Advanced Wound Care Industry
The global advanced wound care market was valued at USD 10.77 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 4.75% from 2024 to 2030. Several factors are contributing to this market growth, including the increasing number of surgical procedures, a rise in road accidents, and an uptick in trauma cases and burns. Additionally, the introduction of innovative and advanced wound care products plays a significant role in driving demand. The growing prevalence of chronic diseases that impair wound healing capabilities further enhances the need for advanced wound care solutions.
Another crucial factor influencing market growth is the expanding geriatric population, which typically exhibits slower healing abilities. According to the United Nations Population Fund’s India Ageing Report 2023, the population aged 60 and above is projected to increase from 14.9 crores in 2022 to 34.7 crores by 2050. This demographic shift is likely to propel market growth, as older individuals often experience more complications related to wound healing.
Additionally, individuals suffering from diabetic foot ulcers (DFU) face a heightened risk of lower-extremity amputation. A study published on ScienceDirect indicates that diabetic foot ulcers could affect more than 25% of the diabetic population, with amputation occurring in 20% of these patients. Advanced wound care products are particularly effective in treating diabetic foot ulcers, which are common among those with diabetes. These products facilitate moisture retention and promote rapid internal and external healing of wounds. Furthermore, they assist in the absorption of necrotic tissues, making them effective in managing surgical site infections. As a result, healthcare professionals increasingly prefer advanced wound care products, a trend anticipated to significantly boost global wound care market growth throughout the forecast period.
Gather more insights about the market drivers, restrains and growth of the Advanced Wound Care Market
Product Segmentation Insights
Moist Wound Care Segment:
- The moist wound care segment held the largest revenue share of 70.88% in 2023.
- This dominance is primarily due to:
- An increase in the number of wound cases globally.
- A rise in the number of surgeries performed worldwide.
- For example:
- According to the Life Span Organization, approximately 500,000 open-heart surgeries were conducted in the U.S. in 2018.
- According to AHA Journals, around 40,000 children in the U.S. undergo congenital heart surgery each year.
- The extended healing time required for such surgeries makes advanced wound care products essential for quick recovery, thereby contributing to the growth of the advanced wound care market during the forecast period.
Active Wound Care Segment:
- The active wound care segment is anticipated to register growth at the fastest compound annual growth rate (CAGR) during the forecast period.
- Key factors driving this segment's growth include:
- The rising incidence of chronic illnesses such as diabetes and obesity, which can lead to slower healing of wounds.
- An increase in the geriatric population, who often experience prolonged healing times.
- A higher number of surgical procedures being performed globally.
- These factors collectively are expected to significantly propel the growth of the active wound care segment throughout the forecast period.
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