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Advanced Wound Care Devices Market Size, Growth & Trends 2024-2033
Advanced Wound Care Devices Market Size
According to The Business Research Company's, The advanced wound care devices market size has grown strongly in recent years. It will grow from $11.36 billion in 2023 to $11.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to prevalence of chronic diseases, increasing surgical procedures, rising awareness of wound care, government initiatives in healthcare, patient preference for non-invasive treatments.
The advanced wound care devices market size is expected to see strong growth in the next few years. It will grow to $14.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing incidence of chronic wounds, telemedicine and remote patient monitoring, personalized and precision medicine, regulatory support for innovation, value-based healthcare. Major trends in the forecast period include integration of smart technologies, smart wound dressings with monitoring capabilities, integration of telemedicine in wound care, bioactive and antimicrobial dressings, advanced wound closure techniques.
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Market Drivers and Trends:
An increasing number of surgeries is expected to propel the growth of the advanced wound care devices market going forward. Surgery refers to the process of treating illnesses or injuries in humans or animals by opening up the body and removing or repairing the affected area. Advanced wound care devices are helpful for patients undergoing surgeries for treating wounds by improving metabolism, and oxygen flow of the patient. For instance, in February 2022, The American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), a US-based world's largest association of facial plastic surgeons, in 2021, 1.4 million surgical and non-surgical procedures were performed, with plastic surgeons performing 600 more procedures than they did in 2020, a 40% increase. The average plastic surgeon performed 320 surgical procedures in 2021. Therefore, the increasing number of surgeries is driving the growth of the advanced wound care devices market.
Technological advancement are a key trend gaining popularity in the advanced wound care devices market. Major companies operating in the advanced wound care devices market are adopting new technologies to strengthen their position in the market. For instance, in September 2022, Colzyx Ab, a Sweden-based manufacturer of wound care devices, develops an innovative wound matrix, WOUNDCOM, effector molecules that are bioactive components of the biological host-defense protein human collagen VI. These have evolved to initiate, stimulate, and control normal physiological wound-healing processes while also exhibiting clear antimicrobial effects. Colzyx effector molecules have both a strong wound-healing effect and a broad-spectrum antimicrobial effect against both normal and multidrug-resistant bacteria. It reduces pain and removes bacteria from the wound.
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Major Key Players of the Market:
3M company; Coloplast Corporation; ConvaTec Group plc; Smith & Nephew plc; Integra LifeSciences Corporation; Organogenesis Holdings Inc.; Medtronic plc; MiMedx Group Inc.; Derma Sciences Inc.; Johnson & Johnson Private Limited; Molnlycke Health Care AB; Cardinal Health Inc.; B. Braun Melsungen AG; Baxter International; Adynxx Inc.; Acelity L.P. Inc.; BSN Medical GmbH; Covidien plc; DeRoyal Industries Inc.; Hollister Incorporated; Human Biosciences Inc.; Kinetic Concepts Inc.; Medline Industries Inc.; Triage Meditech Pvt. Ltd.; ACell Inc.; Acera Surgical Inc.; ACI Medical LLC; Advanced Oxygen Therapy Inc.; Imbed Biosciences Inc.; Inotec Sicherheitstechnik GmbH; Moleculight Inc.; NuVision Biotherapies Ltd.
Advanced Wound Care Devices Market 2024 Key Insights:
• The advanced wound care devices market will grow to $14.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• The Growing Demand For Advanced Wound Care Devices In The Wake Of Increasing Surgeries
• Technological Advancements Transforming The Landscape Of Advanced Wound Care Devices
• North America was the largest region in the advanced wound care devices market in 2023
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