Press release
Advanced wound care market Surpass USD 14,190.5 Million by 2030 With Top Key Players Analysis Like ConvaTec Group plc, Coloplast A/S, Integra Lifesciences, Essity AB, Johnson & Johnson
The major factors that drive the U.S. advanced wound care market include rise in geriatric population and increase in incidences of diabetes, obesity, and chronic conditions. In addition, changes in healthcare system further drives growth of the market. However, high cost of wound care products is anticipated to hamper the market growth in the future. On the contrary, technological advancements to deal with complex wounds provide immense opportunities for market players.
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The global advanced wound care market was pegged at $8.97 billion in 2020 and is expected to reach $14.19 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
CAGR: 4.6%
Current Market Size: USD $10.4 Billion
Forecast Growing Region: APAC
Largest Market: North America
Projection Time: 2020 - 2030
Base Year: 2020
Advanced wound care products include topical creams, dressings, bandages, gels, foams, films, hydrogels and other products that help to reduce pain and promote healing. These products are used in both hospital settings as well as at home. The market is further driven by technological advancements such as the introduction of advanced wound dressings made from nanomaterials which have superior healing properties compared to traditional dressings.
Impact of Covid-19 on Advanced Wound Care Market-
The Covid-19 pandemic negatively affected the market due to countrywide lockdown and canceled or postponed elective surgeries. Moreover, the prolonged lockdown disrupted the supply chain and increased the prices of medical equipment and raw materials.
However, the increase in skin injuries in medical care providers is expected to boost the demand for advanced wound care.
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Increase in prevalence of chronic wounds significantly over past few years, rise in global geriatric population, and surge in prevalence of diabetes and obesity which can complex the wound infections are the factors that promote the advanced wound care market growth significantly during forecast period.
Key Findings Of The Study
By product, the therapy devices segment held 35.22% share in the global advanced wound care market in 2020.
By application, the chronic wounds segment accounted for the largest advanced wound care market share in 2020, and is expected to remain dominant throughout the forecast period.
By end user, the hospitals segment held 57% share in the global advanced wound care market in 2020.
By region, Asia-Pacific is expected to exhibit highest CAGR of 5.7% during the forecast period.
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The global advanced wound care market report includes an in-depth analysis of the prime market players such as 3M (Acelity Inc.), B Braun Melsungen AG, Adynxx, Inc., ConvaTec Group plc, Coloplast A/S, Integra Lifesciences (Derma sciences), Essity AB (BSN Medical GmbH), Johnson & Johnson, Investor AB (Mölnlycke Health Care AB), Medtronic plc., Medline Industries, Inc., Smith & Nephew Plc., and Organogenesis Holdings Inc.
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