Advanced wound care market in Europe and North America | Emerging Technologies, Future Scope
The global advanced wound care market size is expected to reach USD 15.59 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period. The increasing cases of chronic wounds such as foot ulcers, pressure ulcers, and venous ulcers around the world can be a vital factor in bolstering the growth of the market. Moreover, the growing treatment of acute wounds in the developing nations will promote the growth of the market in the forthcoming years, states Fortune Business Insights in a report, titled “Advanced Wound Care Market Size, Share & Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End, User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 10.43 billion in 2019. The advancement in treatment methods of wounds will create lucrative business openings for the market.
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Market Driver:
Instigation of Effective Therapies to Facilitate Colossal Development
The growing need for effective and proficient treatment of chronic
wounds among patients will impel companies to introduce innovative therapies.
The rising unmet patient needs is a critical factor expected to fuel demand for
novel treatment options for patients in developing nations. The release of
effective therapies for hard-to-heal chronic wounds by pre-eminent
organizations will support the growth of the market. For instance, MTF
Biologics, a global nonprofit organization innovating in tissue and organ
donation for safe and sound healing, unveiled AminoBand viable membrane at the
Wound Healing Society (WHS) conference in the U.S. Similarly, the constant
R&D activities for the improvement in collagen dressings, skin grafts, and
effective healing therapies will aid massive growth of the market in the
foreseeable future. According to the National Institute of Health, diabetic
foot ulcers cost an estimated USD 9 to USD 13 billion for treatment in the U.S.
alone each year. In addition, the rising efforts of companies to reduce the
treatment cost of acute and chronic wounds will subsequently enhance the market
potential.
Regional Analysis:
Developing Healthcare Infrastructure to Favor Growth in Asia Pacific
The market size in North America stood generated a revenue of USD 4.35
billion in 2019 and is likely to remain dominant during the forecast period
owing to the rising cases of chronic and acute wounds. The rising patent pool
for diabetic foot ulcers and surgical wounds will further promote the growth of
the market. The market in Asia Pacific is likely to rise tremendously during
the forecast period due to the developing healthcare infrastructure. The
evolving facilities in hospitals and a surge in healthcare spending by the
government will have a significant impact on the market during the forecast
period. The growing demand for advanced therapies and active R&D activities
by key players will influence growth in the region. Nonetheless, the lack of
knowledge regarding novel products and devices in remote areas will restrict
the growth in Asia Pacific.
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The Report Lists the Key Players in the Advanced Wound Care Market:
- Smith
& Nephew
- 3M
- MiMedx
- Coloplast
Corp
- ConvaTec
Inc.
- Tissue
Regenix
- Derma
Sciences Inc.
- Mölnlycke
Health Care AB
- Organogenesis
Inc.
- Other Players
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