Advanced Wound Care Market to Reach USD 10.8 Billion by 2031, Growing at 5.4% CAGR | SkyQuest Technology
Westford, USA, July 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Advanced Wound Care Market will attain a value of USD 10.8 Billion by 2031, with a CAGR of 5.4% during the forecast period (2024-2031). Acute and chronic disorders are treated with advanced wound care solutions. These products are replacing traditional wound care treatments because they provide quick and efficient therapy. Slivers and alginates are utilized as wound dressings for surgeries and chronic injuries in order to prevent infection. Furthermore, wounds that are incapable of healing naturally are treated using skin grafts and biomaterials. As a result, the industry is witnessing an increase in new and sophisticated products, which is probably going to support market expansion.
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Browse in-depth TOC on the "Global Advanced Wound Care Market"
- Pages - 157
- Tables - 96
- Figures – 76
Advanced Wound Care Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7 Billion |
| Estimated Value by 2031 | USD 10.8 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Wound Type and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increased funding in research and development is boosting the market growth |
| Key Opportunities | Demand for home-health service among the aging population is creating market opportunities |
| Key Market Drivers | The global market is driven by worldwide geriatric population and increasing cases of obesity |
Growing Acute and Chronic Injury Prevalence to Drive Demand for Devices and Dressings Boosting the Advanced Wound Care Market
The rising incidence of chronic diseases like diabetic foot ulcers, venous leg ulcers, and acute wounds is increasing the number of patients going through treatment for chronic wounds. An increase in surgical and traumatic wounds is also increasing the demand for devices and dressings boosting the market for advanced wound care. Additionally, the growing number of accidents and chronic illnesses among the elderly population are the main causes contributing to the increase in various wounds, which is supporting the market's expansion.
Bioactive Therapies Used for Effective Wound Treatment is Increasing the Advanced Wound Care Market
Bioactive treatments are utilized to treat last-stage wounds and will drive market expansion. Major market players are utilizing nanofiber, allograft, xenograft, and cell-based therapies to meet the increased demand for immediate and effective wound management. Consumers are becoming aware of the advantages of bioactive therapies, like shorter treatment times and cost-efficient wound treatment.
North America is Dominating the Market with Increased Number of Sports Injuries
North America is leading the market in terms of revenue and market share. This expansion was driven by factors like an increase in the frequency of road accidents, sports injuries, and the presence of numerous key players. Asia-Pacific is the fastest growing region as it offers attractive potential for established companies in the advanced wound care market. This region's growth is driven primarily by an increase in the geriatric population.
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Advanced Wound Care Market Insight
Drivers:
- Traumatic wounds, aging, more surgeries, diabetes, and obesity is driving the global advanced wound care market
- Technological advances like smart wound dressings like sensors is driving the market
- The demand for advanced wound care is increasing due to rising incidences of chronic diseases and surgical procedures
Restraints:
- High cost of treating chronic wounds is restraining the market growth of advanced wound care
- Delayed diagnosis in emerging countries that leads to increase in treatment expense
- Lack of fund for small business to perform research and development related to wound care is also restricting the market
Prominent Market Players in the Advanced Wound Care Market
The following are the Top Advanced Wound Care Companies
- Smith & Nephewplc
- Mölnlycke Health Care AB
- Coloplast A/S
- 3M Company
- ConvaTec Group Plc
- Medtronic plc
- Integra LifeSciences Corporation
- BSN medical GmbH
- Acelity L.P. Inc.
- B. Braun Melsungen AG
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Key Questions Answered in the Global Advanced Wound Care Market Report
- What are the key factors contributing to the growth of the advanced wound care market?
- Which is the leading segment in the advanced wound care market?
- Who are the key players of the global advanced wound care market?
This report provides the following insights:
- Analysis of key drivers (Increase of traumatic wounds, rise of aging population, growing incidence of surgeries, technological advancement like smart wound dressings with sensors, and increasing prevalence of chronic diseases), restraints (High cost of treating chronic wounds, delayed diagnosis in emerging countries, and lack of fund for small businesses), opportunities (Consumer awareness of treatment like bioactive therapies that reduces treatment time and at-home health service is increasing more opportunities), and challenges (High expense of advanced wound care products) influencing the growth of advanced wound care market
- Market Penetration: Comprehensive information on the product offered by the top players in the advanced wound care market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the advanced wound care market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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