According to a recent study by Future Market Insights (FMI), the advance wound care market is expected to grow from US$ 10.7 Bn in 2021 to US$ 15.4 Bn by 2031. The market is poised to expand at a CAGR of 3.7% over the forecast period (2021-2031).
Rising prevalence of chronic wounds has created a significant socioeconomic impact. The treatment of chronic wounds requires advance wound care therapies and generally takes long time to heal. The prevalence of diabetic ulcers is rising by 9% annually.
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Growing patient pool for diabetic foot ulcer is increasing as compared to the available advance wound care management technologies. Currently, there are more than 4.5 million pressure ulcer patients in the world that require treatment.
More than 9.7 million venous ulcer patients and roughly 10.0 million diabetic ulcer patients require treatment across the world. Annually, over 5 million chronic leg ulcer cases occur in Brazil, while approximately 2.7 million chronic leg ulcer cases occur in Mexico.
Hence, with rising need for advance wound care products for the treatment of various chronic disorders, adoption within hospitals and ambulatory surgical centers is expected to increase. Thereby, bolstering market growth.
Number of pressure and venous ulcer patients has grown from approx. 7% in developed countries, such as the U.S., Germany, and the U.K., which is further expected to drive the growth of the market for advance wound care products.
Focus on collaboration with surgeons for better wound management, improvement and streamlining of regulatory processes and inter and intra-departmental collaboration between surgeons and their support staff for wound management plays a key role in ensuring better wound management and promotes the growth of the advance wound care market.
Who is Winning?
Some of the leading manufacturers of advance wound care market are focusing on product launch and expansion strategies for global expansion objectives, thereby, enhancing their market presence.
- In June 2021, Mölnlycke started a new surgical glove factory in Malaysia to increase its production capacity. The new surgical glove reduces the risk of allergic contact dermatitis for surgeons and nurses.
- In Feb 2021, Coloplast A/S launched Biatain® Fiber portfolio to contribute positively to the market’s growth in France and Germany. Technology is an absorbent gelling fiber, for highly exuding wounds, sloughy wounds and cavity wounds including undermining and facilitates autolytic debridement and desloughing which promotes the wound healing process.
- In June 2021, Ethicon Inc. launched the ENSEAL X1 Curved Jaw Tissue Sealer, a new advance after-surgery wound healer. It’s a Bipolar energy device increases procedural efficiency and provides stronger sealing of wound.
The key market players covered by FMI include B. Braun Melsungen AG, Mölnlycke Health Care, ConvaTec Group plc, Coloplast A/S, Johnson and Johnson, Medline Industries Inc., 3M, QIAGEN N.V, Essity AB (BSN Medical), Smith and Nephew plc, BOENMED, Hakuzo Medical Asia Co. Ltd.
Key Takeaways from Advance Wound Care Market Study
- By product, wound cleansers segment is likely to grow at a CAGR of 4.6% in the projected period, occupying a market share around 30% by 2031.
- By distribution channel, the institutional sales are projected to capture over 70.2% market share of the global advance wound care market by 2031.
- North America is the largest revenue-generating region for the global advance wound care market, with the U.S. accounting for nearly 90% market share in 2031.
- China is expected to spearhead the growth in East Asia advance wound care market and is poised to expand at an impressive pace of 7.0% CAGR over the decade.
- East Asia is the third most lucrative market, acquiring a market share of more than 15%, for the advance wound care market.
“Increasing prevalence of chronic wounds and growing awareness towards adoption of medical treatment across the globe will propel the market growth over the next ten years,” says the FMI Analyst
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About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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