Increase in number of incidences regarding obesity, diabetes, technological advancements to deal with complex wounds augment the growth of the market
PORTLAND, OREGON, UNITED STATES, September 20, 2021 /EINPresswire.com/ — Surge in geriatric population, increase in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds augment the growth of the advanced wound care market. However, high cost of advanced wound care products hampers the market growth. Moreover, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
The advanced wound care market size was valued at $9,255.70 million in 2019, and is estimated to reach at $15,305.94 million by 2027, registering a CAGR of 11.6% from 2020 to 2027.
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Growth of the global advanced wound care market is attributed to increase in geriatric population and increase in incidences of diabetes, ulcer, obesity, and chronic conditions. Furthermore, surge in awareness related to advanced wound care applications and advantages are some of the factors that contribute to the growth of the market.
The spread of Covid-19 has majorly interrupted the processes in health care services, due to the redeployment of doctors for treating Covid-19 patients.
On the other hand, the demand for advanced wound care would grow during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
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The major factors that boost the growth of the global advanced wound care market are rise in adoption of evidence-based treatments for chronic wounds and rapid increase in geriatric population. In addition, advanced wound care products promote faster wound healing, and hence are gaining an edge over traditional wound care and closure products, which significantly contributes toward the growth of the market.
Based on application, the chronic wounds segment accounted for the largest share in 2019, holding more than two-thirds of the advanced wound care market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is expected to register the highest CAGR of 12.1% from 2020 to 2027. The studies also includes acute wound segment.
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Based on region, the report has been analyzed across regions including Asia-Pacific, North America, Europe, and LAMEA. The North America region contributed to the highest market share in 2019, accounting for more than one-fourth of the global advanced wound care market. On the other hand, the region across Asia-Pacific is anticipated to manifest the fastest CAGR of 14.0% during the forecast period.
The key market players in the report include 3M (Acelity Inc.), Adynxx, Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Group plc , Essity AB (BSN Medical GmbH), Integra Lifesciences (Derma sciences), Investor AB (Mölnlycke Health Care AB), Johnson & Johnson, Medline Industries, Inc., Medtronic plc., Organogenesis Holdings Inc., and Smith & Nephew Plc.
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