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AI in Wound Care Market Report: Size, Growth Insights, and Industry Scope Analysis 2024-2033
Artificial Intelligence (AI) In Wound Care Global Market Report 2024
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According to The Business Research Company's, The artificial intelligence (AI) in wound care market size has grown exponentially in recent years. It will grow from $0.64 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to high healthcare costs, increased adoption of digital health solutions, improved data collection and analysis, and enhanced clinical decision support.
The artificial intelligence (AI) in wound care market size is expected to see exponential growth in the next few years. It will grow to $1.80 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%. The growth in the forecast period can be attributed to the rising prevalence of chronic wounds, increasing healthcare expenditure, growing awareness of the benefits of AI in healthcare, early adoption of AI in wound assessment, and initial government support for digital health initiatives. Major trends in the forecast period include increasing adoption of AI-powered diagnostic tools, personalized wound care solutions, investment in AI-driven healthcare technologies, and growing interest in AI for chronic wound management.
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Market Drivers and Trends:
The rising incidence of diabetes is expected to propel the growth of artificial intelligence (AI) in wound care market going forward. Diabetes is a chronic condition characterized by high blood glucose levels, leading to complications such as heart disease, kidney failure, neuropathy, and vision loss. The rising incidence of diabetes is significantly driven by increasing obesity rates, which lead to higher risks of type 2 diabetes, and by aging populations, as the risk of developing diabetes grows with age. AI in wound care aids diabetes management by providing accurate wound assessments and personalized treatment plans, enhancing the efficiency and effectiveness of diabetic ulcer care. For instance, in May 2024, according to the Centers for Disease Control and Prevention, a US-based governmental organization, In the U.S., 38.4 million Americans, or 11.6% of the population, had diabetes. Among adults aged 65 and older, the prevalence was significantly higher, reaching 29.2%. Therefore, the rising incidence of diabetes is driving the growth of artificial intelligence (AI) in wound care market.
Major companies operating in artificial intelligence (AI) in wound care market are focusing on developing technologically innovative solutions, such as advanced digital wound care management applications, to enhance wound assessment and optimize treatment outcomes. A digital wound care management application is a software tool that uses technology to assess, monitor, and manage wound healing, providing personalized treatment recommendations and enabling remote patient monitoring. For instance, in June 2022, NATROX Wound Care, a UK-based specialist wound care company, launched NATROX IQ, an advanced digital platform powered by artificial intelligence (AI) technology, designed to revolutionize wound care management for clinical teams. This innovative cloud-based application enhances standardized documentation and enables real-time data access, allowing healthcare providers to communicate more effectively about patient wound care. A standout feature of NATROX IQ is its AI integration, which provides precise measurements of wound size and depth, ensuring accurate assessments and treatment plans.
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Major Key Players of the Market:
Medtronic plc, Stryker Corporation, Smith & Nephew plc, Convatec Group plc, Mölnlycke Health Care AB, Medela AG, Derma Sciences Inc., Implicity Inc., Cecelia Health, Swift Medical Inc., Spectral MD Inc., PolarityTE Inc., eKare Inc., KroniKare Pte Ltd., Perceptive Solutions Inc., Tissue Analytics Inc., WoundZoom Inc., Intellicure Inc., WoundMatrix Inc., WoundVision LLC, The Wound Pros LLC, MobileSmith Health
Artificial Intelligence (AI) In Wound Care Market 2024 Key Insights:
• The artificial intelligence (AI) in wound care market size is expected to see exponential growth in the next few years. It will grow to $1.80 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%.
• Increasing Diabetes Incidence Drives Expansion In AI-Powered Wound Care Market
• Innovative AI-Powered Solutions Revolutionizing Wound Care Management
• North America was the largest region in the artificial intelligence (AI) in wound care market in 2023
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