Global Advanced Wound Care Market on Track for a Steady Growth Trajectory: ~4% Growth Rate by 2027

 

Rise in the prevalence of chronic and surgical or traumatic wounds, benefits offered over traditional products, especially for hard-to-heal wounds, adoption of advanced wound care products and the increased life expectancy of patients suffering from these medical conditions are some of the major factors driving the global advanced wound care market.

Advanced wound care provides specialized treatment for chronic or non-healing wounds, which are defined as sores or wounds that have not significantly healed during the course of conventional treatment. Globally, around 100M advanced wounds per year require advanced wound care.

Shift towards Advanced Wound Care Products Over Traditional Wound Care Products

Traditional wound care products are used most often as primary or secondary dressings to protect the wound from contamination. Traditional wound care products involve gauze, lint, and cotton dressings.

Advanced wound care products and devices facilitate oxygen flow to the wound while also providing a moist environment to help prevent necrosis. Some of the best-advanced wound care products include hydrogels, films, foams, hydrocolloids, alginates, sponges, and fabrics. The benefits of using advanced wound care products include shortened healing time, optimized drainage, and reduced risk of infection.

Technologically Advancements in the Management of Chronic Wounds

It is estimated that there are around 1.5 to 2 million people living with a chronic or complex wound, some of them for a period longer than six months. Leading innovations in negative pressure wound therapy (NPWT), surgical incision management, infection prevention, advanced wound care, near-infrared spectroscopy technology, and skin integrity are further expected to fuel the growth of the advanced wound care market.

For instance,

  • In August 2022, 3M announced the advancement in its delivery of 3M Veraflo Therapy. A new 3M Veraflo Cleanse Choice Complete Dressing Kit and a software upgrade for the 3M™ V.A.C.® Ulta Therapy Unit.
  • In August 2022, Organogenesis announced that they have received FDA 510k Clearance for PuraPly MZ, a brand extension to the PuraPly product portfolio.

Advancements in Advanced Wound Care Therapies Fuels the Advanced Wound Care Market Growth

Non-healing wounds require advanced treatments to enable wounds to progress through the different stages of the healing process. Advanced wound care therapies are used after standard wound care has failed. Some of the commonly used therapies are as follows:

  • Cellular and Tissue-Based Therapies
  • Topical Oxygen Therapy
  • Bioactive dressings
  • Negative Pressure Wound Therapy
  • Hyperbaric Oxygen Therapy

North America is Expected to Continue to Hold a Major Share in the Advanced Wound Care Market

From a geographical perspective, North America holds a major market share of the advanced wound care market. This can be mainly attributed to the growing prevalence of chronic diseases, technological advancements in wound care products, the rising incidence of burn injuries, and an increase in the number of diabetic patients in the region.

Competitive Landscape Analysis: Advanced Wound Care Market

Some of the established and leading players operating in the global advanced wound care market are as follows:-

  • 3M
  • Smith & Nephew Plc.
  • Convatec Group Plc
  • Braun
  • Medela
  • Coloplast Corp.
  • Organogenesis
  • MiMedx, among others.

Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Advanced Wound Care Market

Leading players operating in the global market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share.

For instance,

  • In March 2022, Convatec Group Plc announced that they have completed the acquisition of Triad Life Sciences Inc (‘Triad’).
  • In July 2021, Axio Biosolutions, a Boston, and Bengaluru-based medical device company secured $6Mn in Series B2 led by TrueScale Capital.

The global advanced wound care market is an emerging market and is projected to gain further momentum in the upcoming years due to a strong emphasis on building therapy-based solutions for chronic and acute wounds, the introduction of technologically advanced products and aggressive organic and inorganic growth strategies followed by the key market players. However, the high costs of treating chronic and active wounds and the non-availability of best practice guidelines for using remote advanced wound care poses a minor hurdle for the advanced wound care market.

Explore Detailed Insights on Advanced Wound Care Market Report with Table of Content @ https://meditechinsights.com/advanced-wound-care-market/

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