The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) toward COVID-19 patient care.
Market growth is driven by the increasing spending on chronic wounds, technological advancements, and growing prevalence of diseases & conditions affecting wound healing capabilities.
The manufacturing of advanced wound care products was significantly affected as major economies were severely affected due to the spread of COVID-19 infections. Players operating in the market are altering their long-term and short-term growth strategies by tapping the research market and developing innovative products to combat the pandemic.
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Physical health conditions, such as acute wounds, chronic wounds, and surgical wounds, have a negative effect on wound healing. The prevalence of acute, chronic, and surgical wounds has increased significantly over the past decade, primarily due to the growing global geriatric population, rising traumatic wounds, increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes.
Diabetes and obesity can increase the overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (advanced wound management) and incur exorbitant medical expenses.
Generally, abscesses can be drained by incisions. As incisions on the plantar surface heal slowly, this leads to a lengthier period of immobilization. This will stimulate the demand for advanced wound management for drainage and faster healing of wounds, which will boost the demand for advanced wound care products.
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The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive advanced wound care products. However, with growing awareness regarding the effectiveness of these products and increasing disposable incomes in many of these countries, the adoption of advanced wound care products is expected to increase in the coming years.
The major trend in this market is the acquisition of small players by prominent players. Small companies possess strong R&D capabilities but lack the financial strength to seek approvals and launch products in the market. Large players with strong financial positions tend to acquire these small players and use their innovative technologies for developing advanced products.
The advanced wound care market is segmented into dressings, devices & accessories, grafts & matrices, and topical agents based on products. The dressings segment accounted for the largest share of the advanced wound care market in 2020, mainly due to increasing spending on chronic and surgical wounds, rising incidence of burn injuries, and technological advancements in dressings.