Advanced Wound Care Market

Market Overview

The global advanced wound care market size was valued at USD 7.08 billion in 2022. It is estimated to reach USD 11.06 billion by 2031, growing at a CAGR of 5.22% during the forecast period (2023–2031). The global market is predicted to rise due to the increased frequency of surgical procedures, which will increase demand for advanced wound care products.

Advanced wound care is a standard medical approach that offers specialized treatment for chronic infections and non-healing wounds by removing dead and inflamed tissues. Advanced wound care products are anticipated to treat both acute and chronic injuries. It includes medications, devices, and several products for treating acute and chronic wounds, like burns, ulcers, and post-operative wounds.

Advanced wound care products containing silver and alginates are extensively utilized to remove excess fluids from incisions and protect them from infection. They contain hydrogels, hydrocolloids, film and foam dressings, and alginates. By fostering the growth of body cells, they aid in the maintenance of a moist environment, the regulation of temperature, the delivery of oxygen, the protection of the injured area from external contamination, and the alleviation of pain associated with bandage replacement.

Market Dynamics

Global Advanced Wound Care Market Drivers

Increasing Number of Accidents

The market is expected to experience growth because of the rising incidence of global road accidents, burns, and trauma events. For instance, as per the World Health Organization (WHO, 2018), around one million individuals in India annually have moderate to severe burns. Moreover, according to the American Association for the Surgery of Trauma, in 2017, approximately 1.2 million people died worldwide, which equates to approximately 3,242 deaths per day due to road accidents.

Most road incidents occur in middle- or low-income nations. Advanced wound care products are majorly used for the treatment of acute wounds. In general, papain-based products are not used to treat burn lesions, but in some instances, they are used to treat superficial and minor burns. Thus, the increasing number of accidents is anticipated to raise the demand for advanced wound care, resulting in substantial market growth over the forecast period.

Increasing Number of Surgeries

The rising frequency of chronic illnesses is contributing to an increase in procedures. For instance, the American Association of Plastic Surgeons estimates that in 2018, almost 18 million Americans got minimally invasive cosmetic surgery. Hence, the adoption of advanced wound care treatments to stop surgical site infections is growing. Most surgical wounds following cancer surgery are rather wide and deep, generating exudates that must be managed frequently. Large wounds can be managed with cutting-edge wound care solutions, including hydrogel, alginate, and foam, dramatically lowering the infection risk.

Moreover, with the rise in bariatric surgeries, the use of advanced wound care is expected to increase. For instance, according to ASMBS, bariatric procedures increased by 62.02% from 2011 to 2019. Therefore, the rising rate of surgical procedures is expected to spur the demand for advanced wound care products, propelling the market growth.

Global Advanced Wound Care Market Restraint

High Cost of Advanced Wound Care Products and Chronic Wound Treatments

Despite the increasing prevalence of chronic and acute wounds in this region, the high cost associated with advanced wound products and limited reimbursement policies may restrict advanced wound care market growth. In addition, the price of treating chronic and acute wounds is increasing, increasing financial strain on healthcare systems. For instance, per an article published in CIMS Endocrinology (February 2021), the average cost per patient-year for patients who had amputations owing to ulcers was USD 3,538.17. The average cost of minor and major amputations per patient-year was USD 10,997.52 and USD 31,655.37, respectively.

Global Advanced Wound Care Market Opportunities

Growing Medical Tourism in Developing Nations

Rising medical tourism in developing nations is creating lucrative opportunities for market expansion. These countries are also making significant investments in advancing better healthcare infrastructure. Medical tourism accounts for a third or more of private hospital income in most Association of Southeast Asian Nations. In the region, international patients provide a significant revenue stream for private hospitals. As per a research article published in Marsh McLennan, in nations such as Singapore, Malaysia, and notably Thailand, they account for 40%-55% of private hospital income. Medical tourism generates 25% of income in India and 10%-15% in the Philippines, South Korea, and Taiwan.

