The global advanced wound care market is poised for robust growth in the coming years, according to a new report from marketsandmarkets. The market was valued at $11.2 billion in 2022 and is expected to reach $17.7 billion by 2027, growing at a compound annual growth rate (CAGR) of 9.4%.
The growth is being primarily driven by an increasing number of diseases and conditions that impact wound healing capabilities, a rise in spending on chronic wounds, and technological improvements in wound care products. Other key factors fueling the expansion include a growing number of surgical procedures worldwide, an aging population more susceptible to chronic wounds, and increased healthcare infrastructure and spending in emerging economies.
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The advanced wound care market is segmented by product type, wound type, end-user, and region. By product, dressings hold the largest market share based on rising patient education and an increasing occurrence of hospital-acquired infections. The dressings segment is further broken down into foam dressings, silicone dressings, hydrocolloid dressings, film dressings, and more.
By wound type, surgical and traumatic wounds make up the largest share of the market. This is attributed to a rise in surgical procedures and surgical site infections globally. Other key wound type segments are diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns.
Hospitals, ambulatory surgery centers (ASCs), and wound care centers account for the greatest portion of the end-user market currently. However, home healthcare settings are the fastest rising end-user segment.
Geographically, North America represented the largest regional market in 2022. However, emerging economies in the Asia Pacific and Latin America offer lucrative expansion opportunities for major players in the advanced wound care sphere.
Some notable companies operating in the global advanced wound care industry highlighted in the report include 3M Company, Smith & Nephew, ConvaTec Group, Coloplast, and Mölnlycke Health Care AB. These players are focused on new product development, mergers and acquisitions, and expanding their geographic reach to consolidate their positions.
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The report projects the market to register a healthy CAGR of 9.4% from 2022-2027. With increasing healthcare expenditure worldwide, innovation in advanced wound care technologies, an expanding target patient population, and higher patient awareness, the advanced wound care arena is headed towards a very promising future. Companies that adapt to evolving customer needs and effectively leverage growth opportunities will be favorably positioned in this burgeoning market.