Yahoo Finance Advanced Wound Care Market Size to Cross $17.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the new market research report published by MarketsandMarkets, "Advanced Wound Care Market by Product (Dressings (Foam, Hydrocolloid, Film, Alginate), NPWT, Debridement Devices, Grafts, Matrices, Topical Agents), Wound Type (Surgical, Traumatic, Ulcers, Burns), End User (Hospital, Homecare) - Global Forecast to 2027", the global advanced wound care market in terms of revenue was estimated to be worth $11.2 billion in 2022 and is poised to reach $17.7 billion by 2027, growing at a CAGR of 9.4% from 2022 to 2027.
Browse in-depth TOC on "Advanced Wound Care Market"
221 - Tables
38 - Figures
270 – Pages
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Advanced Wound Care Market Report Scope:
Report Coverage | Details |
Market Value by 2027 | $17.7 Billion |
Growth Rate | Poised to grow at a CAGR of 9.4% |
Historical Data | 2020–2027 |
Base Year | 2021 |
Forecast Period | 2022–2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, By Wound Type, By End User, and By Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Key Companies Profiled/Vendors | 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium). |
Key Market Opportunities | Growth potential of emerging economies |
Key Market Drivers | Increasing number of surgical procedures across the globe |
The rise in the chronic wound spending, the prevalence of diseases and disorders that impair wound healing, and technical advancements are the key drivers of market growth.
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Based on products, the advanced wound care market is segmented into dressings, devices & accessories, grafts & matrices, and topical agents. In 2021, dressings accounted for the largest share of the advanced wound care market. The large share of this segment can mainly be attributed to factors such as the increasing number of chronic, surgical, and traumatic wounds in patients; increasing happenings of burn injuries; technological evolution in dressings; and increasing spending on chronic and surgical wounds by people.
Based on wound type, the advanced wound care market is segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns & other wounds. In 2021, the surgical & traumatic wounds segment accounted for the largest share of the advanced wound care market. The large share of this segment can be attributed to the growing chronic cases and the growing number of surgeries performed.
Based on end users, the advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2021, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market. The large share of this segment can be attributed to the need for advanced wound care products in hospitals, ASCs, and wound care centers, high number of treatment procedures taking place in hospitals, growing patient inflow in this care setting, and availability of reimbursement scenario.
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Geographical Growth Scenario:
The global advanced wound care market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for advanced wound care in 2021. The large share of North America in this market can be attributed to the incidences of regular chronic disorders, increasing healthcare spending, the increasing need for advanced wound treatment options like advanced wound care products, and the highly progressed healthcare system in the US and Canada.
Key Players:
The major players operating in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).
Top Advanced Wound Care Market Player:
3M Company (US) held the leading position in the advanced wound care market. The company has maintained a leading position in the market through its well distributed and dominant networks across North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. The company believes in inorganic growth strategies such as acquisitions and partnerships to maintain its grip and dominance in this market. For example, in October 2019, the company acquired Acelity Inc. (US).
Smith & Nephew (UK) accounted for of the advanced wound care market. Its leading position in this market can be attributed to its strong worldwide sales and distribution network, allowing it to effectively market its products in all countries. In addition, Smith & Nephew invests a satisfactory amount of its revenue in R&D for new product launches and distribution. In March 2020, the company launched the PICO 14 Single-use NPWT System (NPWT) and dressing in the US. Such product launches have helped the company majorly to expand its product portfolio and enhance its market visibility in the advanced wound care market globally.
Recent Developments:
In June 2022, Smith & Nephew (UK) announced that it will be building a new R&D and manufacturing facility for its Advanced Wound Management franchise on the outskirts of Hull, UK. The new facility is expected to support more than USD 10 billion worth of sales in its first ten years of operation.
In March 2022, ConvaTec Inc. (UK) acquired Triad Life Sciences (US), a company that develops biologically derived products to address unmet clinical needs in surgical wounds, chronic wounds, and burns.
Advanced Wound Care Market Report Objectives:
To define, describe, segment, and forecast the global advanced wound care market by product, wound type, end user, and region
To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
To analyse micro markets with respect to individual growth trends, prospects, and contributions to the overall advanced wound care market
To analyse market opportunities for stakeholders and provide details of the competitive landscape for key players
To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
To profile the key players and comprehensively analyse their product portfolios, market positions, and core competencies
To track and analyse company developments such as product launches, agreements, partnerships, and acquisitions in the advanced wound care market
To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyses market players on various parameters within the broad categories of business and product strategy
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