February 25, 2024

Advanced Wound Care Management Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes

The Advanced Wound Care Management Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Advanced wound care management products are used for the treatment of acute and chronic wounds such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, and surgical wounds. These include hydrocolloids, hydrogels, alginates, film and foam dressings.

Market Dynamics:

The growth of the advanced wound care management market is driven by the increasing prevalence of diabetes. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Diabetic foot ulcers are one of the most common and severe complications of diabetes. Advanced wound care products help manage these chronic wounds and lower the healthcare costs associated with diabetes treatment. Additionally, growing geriatric population who are more prone to developing chronic wounds is also fueling the market growth. Aging causes decrease in both blood circulation and immune function which delays wound healing.

Major Market Drivers: Rising Prevalence of Diabetes, Obesity, and Other Chronic Conditions Leading to Wounds

The increasing prevalence of chronic medical conditions such as diabetes, obesity, cardiovascular diseases, and peripheral artery diseases is significantly driving the demand for advanced wound care management products. These conditions often lead to complications such as wounds, ulcers, and fractures that take a long time to heal or do not heal at all if not properly managed. For instance, diabetes is a major risk factor for lower-extremity amputations due to diabetic foot ulcers that do not respond to standard treatment. Advanced wound care products are effective in treating such chronic and hard-to-heal wounds. Furthermore, the rising global obese population is also fueling market growth as obesity increases the risks of developing pressure, venous leg, and diabetic foot ulcers.

Surging Geriatric Population and Associated Increase in Age-Related Wounds

The advanced wound care management market is experiencing growth due to the rising global geriatric population which is more prone to developing chronic wounds such as pressure, venous leg, and diabetic foot ulcers. Age-related factors like reduced mobility, poor circulation, weaker immunity, and increased incidences of comorbidities add to their vulnerability to wounds. This aging demographic will significantly drive the demand for advanced wound care treatments in the coming years. For example, according to the UN, the number of people aged 60 years or above is projected to double from current figures to nearly 2.1 billion by 2050. This burgeoning senior population base will propel the wound management industry forward.

Major Market Restrain: High Cost of Advanced Wound Care Products

One of the key challenges faced by players in the advanced wound care market is the high cost of newer technologies and products. Advanced wound dressings, skin substitutes, negative pressure wound therapy systems, and other innovative treatment options are quite expensive compared to traditional wound care options. This significantly limits their widespread adoption, especially in cost-sensitive developing and underdeveloped regions. The high costs make advanced wound care unaffordable for a large section of the global patient population. Market leaders need to focus on new product designs and manufacturing processes that can help reduce the costs to some extent and increase accessibility for patients globally.

Major Market Opportunity: Rising Investments and improving Healthcare Infrastructure in Emerging Markets

The advanced wound care management industry has huge untapped opportunities in developing economies due to their growing healthcare expenditures, rapid urbanization, rising middle-class disposable incomes, and improving healthcare infrastructure and facilities. Emerging countries like India, China, Brazil, Mexico, and those in Southeast Asia are witnessing heavy investments in healthcare by both public and private players. This is expanding healthcare access for their booming populations. As their medical capabilities and affordability enhance over the next decade, emerging markets will contribute significantly to the global advanced wound care market revenues. Companies need to efficiently tap into these promising developing regions to boost future business prospects. Customizing products as per local needs will aid penetration into new growth territories.

Major Market Trend: Growing Adoption of Novel Technologies like 3D Bio-printing and Tissue Engineering for Wound Healing

The adoption of innovative technologies is a key trend shaping the future course of the advanced wound care industry. In particular, significant research efforts are being directed towards 3D bio-printing and tissue engineering approaches for developing artificial skin and wound dressings. For instance, scientists are engineering skin substitutes using patient-derived fibroblasts and keratinocytes. Companies are also leveraging advances in materials science, gene therapy, stem cell therapy and nanotechnology for developing next-gen wound healing products. Such groundbreaking technologies hold great potential for revolutionizing treatment outcomes and fast-tracking the healing process. As the science matures, their integration into commercial solutions will disrupt the wound management space. This growing emphasis on high-tech solutions presents attractive opportunities for market players to gain a competitive edge.

*Note:

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