Advanced Wound Care Market Size, Share & Trends Analysis Report By Product (Moist, Antimicrobial), By Application (Chronic Wounds, Acute Wounds), By End-use (Hospitals, Home Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global advanced wound care market size was valued at USD 7.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The demand for advanced wound care products is increasing owing to the rising prevalence of chronic diseases across the globe. Furthermore, the increasing geriatric population is expected to impel market growth, as the geriatric population has slow healing capabilities. For instance, according to the WHO, in 2017, the proportion of people aged 60 or above was 9.8% and is expected to increase up to 13.7% and 20.3% by 2030 and 2050, respectively. Similarly, elderly people (aged ≥65) are currently the fastest-growing group of the general population in the U.S. The National Population Projections by the U.S. Census Bureau 2017, states that nearly one in four U.S. citizens are likely to be an older adult by 2060, which is expected to propel market growth.

Advanced wound care products help to cure diabetic foot ulcers, which are prevalent in diabetic patients. According to ScienceDirect, diabetic foot ulcers may affect more than 25.0% of the diabetic population and may lead to amputation of the foot in 20.0% of patients. Thus, an increase in the number of diabetic patients is expected to increase the use of advanced wound care products. These products help in moisture retention and allow rapid healing of wounds internally as well as externally. Moreover, these products help in the absorption of necrotic tissues, which are effective in cases of surgical site infections. Thus, healthcare professionals prefer to use advanced wound care products, which is anticipated to propel market growth over the forecast period.

Technological advancements in advanced wound care products are projected to have a significant impact on the market. Some of the major technological advanced products in this field are expected to be commercialized soon. For instance, nanoparticle-based wound healing and skin regeneration bioactive molecules over the applied area, maintain the drug release and specifically improve the therapeutic effects of drugs. Similarly, gene therapy which induces wound healing by introducing normal healthy genes into cells is expected to be commercialized. Thus, with such advancements in advanced wound care products, the market for advanced wound care is expected to propel during the forecast period.

Increase in the number of diabetic foot ulcers and postponement of elective surgeries during the COVID-19 pandemic, is expected to result in a moderate growth during the post-pandemic period. Furthermore, many companies are opting for mergers and acquisitions, new product launches, and increasing their distribution network. For instance, in February 2023, PolyNovo Limited company announced enrollment of first patient for its randomized controlled trial (RCT), which evaluated the clinical safety & efficacy of NovoSorb SynPath for treatment of diabetic foot ulcers. Thus, the market for advanced wound care is expected to propel during the post-pandemic period.

Product Insights

The moist wound care segment dominated the advanced wound care market and accounted for the largest revenue share of 59.2% in 2022. This dominance can be attributed to an increase in the number of wound cases and an increase in the number of surgeries globally. For instance, according to Life Span Organization, about 500,000 open-heart surgeries were performed in the U.S. in 2018. Moreover, according to AHA Journals, approximately, 40,000 children undergo congenital heart surgery in the U.S. As such surgeries take time to heal, advanced wound care products help in healing such wounds in quick duration, thereby, helping the market for advanced wound care impel during the forecast period.

However, the antimicrobial wound care products segment is anticipated to witness the fastest CAGR of almost 6.0% during the forecast period. These dressing covers are used to alter the wound bed bioburden. Antimicrobial wound care is majorly indicated for partial and full-thickness wounds, such as surgical incisions and other chronic wounds. Therefore, with an increase in the number of patients suffering from pressure ulcers and venous foot ulcers, the segment is expected to impel during the forecast period.

Application Insights

The acute wounds segment dominated the market for advanced wound care and held the largest revenue share of 59.9% in 2022. The segment is anticipated to witness a considerable growth rate over the forecast period. The increasing number of different traumatic wounds, such as road accidents is the major factor driving the segment. Moreover, the incidence of non-fatal injury, which requires medical attention, has increased in the U.S. For instance, according to data by CDC, the incidence of non-fatal injury in 2015 was estimated to be 517,249, which increased to 534,602 in 2017. Similarly, according to an article by Brady United Organization, about 316 people are shot every day in the U.S., out of which 210 survive. Thus, with an increase in the number of acute wounds, the segment is anticipated to impel during the forecast period.

However, the chronic wounds segment is expected to witness the fastest CAGR of 5.4% during the forecast period. An increasing number of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth. For instance, according to Agency for Healthcare Research and Quality, more than 2.5 million people in the U.S. develop pressure ulcers every year. Similarly, according to NCBI, the incidence of pressure ulcers in a clinical setting may range from 4% to 38%. In addition, according to American Diabetes Association, in 2018, an estimated 34.2 million people, i.e., 10.5% of the total U.S. population, had diabetes. The rise in the diabetic population is expected to increase the number of diabetic foot ulcer patients, thereby boosting the market growth.

