boosting market growth.