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Advanced Wound Care Market Size to reach at $15,305.94 million by 2027 | Valuates Reports

07-06-2021 01:22 PM CET | Health & Medicine

Press release from: Valuates Reports

Advanced Wound Care Market Size to reach at $15,305.94 million

The advanced wound care market 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. The rise in prevalence of the population suffering from chronic diseases is expected to positively affect the growth of the market. Moreover, increase in initiatives undertaken by authorities and governments to improve healthcare systems and spread awareness regarding the benefits of advanced wound care products are also expected to boost the growth of the market.

Advanced wound care solutions are innovative products, which are introduced for welfare of patients suffering from wound related concerns such as ulcers and diabetes. Rise in diseases, which take long time for healing require such advanced wound care solutions for better treatment. According to the International Diabetes Federation (IDF), presently, more than 460 million people between 20 and 79 years of ages are living with diabetes worldwide and by 2045 this number is expected to rise to 700 million. Diabetes is a chronic disease, which is known to give rise to complex conditions, which usually do not heal on their own and require surgery. For instance, diabetic foot ulcers usually turn out to be infectious and at times patient may end up with amputations. In such cases, advanced wound care dressings and devices are beneficial to ease suffering of patients.

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North America dominated the advanced wound care market in 2019. Major companies are launching their products in the U.S. as its requirement in the U.S. is higher, owing to increase in prevalence of diseases. For instance, according to the Agency of Healthcare Research and Quality, it has been estimated that every year more than 2.5 million people in the U.S. develop pressure ulcers. Pressure ulcers are treated easily with advanced wound care products, which ultimately grows the market.

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Advanced Wound Care Market Segmentation
The advanced wound care market is segmented on the basis of product, application, end user, and region. By product, the market is segmented into infection management, exudate management, active wound care, and therapy devices. Infection management is further subsegmented into silver dressings, non-silver dressings, and collagens. Exudate management is further subsegmented into hydrocolloid dressings, foam dressings, alginate dressings, and hydrogel dressings. Active wound care is further divided into skin substitutes and growth factors. Therapy devices is further categorized into negative pressure wound therapy (NPWT), oxygen and hyperbaric oxygen equipment, electromagnetic therapy devices, and others.

On the basis of application, the market is bifurcated into chronic wounds and acute wounds. The chronic wounds segment is further divided into pressure ulcers, diabetic foot ulcers, venous leg ulcers, and arterial ulcers. The acute wounds segment is further divided into burns & trauma, and surgical wounds. On the basis of end user, the market is classified into hospitals and community health service centers. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Segment review

By product, the therapy devices segment acquired largest advanced wound care market share in 2019. Furthermore, this segment is also expected to experience growth at the fastest rate during the forecast period, owing to increase in incidences of chronic diseases such as diabetes & obesity and rise in demand for innovative & advanced wound care products.

By application, the chronic wound segment generated highest revenue in 2019, and is expected to maintain its dominance throughout the forecast period. This is attributed to surge in prevalence of post-operative surgical wounds, rise in geriatric population, increase in awareness and improved diagnosis, and technological advancements.

By end user, the hospitals segment accounted for majority of the advanced wound care market share in 2019, and is anticipated to continue this trend throughout the forecast period, owing to rise in number of surgeries performed and higher number of patients prefer to visit hospitals for different cases such as surgical wounds, burns, and ulcers. However, the wound care center segment is expected to grow with the highest growth rate, owing to availability of better facilities and treatments for wounded patients.

Snapshot of Asia-Pacific advanced wound care market

Asia-Pacific presents lucrative opportunities for key players operating in the advanced wound care market, owing to increase in population, coupled with rise in geriatric population. In addition, surge in healthcare expenditure and development in guidelines are expected to propel the advanced wound care market growth in this region.

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Asia - Pacific Advanced Wound Care Market:

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