The rising affordability of international air prices for intercontinental travel has also expanded the regional medical tourism market. Many countries in the region identify medical tourism as a source of economic development; for example, Thailand's, Malaysia's, and India's tourism ministries have vigorously marketed medical tourism in their respective countries. Similarly, private hospital chains and investors consider medical tourism in the Asia-Pacific as a lucrative business opportunity and invest in infrastructure, equipment, personnel, and services. Thus, the above factors will likely create lucrative opportunities for players operating in the advanced wound care market.

Regional Analysis

Based on region, the global advanced wound care market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global advanced wound care market shareholder and is anticipated to exhibit a CAGR of 5.24% during the forecast period. The soaring number of road accidents and sports injuries and the presence of numerous key participants in the region is anticipated to expedite the market. In addition, the availability of trained professionals and healthcare infrastructure improvement is expected to spur the market over the forecast period. The U.S. held the most significant share of North America's wound dressings market. Well-developed healthcare infrastructure, increasing awareness about the usage of advanced wound care products, and the presence of several key market players are the major drivers of the market.

Additionally, due to the number of surgeries, the market is anticipated to grow in the U.S. For instance, as per the Life Span Organization, around 500,000 open heart surgeries were conducted in the United States in 2018. Likewise, approximately 40,000 minors undergo congenital heart surgery in the U.S., according to AHA Journals. Advanced wound care products do the process, as surgical wounds require time to recover. Such factors are expected to augment the U.S. market growth over the forecast period.

Europe is estimated to exhibit a CAGR of 4.92% over the forecast period. The market for wound dressings in Europe is driven by factors such as the availability of skilled professionals and the high disposable income of well-established healthcare infrastructure. The existence of favorable reimbursement coverage has increased the adoption of surgical procedures. The surging geriatric population and rising cases of burns and trauma are also anticipated to drive the market. For instance, the House of Commons Library estimated that in 2019, about one-fifth of the population in the United Kingdom was 65 years of age or older. This includes 12.3 million people, i.e., 19% of the total population. The older population is projected to grow, making up 24% of the total population by 2043. Thus, Europe's wound dressing market is anticipated to grow significantly over the forecast period.

Asia-Pacific's wound dressings market is anticipated to witness the quickest expansion over the forecast period. Emerging nations like China, India, and Japan are expected to propel the market growth in the Asia-Pacific region. In addition, the rapidly growing medical tourism sector in these nations can also be attributed to the growth in demand for wound dressing products in this region.

Latin America is anticipated to flourish significantly during the forecast period. The presence of developing economies like Brazil and Mexico is anticipated to propel the overall Latin American market. Latin America is becoming more popular for medical tourism due to the availability of advanced treatment options at minimal cost. In addition, governments of Latin American nations are consistently engaged in enhancing healthcare infrastructure. Such factors are expected to promote the growth of the wound dressings market over the forecast period.

The Middle East and Africa market is envisaged to grow considerably over the forecast period. The countries with significant growth rates in this region are South Africa, Saudi Arabia, UAE, and Egypt. Factors ascribed to the growth of the Middle East and African wound dressings market are the flourishing geriatric population, surging surgeries, and rising incidence of sports-related injuries. With increasing government initiatives to develop healthcare infrastructure, the region is expected to witness a rise in the number of surgeries, leading to an increase in demand for wound dressing products for post-operative care.

Segmental Analysis

The global advanced wound care market is segmented by product, end-user, and application.

Based on product, the global market is bifurcated into moist wound care, antimicrobial wound care, and active wound care. 

The moist wound care segment dominates the global market and is expected to exhibit a CAGR of 5.32% over the forecast period. Moist wound care helps in the rapid healing of wounds. These wound cares create and maintain a moist environment around the wound, which fosters healing. Moist wound care is recommended for chronic wounds like pressure ulcers, diabetic ulcers, and other slow-healing wounds. In addition, moist wound dressing contains formulations such as collagen, hydrocolloids, hydrogels, foams, and alginates. These formulations rehydrate necrotic tissues and facilitate autolytic debridement, thereby leading to rapid healing of wounds. Major aspects contributing to the segment growth include a rise in the prevalence of different types of ulcers, like arterial and diabetic foot ulcers.

