The global advanced wound care market in terms of revenue was estimated to be worth $11.2 billion in 2022 and is poised to reach $17.7 billion by 2027, growing at a CAGR of 9.4% from 2022 to 2027.
Growth in this market is mainly driven by factors such as the rising prevalence of diseases & conditions that impair wound healing capabilities, rising costs associated with chronic wounds, and technological improvements. However, the high price tag and risks associated with the use of advanced wound care products are the major factors limiting the growth of this market.
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In 2021,the dressings segment held the largest share of the advanced wound care market, by product segment.
The advanced wound care market is segregated into dressings, devices & accessories, grafts & matrices, and topical agents according to product. The dressings segment held the largest share of the advanced wound care market in 2021. The prevalence of chronic, surgical, and traumatic wounds is rising, and innovations in the dressing technology are fueling the market growth of this segment.
The hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care, by end user segment, in 2021
Based on end users, the advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2021, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market. The growth of this market is being fueled by the quantity of medical procedures carried out in the hospitals, the accessibility of reimbursements, and the volume of patients receiving care in the hospitals.
North America is the largest regional market for advanced wound care market
The global advanced wound care market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the advanced wound care market. The large share of this region can be attributed to the increasing demand for advanced wound treatment products, devices, equipments and the highly advanced healthcare system in the US and Canada. The market for sophisticated wound care products is also projected to increase as the senior population rises. Growth in this population segment will raise the need for improved wound care in the area because there is a direct association between the elderly population and the prevalence of wounds.
The major players operating in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).
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