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Active Wound Care Market Report 2024 - Active Wound Care Market Demand, Growth, And Opportunities
Active Wound Care Market
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According to The Business Research Company's, The active wound care market size has grown strongly in recent years. It will grow from $1.44 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing incidence of chronic wounds, rise in surgical procedures, prevalence of diabetes, patient preference for non-invasive treatments, government initiatives for wound care, awareness programs on wound management, growing focus on home healthcare.
The active wound care market size is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to global initiatives for wound healing, increasing geriatric population, personalized medicine approaches, demand for faster healing solutions, wound care in developing countries. Major trends in the forecast period include advanced wound dressings adoption, technological innovations in wound care products, bioactive and biodegradable materials, telemedicine and remote patient monitoring, economic considerations and cost-effective solutions.
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Market Drivers and Trends:
An increase in the aging population is expected to propel the growth of the active wound care market going forward. The aging population refers to a demographic shift characterized by an increasing proportion of elderly individuals within a population. It is typically measured by the percentage or number of people who are aged 65 and older in comparison to the total population. Active wound care plays a crucial role in addressing the healthcare needs of the aging population by providing advanced solutions for the management of chronic wounds. As individuals age, the prevalence of conditions such as diabetic ulcers, pressure ulcers, and venous leg ulcers tends to increase. Active wound care technologies, including innovative dressings, regenerative therapies, and bioactive materials, offer efficient and tailored approaches to wound healing in elderly individuals. These solutions not only accelerate the healing process but also contribute to minimizing complications associated with chronic wounds, enhancing the overall quality of life for the aging demographic. For instance, in October 2022, the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health published an article according to which, by 2030, 1 in 6 people in the world is expected to be aged 60 years or over and by 2050, the world's population of people aged 60 years and older is expected to double and reach 2.1 billion. Therefore, an increase in aging population is driving the active wound care market.
Product innovation has emerged as the key trend gaining popularity in the active wound care market. Major companies operating in the active wound care market are focused on developing regenerative wound therapy and electrical stimulation technology as new solutions to meet market demand. For instance, in January 2022, Accel-Heal Technologies Limited, a UK-based company engaged in electrical stimulation products, launched Accel-Heal, an electrical stimulation wound therapy device. The wearable electrical stimulation device Accel-Heal is easy to use and speeds up the healing of chronic wounds. Accel-Heal helps electrical stimulation wound therapy become more widely used. Patients can use the 12-day therapy in the ease and comfort of their own homes. Accel-Heal can be used on all forms of chronic wounds, including those that are challenging to dress, like diabetic foot ulcers, and can be used in conjunction with current dressing regimens. More patients are now able to get therapy with more personal freedom because of this breakthrough. Additionally, Accel-Heal enables healthcare professionals to combine the therapy with their chosen dressing regimens, greatly reducing the number of nursing visits needed for each patient.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Smith & Nephew plc, MiMedx Group Inc., Tissue Regenix Group, Organogenesis Inc., Acell Inc., Integra Life Sciences Holdings Corporation, Solsys Medical LLC, Osiris Therapeutics Inc., Cytori Therapeutics Inc., Human BioSciences Inc., Wright Medical Group NV, Mölnlycke Health Care AB, Medline Industries Inc., AVITA Medical Inc., ConvaTec Inc., Stryker Corporation, 3M Company, Acelity L.P. Inc., B. Braun Melsungen AG, BSN Medical GmbH, Cardinal Health Inc., Celularity Inc., Coloplast A/S, Genere*x Biotechnology Corp., Hill-Rom Holdings Inc., Hollister Incorporated, Johnson & Johnson Inc., Lohmann & Rauscher GmbH & Co. Kg, Medtronic PLC, PAUL HARTMANN AG, Adynxx Inc., Derma sciences Inc., Baxter International Inc., Axio Biosolutions
Active Wound Care Market 2024 Key Insights:
• The active wound care market size is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Active Wound Care Market Surges Amidst The Rising Global Diabetic Population
• Accel-Heal's Innovations Sparking A Revolution In Active Wound Care Solutions
• North America was the largest region in the active wound care market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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