|At 5.85% CAGR, Advanced Wound Care Market is Projected to Reach USD 13.27 Bn by 2025, Says Brandessence Market Research|
|By: PR Newswire Association LLC. - 25 Nov 2021||Back to overview list
LONDON, Nov. 25, 2021 /PRNewswire/ -- Global Demand For Advanced Wound Care Market, in terms of revenue, was estimated to be USD 9.01 billion in 2018 and is expected to reach USD 13.27 billion in 2025, growing at a CAGR of 5.85% from 2019 to 2025. "Advanced Wound Care Market Size, Share & Trends Analysis Report By Type (Dressing, Biologics, Therapy Devices), By Wound Type (Surgical Wound, Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, Burns, Others), By End-User (Hospitals, Wound Care Centers, Ambulatory Centers, Home Healthcare, Clinics, Community Healthcare) Based On Region, And Segment Forecasts, 2021 – 2027" The global advanced wound care is expected to grow at a significant rate due to the number of driving factors.
71% of deaths due to ischaemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. However, excessive cost of advance wound care products that often weakens treatment affordability may hamper the industry growth in forecast period
The global advanced wound care market is expected to witness a lucrative growth within the forecast period owing to growing awareness about the benefits of advanced wound care coupled with the technological advancements in this field. In addition, increasing number of new products are also augmenting the market growth. Furthermore, increasing technological innovations to improve advanced care products' functionality are also supplementing and creating new opportunities for the further growth of the global advanced wound care market. Advanced wound care products play a pivotal role in treating chronic or acute wounds, which are particularly associated with conditions such as diabetes mellitus, weak immune systems, cardiovascular or respiratory disease, renal impairment, malignancy, rheumatoid, obesity and malnutrition. Moreover, growing geriatric population that are at high risk of developing chronic wounds and increasing healthcare expenditure by the government are also fostering the market growth. However, lack of awareness among patients regarding the advantages of advanced wound care products may hamper the market growth.
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Advanced Wound Care Market
Advanced wound care remains a major snowballing threat to public health and the economy in general. 2% of all patients worldwide require chronic wound care, with growing threat for the increasing elderly global population. Furthermore, among all chronic wounds, 70% recur, and 34% exhibit infection. Increased penetration of chronic diseases like diabetes, increased association of chronic wounds with future morbidity, and rapid increase in aging population remain primary concerns for global healthcare today.
Advanced Wound Care Market: Wound care statistics 2019
1. The estimates are for the advanced wound care market in the US. Global, regional, and country-specific estimates are available on request. The cost estimates are for Medicare.
Advanced Wound Care Market Size: An Overview
According to Brandessence market research, the advanced wound care market size is likely to grow at robust 5.85% between 2029-2025. The advanced wound care market size reached a valuation of USD 9.01 billion in 2018. It is expected to reach USD 13.27 billion in 2025.
According to the World Health Organization (WHO), chronic diseases are likely to account for almost three-quarters of all deaths worldwide. Moreover, diseases requiring chronic wound care like diabetes are expected to account for a major proportions of deaths worldwide. Similarly, the advanced wound care market size is likely to witness a major expansion as WHO estimates project that the elderly population is likely to reach 2 billion by 2050 end, growing from 901 million in 2015.
Advanced Wound Care Upcoming Growth: Key Trends
The growing demand for wound care is likely to remain a plaguing concern globally, as population of malnourished, stressed, diabetic, chronic-disease ridden, and elderly population continues to grow. A chronic wound generally does not exhibit itself in healthy population. The key reasons for chronic wound care often involve stress, malnutrition, metabolic syndrome, non-healing wounds due to accidents or other forms of trauma, and chronic diseases. In lieu of growing burden of wound care in the US, the National Institute of Health has listed it as a new category in its reporting tool.
Advanced wound care upcoming growth is likely to take place in infection management. Among infection management, the demand for treating diabetic foot ulcers, and surgical wounds remains highest. Additionally, advanced wound care upcoming growth promises to shift towards outpatient care, which continues to occupy larger share as compared to inpatient costs. The shift has likely occurred due to high costs of hospitalization, and delayed treatment for inpatient care due the covid-19 pandemic. The coronavirus pandemic delayed wound care management much like it did for various other treatments. This resulted in an increased shift for wound management through new distribution channels like telehealth.
Limited research in treatment of diabetic foot ulcers remains a major concern for advancement in advanced wound care market. For example, diabetic foot ulcers or DFU exhibit a mortality rate similar to cancer at 31%. However, despite the high-mortality rates, research funding in diabetic foot ulcer remains significantly lower as compared to cancer. The growing awareness of metabolic disruptions like diabetes, mechanical impacts, vascular deficits, among others is likely to drive major growth for the advanced wound care market. The growing occupational accidents remains a major promise for advanced wound care upcoming growth. The international labor organization estimates that there are 340 million occupation related incidents globally each year.
Chronic wounds remain a major plaguing condition among the elderly. 65% of elderly over the age of 65 are affected by open wounds, a condition that puts them at the risk of infection. Furthermore, the US census estimates that the elderly population is growing fast, and is likely to reach over 77 million by 2060 end. Furthermore, the penetration of chronic wound in the US population remains very high, at 2% of the total population. This is expected to result in major growth for telehealth, and telemedicine in the near future. The covid-19 pandemic resulted in closure of outpatient facilities, which was common before the pandemic. However, during the pandemic, such facilities often faced closure due to their non-essential or limited-access status. This has resulted in major disruption in wound care, much like various other healthcare services. The growing demand for open wound care for the elderly, the limited access to wound care, and growing demand for telehealth services in catering to a growing obese, and rural population remains promising drivers of telehealth, and telehealth in advanced wound care market.
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Key Players for Market Report:
Global advanced wound care market report covers prominent players like Boston Scientific Corporation, 3M, C.R Bard, Inc., General Electric Company, Medtronic, Heraeus Medical Components LLC, Conmed Corporation, Thermo Fisher Scientific Inc., Natus Medical Incorporated, Koninklijke Philips N.V., Asahi Kasei Corporation, and others.
Advanced Wound Dressing Market: Latest News
According to a study published in October 2017, by researchers at John Hopkins, topical gel has the ability to block inflammation pathways, which result in faster healing in rats, and pigs. Topical wound care products like gel are likely to find major application as researching team has applied for a FDA approval for commercial application in treatment resistant skin wounds for the elderly and the diabetics.
Similar approvals are on the way for other topical wound care products. For example, the Taiwanese FDA has approved ON101, wound-healing cream for diabetic foot ulcers. The cream is under inspection in the US, and shows benefit over traditional models like absorbent dressings.
On November 5, 2021, Krystal Biotech Inc announced that it had completed phase-3 trial for treating epidermolysis bullosa. The rare genetic skin disease causes skin to tear, and blister from minor contact. Despite knowing the cause of this condition like lack of COL7 protein in the skin, the condition continues to plague patients globally, often resulting in demand for advanced wound care. The results for this study are likely to be announced at the end of 2021, promising expansion of a topical wound care products further.
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