End-use Insights

The hospital segment dominated the market for advanced wound care and held the largest revenue share of 45.2% in 2022. The growth of this segment can be attributed to an upsurge in surgical procedures and an increase in the number of hospital admissions. For instance, according to the Australian Institute of Health and Welfare, the number of hospitalizations in Australia has increased. For instance, in 2019 - 2020, 11.1 million people were hospitalized in Australia. Thus, the increase in the number of hospitals and hospitalization rates is expected to help the market grow during the forecast period. Similarly, an increase in the number of surgeries around the globe is further helping the market impel. For instance, according to Business Insider, nearly 1 million plastic surgery procedures are carried out in South Korea. Moreover, according to estimates by a similar source, every one in three women between 19 - 29 have had plastic surgery. Therefore, the increase in the number of surgeries may lead to an increase in the use of advanced wound care products which may further propel the advanced wound care market growth.

The home healthcare segment is expected to witness the fastest CAGR of 6.17% during the forecast period. During the COVID-19 pandemic, there was an increase in demand for home healthcare advanced wound care products. Moreover, an increase in the geriatric population is anticipated to impel advanced wound care products further. The elderly population is more susceptible to chronic wounds and with an increase in age, the wound healing ability of the body slows down. Moreover, according to Wound Care Learning Network, elderly people are more likely to be diagnosed with pressure ulcers. Thus, a rise in the elderly population may help the market propel.

Regional Insights

North America dominated the market for advanced wound care and accounted for the largest revenue share of 45.3% in 2022. This dominance can be attributed to a well-developed healthcare infrastructure and an increase in the number of surgical procedures. For instance, according to the American Society of Plastic Surgeons, approximately 18 million people in the U.S. underwent minimally invasive cosmetic surgical procedures in 2018. Advanced wound care products, thus, are increasingly being used to prevent surgical site infections. Additionally, increasing the incidence of accidents such as road accidents, burns, and trauma events across the globe is anticipated to drive the market. For instance, as per the WHO (2018), around 1,000,000 people are severely or moderately burnt in India per year. Thus, the aforementioned factors are likely to propel market growth during the forecast period.

In Asia Pacific, the market for advanced wound care is estimated to witness the highest CAGR of 6.1% over the forecast period. This can be attributed to rising changing lifestyles leading to an increase in the incidence of chronic diseases and an increase in the geriatric population in this region. For instance, according to the European Parliament, Japan is aging fast and has 28.7% of the population over the age of 65. Moreover, by 2036, people above 65 will represent one-third of the country's population. As the geriatric population is at a higher risk of various diseases and disabilities, an increase in the geriatric population may propel the demand for advanced wound care products. Moreover, an increase in medical tourism is anticipated to further help the market impel. Thus, owing to the above-mentioned factors, Asia Pacific is anticipated to witness the fastest growth over the forecast period.

Key Companies & Market Share Insights

The market for advanced wound care is highly fragmented with the presence of several small and large manufacturers. Competitive rivalry in the market is expected to increase over the forecast period due to the presence of many players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers, and acquisitions to strengthen their product portfolios. For instance, in September 2022, PolyNovo Limited company received FDA 510 (k) clearance for its product 'NovoSorb MTX'. The product is intended to be used for management of complex chronic wounds.

Similarly, in January 2022, Convatec Group PLC entered the attractive wound biologics segment through the acquisition of Triad Life Sciences Inc. This is expected to strengthen Convatec’s Advanced Wound Care business in the U.S. – highly complementary product portfolios and commercial expertise. Some of the prominent players in the global advanced wound care market include:

• Smith & Nephew

• Mölnlycke Health Care AB

• ConvaTec Group PLC

• Baxter International

• URGO Medical

• Coloplast Corp.

• Medtronic

• 3M

• Derma Sciences Inc. (Integra LifeSciences)

• Medline Industries

Advanced Wound Care Market Report Scope

Global Advanced Wound Care Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global advanced wound care market report on the basis of product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Moist

    • Foam Dressings

    • Hydrocolloid Dressings

    • Film Dressings

    • Alginate Dressings

    • Hydrogel Dressings

    • Collagen Dressings

    • Other Advanced Dressings

  • Antimicrobial

    • Silver

    • Non-silver

  • Active

    • Biomaterials

    • Skin-substitute

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Chronic Wounds

    • Diabetic Foot Ulcers

    • Pressure Ulcers

    • Venous Leg Ulcers

    • Other Chronic Wounds

  • Acute Wounds

    • Surgical & Traumatic Wounds

    • Burns

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Specialty Clinics

  • Home Healthcare

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Denmark

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Taiwan

    • Australia

    • Vietnam

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait