Advanced Wound Care Market Size Is Poised To Reach $9.3 Billion By 2027: Grand View Research Inc.
The global advanced
wound care market size is expected
to reach USD 9.3 billion by 2027,
expanding at a CAGR of 5.2% over the
forecast period, according to a new report by Grand View Research, Inc. rising
surgical procedures and increasing number of ambulatory surgical centers (ASCs)
are some of the key factors driving the market for advanced wound care.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Rising number of road accidents is one
of the major factors increasing the demand for advanced wound care products.
Moist wound care such as foam, hydrocolloid, film, and collagen dressings are
used for the injuries caused by road crash. These advanced wound dressings keep
the injury hydrated and allow rapid healing. Moreover, patients who have
suffered from severe road crash injuries, such as 2nd and 3rd degree burns, are
treated using skin-substitutes and biomaterials.
According to the Association for Safe
International Road Travel (ASIRT), approximately 20-50 million people suffer
from injuries and disability from road crash globally. It also reported that
road accidents are the ninth leading cause of death globally.
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In addition, the WHO reported that
road accidents cost most of the countries around 3.00% of their gross domestic
product (GDP). Factors responsible for road accidents include speeding, alcohol
and psychoactive substance influence, unsafe road infrastructure and vehicles,
non-use of helmets and seat belts, distracted driving, inadequate post-crash
care, and inadequate law enforcement. According to the WHO, 93% of the world’s
road fatalities occur in low and middle income countries due to the
aforementioned factors.
Further key findings from the study suggest:
·
By product, the moist segment
held the largest market share in 2020 as it is used in providing first-aid to
the patients
·
Based on application, the
chronic segment is anticipated to witness the fastest growth over the forecast
period owing to rising cases of diabetes among all age groups
·
On the basis of end use, home
healthcare is expected to witness the fastest growth over the forecast period
due to increasing demand for reduced hospital stay and growing geriatric
population
·
Asia Pacific is expected to
witness the fastest growth over the forecast period owing to rising number of
surgical procedures and increasing cases of sports injuries
·
Key players operating in the
advanced wound care market include Smith & Nephew PLC; Molnlycke Health
Care AB; Acelity (KCI Licensing, Inc.); ConvaTec Group PLC; Baxter; Coloplast
Corp.; Medtronic; 3M; Derma Sciences Inc. (Integra Lifesciences); and Medline
Industries, Inc.
In addition, skin grafts and
biomaterials are used for healing and closing of larger wounds, which can’t
close on their own. According to the U.S. National Institutes of Health (NIH),
chronic wounds affect approximately 6.5 million people in the U.S. every year.
It also reported that more than USD 25.00 billion is spent annually on their
treatment.
As per the report “Diagnosis and
Management of Diabetic Foot Complications” published by the American Diabetes
Association (ADA) and Organogenesis, Inc., the annual incidence of diabetic
foot ulcers in the Western countries is approximately 2.0% and the lifetime
risk is 15.0% - 25.0%. Moist wound care is generally used for the rapid healing
of such injuries. Thus, a high incidence of chronic wounds is anticipated to
drive the market over the forecast period.
Moreover, rising number of road
accidents across the globe is anticipated to boost the market growth over the
forecast period. For instance, as per the Global Status Report on Road Safety
2018 by WHO, road crash is one of the leading causes of death among children
and young adults aged 5-29 years. Advanced wound care products are majorly used
for dressings and quick healing of injuries caused by the crash. Therefore,
such factors are expected to boost market growth in the coming years.
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Grand View Research has segmented the
global advanced wound care market on the basis of product, application, end
use, and region:
Advanced Wound Care Product Outlook (Revenue, USD
Million, 2016 - 2027)
·
Moist
o Foam Dressings
o Hydrocolloid Dressings
o Film Dressings
o Alginate Dressings
o Hydrogel Dressings
o Collagen Dressings
o Other Advanced Dressings
·
Antimicrobial
o Silver
o Non-silver
·
Active
o Biomaterials
o Skin-substitute
Advanced Wound Care Application Outlook (Revenue, USD
Million, 2016 - 2027)
·
Chronic
o Diabetic Foot Ulcers
o Pressure Ulcers
o Venous Leg Ulcers
o Others
·
Acute
o Surgical & Traumatic Wounds
o Burns
Advanced Wound Care End-use Outlook (Revenue, USD
Million, 2016 - 2027)
·
Hospitals
·
Specialty Clinics
·
Home Healthcare
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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