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The global advanced wound care market size stood at USD 10.43 billion in 2019 and is projected to reach USD 15.59 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period.
It is estimated by various studies that around 1 to 2 percent of the population in the developed countries will suffer from a chronic wound once in their lifetime. The developing countries present a large pool of patients suffering from chronic wounds such as diabetic foot ulcers, pressure ulcers, and others. Also, the increase in number of patients undergoing surgeries globally has led to the surge in patient population suffering from surgical wounds. A chronic wound can be classified as a wound which fails to progress through the phases of healing in an orderly and timely sequence and shows no significant improvement in 30 days’ time. Whereas, acute wounds heal through the routine process of inflammation, tissue formation, and remodeling, in a short period of time. Advanced wound care products are designed exclusively to treat chronic and acute wounds. These include advanced wound dressings, wound care devices including NPWT, and active therapies such as skin grafts and substitutes.
Economics Behind the Wound Care Treatment
There is an ever-increasing economic burden for the treatment of chronic and acute wounds being exerted on the healthcare systems in various countries. Hence, the need for cost effective and innovative products is increasing day by day among the patient population. According to the National Institute of Health, diabetic foot ulcers cost an estimated USD 9 to USD 13 billion for treatment in the U.S. alone each year. This is further aggregated by the huge economic cost of treatment of venous leg ulcers and pressure ulcers in the country each year. There is an increased effort to introduce new and advanced products for chronic wounds, with an aim to offer effective and affordable treatment to large pool of elderly patients. For instance, by 2020, the U.S government estimates that the geriatric population will be over 55 million, suggesting an increase in patient population suffering from chronic wounds. Currently, an estimated 2.0% of the total population in the U.S., is suffering from chronic wounds.
The impact of the COVID-19 pandemic on certain medical device segments is expected to be more pronounced due to the slowdown in non-emergency procedures and healthcare services. More than 2 million non-emergency procedures were cancelled in the U.K. to free up healthcare resources to fight against the pandemic. Similarly, the hospitals in the U.S. saw a 30-60% decline in hospital visits after the announcement of coronavirus as a pandemic.
Countries globally have reallocated healthcare resources such as hospital beds, nurses, essential personnel, and medical devices for the management of COVID-19 patients. This has resulted in the exemption of wound care from essential procedures list, and implementation in the elective procedures list in most countries. Healthcare facilities including specialized wound care clinics, hospitals with dedicated wound care departments, have been closed with the number of beds available in these settings as they are being utilized for COVID-19 patients. This has led to a significant impact on the number of patient visits to wound care centers, and outpatient departments, especially in the U.S., and European countries. According to statistics published by Tissue Analytics, Inc., there was an estimated 40% drop in patient visits in wound centers during March and April 2020, as compared to 2019.
The COVID-19 outbreak has negatively impacted the uptake of advanced wound dressings and devices. The Global Advanced Wound Care Market is projected to grow by only 3.3% in 2020 due to the COVID-19 crisis. However, healthcare providers have shifted to new models of care for chronic wounds such as telehealth platforms and virtual consultations. This is anticipated to revolutionize the wound management guidelines and lead to a new mode of care in the forthcoming years. Healthcare providers have already identified, noticed, and accepted the “new normal”. They are finding innovative ways to improve the delivery of medical care and quality of life of their patients.
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Introduction of Active Therapies for Wound Care to Drive the Market Growth
Globally, patients are seeking for urgent and efficient treatment of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Active wound care products, including biological skin equivalents, growth factors have an established and clinically proven efficiency in treatment of hard-to-heal chronic wounds. Currently, there are a handful of players operating in this segment, and these players are focusing on introducing new bioactive products in the market. For instance, in April 2018, MTF Biologics announced the launch of AminoBand viable membrane at the Wound Healing Society (WHS) conference in the U.S. Thus, such introduction of advanced active therapies by domestic market players have been instrumental in boosting the adoption of skin grafts, collagen dressings, and other active therapies, which, in turn, will aid the global market during the forecast period.
Rising Prevalence of Chronic and Acute Wounds to Fuel Demand for Wound Dressings, and Devices
Globally, increasing prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and acute wounds including surgical, traumatic wounds is expected to increase the number of patients undergoing wound care treatment. For instance, according to a data published by the Department of Endocrinology of Nanjing University Medical School in 2019, the prevalence of diabetic foot ulcers in North America was estimated to be around 13.0% among diabetic patients. Also, according to the Centers for Disease Control and Prevention, the overall prevalence of surgical site infections caused by surgical wounds in the U.S., was around 2.8% in 2018. Thus, increasing prevalence of chronic and acute wounds globally is increasing the uptake of these products for its treatment and subsequently, driving the advanced wound care market during the forecast period. This is one of the growth factors responsible for driving the market.
Launch of Innovative and Advanced Wound Products is Propelling Growth of the Market
Technological developments are expected to have a huge impact on the wound care industry. Axio Biosolutions, in February 2019, launched MaxioCel the next generation wound dressing in the global market. MaxioCel is made up of chitosan and is used in the treatment of chronic wounds. Also, in January 2019, Applied Tissue Technologies LLC received the U.S FDA approval for its Platform Wound Dressing (PWD), a negative pressure wound therapy (NPWT) device that eliminates the use of foam dressings. Hence, growing investment in R&D and the introduction of advanced wound healing products by market players are expected to witness a rise in the adoption of wound dressings, and active therapies for the management of acute and chronic wounds worldwide.