Furthermore, an increase in the number of surgical cases and a rise in the incidence of post-operative surgical wounds are expected to fuel market growth. The segment is further divided into foam dressings, film dressings, alginate dressings, hydrocolloid dressings, hydrogel dressings, collagen dressings, and other advanced dressings.

Active wound care is administered to repair and heal wounds through bioactive compounds, such as biomaterials and skin substitutes. Artificial skin substitutes stimulate biological growth factors and reform skin. It usually comprises polymers such as hyaluronic acid, collagen, and elastin. Active wound care is highly beneficial in burn wounds, severe trauma, and diabetic ulcers. Moreover, regulatory clearance and FDA approval of products such as Dermagraft and Apligraf have contributed to the market's growth.

In addition, active wound care is highly beneficial in healing chronic moist wounds. It allows the gaseous exchange of oxygen, water vapor, and dioxides. The high absorption capacity of these care promotes blood flow to the wound. Thus, active wound care can be efficiently used for moist wounds, such as burns and diabetic ulcers. The segment is further divided into biomaterials and skin substitutes.

Based on end-users, the global market is segmented into hospitals, specialty clinics, home healthcare, and others. 

The hospitals segment owns the highest market share and is estimated to exhibit a CAGR of 5.36% during the forecast period. The increasing number of surgical procedures, surging incidence of diabetic foot ulcers, and growing number of hospitals are among the major factors driving segment growth. For instance, according to Export.gov, as of 2017, Malaysia had 144 public hospitals and medical institutions along with 42,302 beds under the Ministry of Health, where various surgeries such as cataract surgery, transluminal coronary angioplasty, appendectomy, and laparoscopic appendectomy were performed. Therefore, with a surging number of hospitals and hospitalization cases, the segment is expected to grow significantly over the forecast period.

Home healthcare settings have been rising in many countries. Most surgeries require a long recovery period, leading to frequent changing of dressings. In addition, geriatric and bariatric patients and those with chronic wounds prefer home care to hospital stays. Different conditions, such as diabetic foot ulcers, venous leg ulcers, and surgical sores, typically necessitate lengthy hospital stays, which can be difficult for elderly patients. Advanced wound care products are majorly used for home care settings, as these products provide the required ease for ulcer wounds. Such factors are anticipated to expedite segment growth over the forecast period.

Based on application, the global market is divided into chronic wounds and acute wounds. 

The acute wounds segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 5.14% over the forecast period. Acute wounds comprise surgical and traumatic wounds and burns. The surgical and traumatic wounds segment held the biggest share owing to the increasing trauma cases in the U.S. The burns segment is estimated to witness the fastest expansion rate over the forecast period because of the rising incidence of burn injuries.

The chronic wounds segment is estimated to witness the fastest expansion over the forecast period. The increasing prevalence of chronic illnesses, particularly diabetes, and the rising geriatric population are key growth drivers for this market segment. According to Ageing Asia, the number of persons aged 60 and older in Indonesia was 27,524,000 in 2019 and is projected to increase by 153.56% to 69,792,000 by 2050, representing 21.1% of the total population. The vulnerability and susceptibility of the elderly to injury may increase the incidence of chronic wounds.

Recent Developments

• May 2023- HCA Florida Woodmont Hospital unveiled its state-of-the-art Wound Care and Hyperbaric Center in Tamarac to become South Florida's premier destination for specialized wound care. The hospital has partnered with specialists in wound care and hyperbaric medicine to provide comprehensive, patient-centered care.
• July 2023- Coloplast agreed to acquire Kerecis, an innovative and rapidly growing company in the biologics wound care segment, for up to USD 1.3 billion, of which USD 1.2 billion is an initial cash payment. Kerecis represents an attractive opportunity for Coloplast to strategically bolster its position in the advanced wound care market by entering the high-growth, US-centric biologics segment.