[289 Pages Report] The global advanced wound care market is projected to reach USD 12.8 billion by 2026 from USD 9.4 billion in 2021, at a CAGR of 6.2%. Market growth is driven by the growing geriatric population, the increasing prevalence of diabetes.
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.
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.
Various advanced wound care products, such as hydrophilic foam dressings, hydrogels, hydrofibers, and alginates, which can absorb up to 20 times their weight, enable rapid and more effective recovery from these conditions. Generally, abscesses can be drained by incisions. As incisions on the plantar surface heal slowly, this leads to a lengthier period of immobilization.
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.
The advanced wound care market is very dynamic and has witnessed several developments in recent 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.