Advanced Wound Care Market

Market Overview

Advanced Wound Care was valued at USD 9.54 billion in 2022. It is projected to reach USD 16.12 billion by 2031, growing at a CAGR of 6% during the forecast period (2023-2031). 

Products for advanced wound care (AWC) are intended to treat acute and chronic wounds. Chronic wounds require additional time to heal and are costly to treat. Advanced wound care is becoming the standard treatment for chronic wounds. Advanced wound care solutions are gradually replacing conventional wound care treatments due to their efficacy and efficiency in controlling wounds by promoting faster healing. They aid in maintaining a hydrated environment, maintaining a constant temperature, allowing the passage of oxygen, protecting the wound from extrinsic infection, and alleviating the pain associated with dressing changes. In addition to hydrocolloids, hydrogels, film and foam dressings, and alginates, advanced wound care products also include hydrogels. One of the primary factors contributing to the surge in demand for advanced wound care solutions is the rising occurrence of chronic injuries. Film, gauze, hydrogel, hydrocolloid, and foam dressings are necessary for the treatment of chronic wounds.

Advanced wound care solutions, including silver and alginates, are also utilized for the removal of excess fluids and the prevention of infections. These goods contain growth factors, commonly known as hormone-like compounds. These growth factors facilitate fast healing and increase cell proliferation. Additionally, skin grafts and biomaterials are utilized to repair and close bigger wounds that cannot close on their own.

Market Dynamics

What are the primary factors driving the Advanced Wound Care Market?

• The Rising Prevalence of Chronic and Surgical Wounds

The rising prevalence of lifestyle disorders contributing to chronic wounds, such as diabetic foot ulcers (DFU), venous leg ulcers (VLU), and pressure ulcers (P.U.), is one of the primary key factors contributing to market growth. Advanced wound management is necessary for treating these chronic ulcers, and as per a research study, less than 25% of DFUs and less than 30% of VLUs are effectually treated with the current standard of care treatment. An increase in the number of diabetic foot ulcers could create tremendous demand for advanced wound care products. For instance, in the U.K., the Independent Diabetes Trust (2019) reported that around 115,000 UK people have diabetic foot ulcers, and around 278,000 people are treated for venous leg ulcers annually.

• Burgeoning Geriatric Population Coupled with the Rising Prevalence of Diabetes

Diabetes is a metabolic illness known to develop complications that do not typically recover independently and require surgery. Diabetic foot ulcers, for example, typically turn out to be contagious, and patients can end up with amputations at times. Advanced wound care dressings and instruments are useful in such situations to relieve patients' pain. According to the International Diabetes Federation (IDF), globally, more than 460 million people between 20 and 79 live with diabetes, and by 2045 this number is likely to rise to 700 million. Diabetes, rising patient age, and obesity are critical risk factors leading to the development of typical non-healing wounds such as DFUs, VLUs, and Pus. In the next 10 years, populations with these risk factors might proliferate significantly. Thus, with the mounting elderly population and the surge in obesity and diabetes, chronic wounds are projected to increase globally. There are now up to 1 billion people aged 60 and older, more than 2 billion overweight adults, and more than 500 million people with diabetes worldwide

What are the main factors that will slow down the Advanced Wound Care Market?

• High Cost Linked with Advanced Wound Care Devices

Despite the increased prevalence of chronic and acute wounds worldwide, market growth potential is constrained by a number of issues. Among these include the expensive cost of modern wound care products and the restricted reimbursement for them in developing nations. According to economic studies comparing wound dressings with NPWT, the average cost of NPWT pumps in the United States is approximately USD 90, but the average cost of a wound dressing is approximately USD 3. Although numerous studies have shown that the overall cost of treating wounds with standard dressings is comparably higher (estimated at USD 350), these expenses are higher when compared to NWPT (estimated at USD 200 per person). The cost of treatment is greater for wound care equipment, such as negative pressure wound therapy and skin grafts, and the cost increases as an acute wound become chronic.

