Market Research Report
Global Advanced Wound Care Management Market Forecast 2021-2028
|Global Advanced Wound Care Management Market Forecast 2021-2028|
Published: June 14, 2021
Content info: 219 Pages
Delivery time: 2-3 business days
The global advanced wound care management market is projected to develop with a CAGR of 11.63% during the forecasted period of 2021 to 2028. The market growth is supplemented by key factors such as the surging aging population, technological advancements, and the increasing prevalence of chronic conditions.
Advanced wound care entails products used to treat chronic and acute wounds, including burns, ulcers, and postoperative wounds. Advanced wound care products such as hydrocolloids, hydrogels, film and foam dressings, as well as alginates, ensure that the injury is hydrated in order to facilitate rapid healing. Advanced wound care products offer solutions to patients suffering from chronic wounds by providing reasonably priced and readily accessible products.
As per the data issued by the World Population Prospects: the 2019 Revision, by 2050, one in six people across the globe will be over the age of 65, indicating an increase from one in 11 in 2019. By 2050, one in four individuals residing in Europe and Northern America are expected to be aged 65 or above. Moreover, the life expectancy in the majority of countries worldwide surged tremendously. The improvement in life expectancy is primarily accredited to the significant advancements in diagnostic technology and medical science, in addition to the augmenting awareness in terms of hygiene, health, and nutrition. As a result, the demand for improved treatment facilities with an early diagnosis of chronic conditions plays a vital role in propelling the global advanced wound care management market growth.
The global advanced wound care management market growth assessment is analyzed across the Asia-Pacific, Europe, North America, and the Rest of World. The Asia-Pacific is set to grow with the highest CAGR over the forecasted period. The region's market growth is credited to the increasing incidence of chronic diseases, the growing patient awareness regarding advanced wound care products, and the high disposable incomes.
While the competition among existing players is intense, the price pressure among vendors has continued to increase. Despite the high number of market participants, the majority of the revenue share is controlled only by a few participants. Some of the key firms operating in the global market are 3M Company, Johnson & Johnson (Ethicon Inc), Medline Industries Inc, etc.