Selbyville, Delaware, Nov. 16, 2021 (GLOBE NEWSWIRE) —
The advanced wound care market revenue is anticipated to record a valuation of USD 13.8 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing instances of surgical procedures along with higher spending on chronic wounds on account of growing prevalence of chronic conditions will drive the adoption of advanced wound care products. The significant surge in diabetic conditions has resulted in the growing risks of wound infection.
The rise in technological enhancements in wound treatment and its associated devices has compelled numerous market participants to develop advanced offerings for providing the best wound management outcomes. For instance, NPWT and hyperbaric oxygen devices, are some innovations that assist in minimizing the wound healing time to offer faster patient recovery and reduced complications.
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Moreover, the presence of favorable government laws and regulations has pushed industry players towards focusing more on their production facilities. The considerably rising count of accidents and burn cases mainly in the emerging and underdeveloped nations will also favor the market expansion. However, the disrupted usage of wound care products during the COVID-19 pandemic and the higher cost of medical devices are factors negatively influencing the product demand.
Here are a few other parameters impacting the overall market development in the coming years:
Rising adoption of wound dressings
The industry share from wound dressing products, further comprising antimicrobial, alginate, hydrogel, foam, film, and hydrocolloidal dressings, exceeded USD 5 billion in 2020. This can be accredited to the increasing episodes of burns, notably in the U.S. The American Burn Association (ABA) had reported in 2020 that there were over 450,000 serious burn injuries in the country that require medical treatment per year.
The growing emphasis on reducing the infection risks has stirred the increase in adoption of advanced wound care dressings to assist in managing severe wounds. In addition, the rising preference for foam dressings will lead to market growth.
Potential in treating pressure wounds
The application of advanced wound care products in pressure wounds was responsible for about USD 957 million in 2020 owing to higher availability of various therapies and devices in treating these wounds. There has been a significant rise in the number of pressure wounds, like bedsores in older individuals, given factors such as friction, shear, and the constant pressure on specific body parts.
The AHRQ (Agency for Healthcare Research and Quality), has suggested that nearly 2.5 million people develop pressure ulcers every year in the U.S., which give rise to pain and the associated risks for severe infection.
Hospitals to record significant presence
Advanced wound care market size from hospitals will record more than 4.9% CAGR up to 2027 due to the increasing count of hospital visits considering the surge in road accidents and burns that need critical care. With the growing need for treating people with foot ulcers as well as other kinds of wounds, there is a mounting preference for wound therapy devices in hospitals.
Besides, as public hospitals are largely supported by several government organizations, they are well-equipped with medical devices and resources.
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Booming demand in the Asia Pacific
Asia Pacific held over 16% of the advanced wound care industry revenue share in 2020 and will expand with the fast-growing geriatric population. The higher prevalence of chronic injuries has resulted in the growing requirement for advanced wound care products. Furthermore, the strong presence of a vast number of business participants along with the flourishing medical tourism sector will enhance the market outlook positively in the coming years.
Another prominent factor influencing the market progression is the intensifying focus of prominent advanced wound care companies on strategic partnerships and new product launches for gaining a higher market share. For instance, 3M, in October 2019, acquired Acelity Inc. and its KCI subsidiaries across the globe for expanding its presence within the advanced and surgical wound care markets.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.