Spiraling Economic & Financial Burden of Managing Chronic, Non-Healing, Necrotic Wounds to Drive Demand for Advanced Wound Care Products

The global market for Advanced Wound Care Products is projected to reach US$17.6 billion by 2024, driven by increasing incidence of chronic wounds and growing emphasis on reducing risk of wound infections and healthcare costs, and new product innovations that help quicken the pace of wound healing. Advanced Wound Care Products are defined as wound care solutions that prevent accumulation of excess exudate, while maintaining the right level of moisture to promote healing and increase the likelihood of gaining new skin tissue with minimum scarring. The category includes special purpose dressings, active biologics and therapy devices such as negative pressure therapy. Growth in the market is primarily driven by increasing incidence of chronic wounds such as venous leg ulcers (VLUs), diabetic foot ulcers (DFUs), and pressure ulcers (PUs) against the backdrop of an expanding elderly population and increase in prevalence rate of morbidities such as diabetes and obesity. Growth is further driven by growing emphasis on reducing the risk of infections in wounds, and the availability of positive clinical evidence regarding the safety and efficacy of new advanced wound care products.  Another factor driving growth is the continued introduction of new products that are user-friendly, safe and efficient in promoting faster wound healing.

Over the past decade, research and development has been increasingly focused on development of technologies to further aid in effective management of hard to heal wounds. Focus is underway for the development of “smart” dressings that can monitor the progress of wound healing and proactively react and adapt to wound conditions, effectively deal with complex wound morphologies, and manage wound exudate levels. Development of such sensing capabilities could facilitate improved personalized care and also holistic treatment for chronic wounds. Active therapies which include skin substitutes, growth factors, collagen dressings, stem cell and gene therapy solutions to aid healing of non-burn chronic wounds represents the fastest growing product category. Today tissue engineering is giving way to wide number of wound dressings in the area of skin substitutes, bio-membranes and scaffolds, to address the various wound healing mechanisms. 

In the negative pressure wound therapy market, the development of smaller, single-use disposable pumps have revolutionized the use of NPWT by making it available beyond hospitals in new settings such as home care and for treatment of other wound indications. Growth in the market is supported by the introduction of smaller lightweight and disposable devices that do not restrict patient mobility and can be used anywhere including home care settings. Technological advances within NPWT are also focused on use of device in the delivery of adjunct therapies such as saline irrigation/instillation with NPWT.

As stated by the new market research report on Advanced Wound Care Products, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market worldwide with a CAGR of 11.8% over the analysis period.  Growth in the region is led by rise in prevalence of chronic diseases, and continued evolution of healthcare ecosystem in the region.

Major players in the market include 3M Healthcare, Coloplast A/S, CONMED Corporation, ConvaTec Inc., Cardinal Health, Hollister Wound Care, Acelity LP, Medline Industries Inc., Mölnlycke Health Care AB, Organogenesis Inc., Paul Hartmann AG, and Smith & Nephew Plc, among others.

The research report titled “Advanced Wound Care Products - Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, issues, and strategic industry activities of companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. Products segments analyzed in the report include Dressings (Alginate Dressings, Hydrocolloids, Hydrogels, Foam Dressings, Film Dressings, Antimicrobial Dressings, Other Dressings), NPWT, and Active Therapies (Skin Replacements, Collagen  Dressings, Growth Factors).

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