What are the future opportunities for Advanced Wound Care Market?

• Increasing Technological Advancements

It is anticipated that technological advances will have a significant impact on the wound care sector. In February 2019, Axio Biosolutions introduced MaxioCel, a wound dressing of the next generation, to the global market. MaxioCel is composed of chitosan and is utilized to treat chronic wounds. In January 2019, the U.S. Food and Drug Administration (FDA) approved Applied Tissue Technologies LLC's Platform Wound Dressing (PWD), a negative pressure wound therapy (NPWT) device that eliminates the use of foam dressings. Thus, growing investments in R&D and the introduction of advanced wound healing products by market participants are anticipated to lead to an increase in the adoption of wound dressings and active therapies for the global management of acute and chronic wounds.

Chronic wounds, such as diabetic foot ulcers, venous leg, and pressure ulcers, are urgently and effectively treated by patients around the world. Active wound care treatments, such as biological skin analogues and growth factors, have established clinically-proven efficacy in the treatment of chronic, difficult-to-heal wounds. For instance, Olaregen Therapeutix released Excellagen Wound Conforming Matrix 3.0 cc pre-filled syringe in October 2019. Excellagen is an FDA-approved cellular tissue product indicated for the treatment of diabetic foot ulcers, venous leg ulcers, and other wounds. Thus, the introduction of sophisticated, active therapies by domestic market participants has contributed to the increased acceptance of skin grafts, collagen dressings, and other active therapies.

Segmental Analysis

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

Based on Product

The global market is bifurcated into advanced wound dressings, wound care devices, active wound care products, and others.

The advanced wound dressings segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. This dominance can be linked to a worldwide increase in the number of wound cases and surgical procedures. For instance, according to Life Span Organization, around 500,000 open-heart procedures were conducted in the U.S. in 2018. In addition, around 40,000 children get congenital heart surgery in the United States, according to AHA Journals. As such surgeries require time to cure, advanced wound care products aid in the speedy healing of such wounds, propelling the advanced wound care market during the forecast period.

The wound care devices segment is expected to witness a higher CAGR. These dressing covers are utilized to modify the bioburden of the wound bed. The majority of wound care devices are utilized for partial and full-thickness wounds, including surgical incisions and chronic wounds. Consequently, with a growth in the number of people who suffer from pressure ulcers and venous foot ulcers, it is anticipated that the segment will accelerate throughout the projection period.

Based on the Wound Type

The global market is bifurcated into chronic wounds and acute wounds.

The acute wounds segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The segment is primarily driven by the rising incidence of severe injuries, such as those sustained in car accidents. In addition, the incidence of nonfatal injuries requiring medical attention has increased in the United States. Similarly, according to a Brady United Organization article, approximately 316 individuals are shot daily in the United States, with 210 surviving. Consequently, growth in the frequency of acute wounds is predicted to propel the segment over the forecast period.

The chronic segment is expected to grow at a significant rate. The growing number of patients with venous pressure ulcers, diabetic foot ulcers, and other chronic wounds is predicted to fuel the market growth. According to the Agency for Healthcare Research and Quality, annually, more than 2.5 million Americans have pressure ulcers. Similarly, the incidence of pressure ulcers in a therapeutic context can range from 4% to 38%, according to the NCBI. The rise in the diabetic population is anticipated to increase the number of patients with diabetic foot ulcers, consequently driving market expansion.

Based on End-User

The global market is bifurcated into hospitals, wound care centers, homecare, and others.

The hospital segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The expansion of this market segment can be attributable to a rise in surgical operations and hospital admissions. A global increase in the number of surgical procedures is contributing to the market's expansion. According to Business Insider, around one million plastic surgery procedures are performed annually in South Korea. Moreover, a similar source predicts that every third of women between the ages of 19 and 29 have undergone plastic surgery. Consequently, the rise in the number of surgical procedures may result in a rise in the use of advanced wound care products, which may further fuel the expansion of the advanced wound care market.

