The Advanced Wound Care Management market is expected to grow at a CAGR of 5.3 percent from 2021 to 2029, from a valuation of USD 6.5 billion in 2020 to USD 8.4 billion in 2028. It’s projected that the market for ambulatory surgical centres will rise in tandem with the increasing prevalence of chronic injuries, the rising number of procedures, and the growing number of ambulatory surgical centers around the world.
One of the main factors driving the surge in demand for advanced wound care products is the increasing occurrence of chronic injuries. Films, gauze, hydrogel, hydrocolloid, and foam dressings are some dressings needed to treat chronic wounds. Advanced Wound Care Management solutions that contain silver and alginates are also used to remove excess fluids and prevent infection from wounds. Growth factors, or hormone-like compounds, are found in these goods. Rapid healing and cell growth are facilitated by the use of growth factors. Using skin grafts and biomaterials to close larger wounds that won’t heal on their own is also a viable option for larger wounds.
Demand for enhanced wound care management is also being fueled by advantages like shorter hospital stays and lower surgical healthcare costs, as well as an increasing preference for goods that improve therapeutic outcomes. However, the high cost of treatment and the difficulty of obtaining reimbursement for innovative technologies pose stumbling blocks to market growth.
Acquisitions by major players in the market are on the rise
The market for Advanced Wound Care Management is ever-changing and has seen numerous advancements in the last few years. The purchase of smaller competitors by larger firms is a common occurrence in this sector. However, small enterprises have a high R & D capability, but lack the financial strength to obtain regulatory licences and put products onto the market. Smaller companies with breakthrough technologies tend to be acquired by larger companies and used to build newer and more advanced goods. Both corporations benefit from these purchases in terms of geographic expansion.
In the field of advanced wound care management, these companies are some of the most well-known.
- Smith & Nephew PLC
- Molnlycke Health Care AB
- ConvaTec Group PLC
- Coloplast Corporation
- Derma Sciences Inc. (Integra LifeSciences)
- Medline Industries, Inc.
Insights for Product Development
Products like moist wound care are expected to be the most popular in the Advanced Wound Care Management market in 2020, with a share of 59.2% of all money made. Injuries heal faster when they are treated with moist wound care. Using these wound care products helps to keep the wound moist, which promotes healing. Pressure ulcers, diabetic ulcers, and other slow-healing wounds benefit greatly from moist wound care. Foam, hydrocolloid, film, alginate, hydrogel, and collagen dressings are examples of moist wound dressings.
It is predicted that the antimicrobial wound care market will increase at a faster rate than any other area. Bioburden in the wound bed is reduced by using these dressing sheets. The majority of partial and full thickness wounds, such as surgical incisions and percutaneous line sites, are best treated with antimicrobial wound care. Nylon fabric, island care, film care, sponges, impregnated woven gauzes, or a mix of these goods are offered.
Numerous competitors in the advanced wound care management industry have resulted in a highly fragmented market. A better quality of life for individuals with chronic wounds can be achieved as technology advances and becomes more accessible. In order to better treat wounds and promote faster healing, improved wound care and closure solutions are increasingly being used in place of traditional ones. There are a lot of ways to grow a business, including mergers and acquisitions, partnerships, new product releases, and more.
What is the impact of COVID-19 on the global market for Advanced Wound Care Management?
The rise of the COVID-19 pandemic has had a profound impact on health care around the world. Many hospitals and departments have had their COVID-19 patient profiles re-profiled as a result of the increased demand brought on by the increasing number of COVID-19 patients being admitted to the hospital. So many procedures were postponed and cancelled around the world as a result of a shortage of hospital beds and patient care staff to care for COVID-19 patients.