April 18, 2024

Advanced Wound Care Management is Driven by Increasing Prevalence of Chronic Diseases

Advanced wound care management involves wound debridement, wound cleansing, and the use of advanced wound dressings such as hydrocolloid dressing, foam dressing, film dressing, silver dressing, alginate dressing, and hydrogel dressing for the treatment of acute and chronic wounds. These advanced wound dressings protect the wound from external bacteria and maintain a moist environment that promotes healing. Chronic diseases such as diabetes, obesity, cardiovascular diseases, and pressure ulcers are increasing worldwide which requires advanced wound management. According to CDC, in 2021 around 34.2 million people had diabetes in the US which is expected to rise significantly in the coming years.

The global Advanced Wound Care Management Market is estimated to be valued at US$ 15.11 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of advanced wound dressings over traditional gauze and cotton dressings is one of the key trends in the advanced wound care management market. Advanced wound dressings are more effective in creating moisture balance, preventing infections and promoting faster healing of acute and chronic wounds. They also reduce pain at the wound site and chances of disturbance to new tissue formation. Foam dressings, silver dressings and alginate dressings are gaining higher preference over other dressing types due to their ability to manage wound exudate efficiently and provide an optimum moist environment. Furthermore, growth in wound biologics including skin grafts, Engineered skin substitutes and topical agents is expected to drive the advanced wound care management market during the forecast period.

Porter’s Analysis

Threat of new entrants: The advanced wound care management market is consolidated with high capital requirements for R&D and manufacturing which makes it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate as the availability of substitutes provides options.

Bargaining power of suppliers: A few major players dominate the supply market, increasing their bargaining power.

Threat of new substitutes: With technological advancements, new alternative therapies are emerging as substitutes.

Competitive rivalry: The market is highly competitive with major players differentiating through innovative products.

Key Takeaways

The global Advanced Wound Care Management market is expected to witness high growth. The market size is projected to reach US$ 25.64 Bn by 2031 from US$ 15.11 Bn in 2024, growing at a CAGR of 7.0% during the forecast period.

Regional analysis: North America currently dominates the market and is expected to continue its dominance during the forecast period. This is attributed to growing elderly population, increasing incidence of chronic wounds and diabetes. Asia Pacific is expected to grow at the fastest pace owing to improving healthcare infrastructure and increasing medical expenditure.

Key players: Key players operating in the Advanced Wound Care Management market are Johnson & Johnson, Smith & Nephew, Baxter, Coloplast, and Medtronic. Johnson & Johnson dominates the market with its wide product portfolio and strong geographic presence across all regions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it