High Cost Associated with Devices and Active Therapies to Limit Market Adoption
Despite, higher prevalence of chronic and acute wounds globally, certain factors are limiting the advanced wound care market growth. Among them is the high cost associated with advanced wound products and limited reimbursement for these products in emerging countries. According to economic analysis between wound dressings and NPWT, the average cost of NPWT pumps in the U.S. is around USD 90, while that of a wound dressing is around USD 3. Although various studies have demonstrated the overall cost of treatment by wound dressings is comparatively higher (estimated at USD 350), that NWPT (estimated USD 200) per person, these costs are higher when compared to traditional wound dressings. The cost of treatment is higher for wound care devices including negative pressure wound therapy, and skin grafts, and the cost escalates as the wound progresses from acute to chronic.
Additionally, the lack of adequate reimbursement policies especially in emerging countries has limited the adoption of wound care products and devices. A significant proportion of the overall cost of treatment in emerging countries is out-of-pocket cost, which further limits the uptake of advanced wound dressings, and devices, for the treatment of chronic wounds. Considering the above factors, people in these regions prefer traditional wound care products than advanced ones.
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Active Wound Care to Grow at Faster Pace during 2020-2027
On the basis of product, the market includes advanced wound dressings, wound care devices, and active wound care. The advanced wound dressings segment held a dominant share of the market in 2019. The dominance is due to a comparatively lower cost of wound dressings along with its high efficiency in exudate management of wounds. The active wound care segment is projected to register a higher CAGR by 2027 due to the increasing application of active therapies such as skin grafts and biologics in the treatment of hard to heal chronic wounds.
However, the wound care device segment is expected to grow at a significant CAGR during the forecast period due to the increasing number of market players engaged in introducing advanced devices like single-use NPWT in the global market.
Diabetic Foot Ulcer Segment Dominated the Market in 2019
Based on indication, the market is segmented into diabetic foot ulcers, pressure ulcers, surgical wounds, and others. Higher prevalence of diabetes globally and increasing incidence of diabetic foot ulcers among diabetic patients are some of the major factors responsible for the dominance of the segment in 2019. According to the National Health Institute (NIH), the global prevalence of diabetic foot ulcers is estimated to be around 6.5%. However, the prevalence is higher in North America (13%), as compared to Asia, which has a comparatively lower prevalence of 5%. The surgical wounds segment is anticipated to project a significant CAGR during the forecast period owing to the increase in the number of surgical procedures coupled with the increasing incidence of surgical site infections (SSI) among patients.
Homecare Settings to Register a Higher CAGR during the Forecast Period
In terms of end-user, the market is segmented into hospitals, clinics, home care settings, and others. The hospitals are expected to have a dominant share in the market during the forecast period. The dominance is due to an increase in hospital stays of patients suffering from chronic or acute wounds. The clinics are expected to grow at a significant CAGR during the forecast period due to the increase in the number of stand-alone wound care clinics in developed and emerging countries. During these unprecedented times of COVID-19, home healthcare is one of the best services available at your doorstep.
Besides, the home care settings segment is expected to register a significant growth by the end of the forecast period owing to the rising preference shift of patients from hospital to home care settings.
North America Advanced Wound Care Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 4.35 billion in 2019. The dominance of this region is attributable to the increasing prevalence of chronic and acute wounds and higher cost of treatment of diabetic foot ulcers, pressure ulcers, and surgical wounds. For instance, according to a study published by SAGE publications Ltd., in 2017, an average expenditure of diabetic foot ulcer was estimated to be USD 8,659.0 per patient in the U.S. This, along with the presence of adequate reimbursement policies in the U.S and Canada, is responsible for the dominance of North America in the advance wound care market. The market in Europe is expected to grow at a significant CAGR owing to the rising awareness regarding wound care combined with the increasing demand for these products for treatment. The market in Asia Pacific is expected to exhibit healthy growth owing to the increasing per capita healthcare spending. In addition to this, market players in this region are making heavy investments, which in turn, will fuel demand for advanced wound care products. Latin America & the Middle East & Africa accounted for a comparatively lower share of the market owing to the presence of a huge underpenetrated market.
Strong Portfolio has Propelled Smith & Nephew, ConvaTec Inc., and 3M to Lead the Global Market.
The market is consolidated owing to the strong product portfolio and remarkable distribution network of major companies in developed and emerging countries. Currently, Smith & Nephew, ConvaTec, Inc., and 3M lead the market, accounting for a dominant share in 2019. However, lack of strong barriers to entry is projected to lead to an increasing number of domestic players entering the global market. This is projected to lead to a slightly fragmented market by 2027. For instance, in December 2017, SANUWAVE Health Inc., received the U.S FDA approval for marketing of the DermaPACE system, the first shock wave device intended to treat diabetic foot ulcers.
Other key players such as MiMedx, Coloplast Corp, Derma Sciences Inc., Tissue Regenix, Mölnlycke Health Care AB, and Organogenesis Inc., have also entered the market competition with novel advanced wound care products. Introduction of innovative wound care products like advanced wound dressings, NPWT, and huge investment in development of novel technologies like bioactive therapies for treatment are some of major strategies adopted by market players operating in the advanced wound care market.
An Infographic Representation of Advanced Wound Care Market
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The advanced wound care market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the recent years.
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Value (USD billion)
Fortune Business Insights says that the global market size was USD 10.43 billion in 2019 and is projected to reach USD 15.59 billion by 2027.
In 2019, the North America market value stood at USD 4.35 billion.
Growing at a CAGR of 5.1%, the market will exhibit steady growth in the forecast period (2020-2027).
The advanced wound dressings segment is expected to be the leading segment in this market during the forecast period.
Increasing prevalence of chronic and acute wounds and introduction of wound care products by market players are major factors driving the growth of the market.
Smith & Nephew, 3M, and ConvaTec Inc., are major players of the global market.
North America dominated the market share in 2019.
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