Advanced Wound Care Market size is estimated to reach at $15,305.94 million by 2027, registering a CAGR of 11.6% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Advanced Wound Care Market by Product Type, Application, End user, and Region: Opportunity Analysis and Industry Forecast, 2020–2027,"" The advanced wound care market size was valued at $9,255.70 million in 2019, and is estimated to reach at $15,305.94 million by 2027, registering a CAGR of 11.6% from 2020 to 2027.

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Advanced wound care include products that are used to treat chronic and acute wounds, such as burns, ulcers, and postoperative wounds. Advanced wound care products such as hydrogels, hydrocolloids, film & foam dressings, and alginates keep the wound hydrated to facilitate rapid healing. The advanced wound care products provide solutions to patients suffering from chronic wounds by offering them reasonably priced and readily accessible products. Moreover, the report covers information on therapy devices, such as negative pressure wound therapies (NPWT), oxygen & hyperbaric oxygen equipment, electromagnetic therapy devices, electrical stimulation devices, and pressure relief devices.

In the initial phase of the forecast period the COVID-19 outbreak will affect the advanced wound care market. The advanced wound care market is expected to experience a certain decline over the forecast period due to national lockdowns, refused wound care facilities, cancelled or delayed elective surgery and increased skin injuries in COVID-19 medical care providers.

The major factors that boost the growth of the global advanced wound care market are rise in adoption of evidence-based treatments for chronic wounds and rapid increase in geriatric population. In addition, advanced wound care products promote faster wound healing, and hence are gaining an edge over traditional wound care and closure products, which significantly contributes toward the growth of the market.

Continuous advancements in advanced wound care & closure products is further expected to boost the market growth during the forecast period. Moreover, increase in prevalence of chronic diseases such as diabetes & obesity and rise in disposable income in developing economies fuel the adoption of advanced wound care therapies. Furthermore, rise in awareness toward advanced wound care treatment & management boosts the demand for infection management products such as silver wound dressings, non-silver dressings, and collagens. However, low income and lack of proper medical attention in the developing countries hamper the growth of the advanced wound care market. Depending on product, the therapy devices segment dominated the advanced wound care market in 2019, due to rise in incidence rate of chronic diseases such as diabetes & obesity and surge in demand for innovative & advanced wound care products.

By application, the chronic wounds segment accounted for the highest revenue share in the advanced wound care market in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to rise in prevalence of postoperative surgical wounds and surge in geriatric population. In addition, rise in awareness toward advanced wound care & improved diagnosis and technological advancements in advanced wound care products are expected to offer remunerative opportunities for market expansion in the near future

Key Findings Of The Study

Depending on product, the therapy devices segment held 35% share in the global market in 2019.
By application, the chronic wounds segment accounted for the largest advanced wound care market share in 2019, and is expected to remain dominant throughout the forecast period.
On the basis of end user, the hospitals segment held 57% share in the global market in 2019.
Region wise, Asia-Pacific is expected to exhibit highest CAGR of 14.0% during the forecast period.

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This release was published on openPR.