The homecare segment is expected to grow at a significant rate. During the COVID-19 pandemic, there was a rise in improved wound care items for home healthcare. In addition, an increase in the elderly population is predicted to enhance the demand for advanced wound care products. The elderly are more susceptible to chronic wounds, and as age increases, the body's ability to repair wounds diminishes. Moreover, according to the Wound Care Learning Network, pressure ulcers are more prevalent among the elderly. Consequently, an increase in the senior population may stimulate the market.

Regional Analysis

The global advanced wound care market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period owing to the upsurge in chronic wound occurrence coupled with the mounting occurrence of diabetes. Statistically, according to reports published by the American Diabetes Association (ADA), in 2022, 37 million Americans were estimated to have either type of diabetes. Further, the rise in the geriatric population was another critical cause corresponding to the same. The estimated number of people from the population group of 65 years and older who suffered clinical diabetic conditions were around 14.3 million, with a massive prevalence rate of 26.8%. The Agency for Healthcare Research and Quality estimated that more than 2.5 million people in the U.S. develop pressure ulcers every year. Pressure ulcers are treated easily with advanced wound care products, which ultimately grow the market.

Europe is expected to witness dynamic growth in the advanced wound care market during the forecast period. With the growing awareness of the availability of therapy for chronic wounds and the soaring demand for advanced wound care devices, the market is expanding rapidly. The Advanced Wound Care Summit E.U. is the first industry-led, EU-centric meeting dedicated to the commercialization of novel wound care solutions. The European Wound Management Association (EWMA) is a European umbrella organization that connects national wound management organizations, people, and groups interested in wound care. Integral to EWMA's mission is the promotion of cost-effective, multidisciplinary wound care of the highest quality. EWMA achieves its goals by serving as an educational resource, organizing conferences, contributing to worldwide wound care projects, actively supporting the implementation of current wound management knowledge, and disseminating information on all areas of wound treatment. The 2023 conference will have high-quality sessions and presentations, as well as multiple workshops, e-poster presentations, as well as a huge industry fair where attendees can meet different wound care companies.

Asia-Pacific is expected to witness significant growth in the advanced wound care market during the forecast period. India's advanced wound care management market is expanding steadily and has created abundant opportunities to launch new products. This can be linked to a rise in the prevalence of chronic diseases as a result of lifestyle changes and an increase in the elderly population in this region. Japan's population is rapidly aging, with 28.7% of the population over the age of 65. In addition, by 2036, those over 65 will constitute one-third of the nation's population. As the older population is at a higher risk for a variety of diseases and impairments, an increase in the geriatric population may raise the demand for advanced wound care solutions. In addition, a surge in medical tourism is predicted to propel the industry even further. As a result of the aforementioned reasons, it is predicted that Asia-Pacific will experience the greatest growth over the projection period.

The LAMEA region is expected to witness moderate growth in the global advanced wound care market during the forecast period. It is anticipated that the Brazilian market for wound care products will meet the demand for quality healthcare facilities. Due to the increasing prevalence of chronic and acute disorders, the need for speedy wound healing has increased substantially in recent years. The top players in this industry in Brazil are playing a significant role by creating effective technological advancements in the production of wound care products, which have shown to be efficient in garnering a substantial market share and driving the quickest market growth during the forecast period.

Recent Developments

• July 2022, 3M Announces Plans to create long-term value via spin-off of health care business. 3M expects to finalize the previously announced separation of its Food Safety division on September 1, 2022, through a split-off transaction.
• April 2022, Cardinal Health establishes a new global capability center in Bengaluru. The new center is positioned as a worldwide hub for information technology, augmented intelligence, product software engineering, and business process management, leveraging existing internal skills to facilitate Cardinal Health's technologically enabled expansion.

Advanced Wound Care Market Segmentation

By Product

• Advanced Wound Dressings
• Wound Care Devices
• Active Wound Care Products

By Wound Type

• Chronic Wounds
• Acute Wounds

By End-User

• Hospitals
• Wound Care Centers
• Homecare

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA