(PharmaNewsWire.Com, April 13, 2021 ) Advanced Wound Care Management Market size is estimated to reach $16,500 million by 2026, growing at a CAGR of 5.5% over 2021-2026. Advanced Wound Care helps in advanced wound dressing used for the control of acute and chronic wounds. Advanced wound care products include foam dressings, hydrogels which is natural healing process and provides helpful wound healing and protection from outside environment. Alginates dressing are mostly used for the treatment of releasing wounds and also various therapy such as negative pressure wound therapy helps to remove infection from wounds. Growing prevalence of chronic and surgical wounds and rising technological advancements is the major factor driving the growth of this market. Furthermore, rising cases of skin burns is set to further enhance the overall market demand for Advanced Wound Care Management Market for the period 2021-2026.
Advanced Wound Care Management Market Segment Analysis - By Product
The global Advanced Wound Care Management Market based on Product can be further segmented into Dressings, Negative Pressure Wound Therapy, Debridement Devices, Grafts, Matrices, and Topical Agents. The Dressings segment is the major segment generating revenue in 2020. This is owing to increasing cases of chronic and acute wounds and provides benefits in skin burn healing. The Negative Pressure Wound Therapy segment is estimated to register the fastest CAGR of 3.5% for the period 2021-2026. This is owing to increasing protection from infection and microorganism to reduce wounds.
Advanced Wound Care Management Market Segment Analysis - By Application
The global Advanced Wound Care Management Market based on Application can be further segmented into Skin Burn Wounds, Pressure Wounds, Surgical Wounds, and Venous Legs Ulcers. The Surgical Wounds segment registers for the highest market share in 2020. This is owing to the increasing incidence of diabetes and diabetic foot ulcers in geriatric population. The Skin Burn Wounds segment is estimated to register the fastest CAGR of 2% over 2021-2026. This is owing to rising skin burn cases and according to World Health Organization in 2019, about 180000 cases of burn occur every year which increases the growth of this segment.
Advanced Wound Care Management Market Segment Analysis - By Geography
North America dominated the Advanced Wound Care Management Market with major share of 40% in 2020. This is owing to increasing adoption of advanced technology, rising prevalence of chronic, surgical wounds. According to Centers for Disease Control and Prevention, about 32 million Americans are suffering from diabetes in 2020 which increasing the cases of chronic and surgical wounds and are rising the market growth of this region.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 35% during the forecast period 2021-2026 owing to the increasing geriatric population and rising adoption of innovative technologies.
The prevalence of chronic and surgical wounds is increasing owing to growing geriatric population and increasing prevalence of obesity and diabetes that increases the growth of the Advanced Wound Care Management Market. According to World Health Organization (WHO), about 650 million people have obesity in 2020 which increases the cases of diabetes. Thus, increasing the growth of the Advanced Wound Care Management Market over 2021-2026.
Rising Technological Advancement
Growing technological advancement and rising healthcare sector is increasing the growth of the Advanced Wound Care Management Market. Moreover, increasing research and development activities and developing advanced technologies such as negative pressure wound therapy devices; hyperbaric oxygen devices increases the growth of Advanced Wound Care Management Market over 2021-2026.
COVID Impact:
COVID-19 is adversely impact the growth of Advanced Wound Care Market. Owing to pandemic there is lockdowns, social distancing that stop the wound care services and also various surgeries are cancelled and postponed. During pandemic, large number of beds are utilized COVID-19 patients that negatively affected the growth of Advanced Wound Care Management Market.
Advanced Wound Care Management Market Challenges
High Cost of Products
Some of the factors that is set to impede the growth of the Meningitis Diagnostic Testing Market are the high cost of chronic wound treatment. Moreover, various bio-engineered dressing are available but physicians are preferring more in traditional and basic wound care product owing to low cost is set to create hurdles for the Advanced Wound Care Management Market.
Advanced Wound Care Management Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Advanced Wound Care Management Market. Key companies of this market include Johnson & Johnson, Medtronic plc, Kinetic Concepts, Inc., Smith & Nephew plc, Mölnlycke Health Care, Acelity L.P. Inc., GEMCO Medical, Baxter International Inc., Coloplast A/S, The 3M Company and Derma Sciences.
Acquisitions/Product Launches
In February 2019, GEMCO Medical launched GEMCORE360 brand of advanced wound care product.
In January 2019, UPM Company launched FibDex which is first wound dressing created from wood based nanofibrillar cellulose and received approval from Food and Drug Administration (FDA).
Key Takeaways
Geographically, in 2020 North America dominated the Advanced Wound Care Management Market owing to the increasing adoption of advanced technology, rising prevalence of chronic, surgical wounds.
Growing prevalence of chronic and surgical wounds and rising technological advancements are likely to aid in the market growth of the Advanced Wound Care Management Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Advanced Wound Care Management Market report.
High cost of products is set to create hurdles for the Advanced Wound Care Management Market.
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