Advanced Wound Care Market to Exhibit a CAGR of 5.7% during 2021-2028; Increasing Number of Surgical Procedures Worldwide to Boost Market Growth

The global advanced wound care market size is estimated to exhibit substantial growth by reaching USD 15.92 billion by 2028. Fortune Business Insights™ in its report titled "Advanced Wound Care Market Size, Share & COVID-19 Impact Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, and Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2021-2028" examines that the market size stood at USD 10.03 billion in 2020 and USD 10.84 billion in 2021 and is projected to exhibit a CAGR of 5.7% during 2021 and 2028. Rising surgical procedures globally and the emergence of active wound care therapies are expected to foster the growth of the market. 

Prevalence of Acute and Chronic Wounds to Boost Market Growth

Advanced wound care solutions are used extensively for treating acute and chronic injuries such as venous leg ulcers, diabetic foot ulcers, and others. The prevalence of traumatic and fatal wounds among several patients may boost advanced wound care solutions demand. As per the data published by the Department of Endocrinology of Nanjing University Medical School, in 2019 the total cases of surgical wounds in North America surged up to 2.8%. Further, the development of advanced wound solutions, such as biosolutions, is expected to fuel the product demand. Technological advancements in the healthcare sector have led to the adoption of biosolutions. For example, in February 2019, Axio Biosolutions announced its MaxioCel made from chitosan for treating chronic wounds. These factors are anticipated to drive the market growth. 

Net Health Acquires Tissue Analytics to Strengthen Market Position

In May 2020, Net Health acquired an automated mobile skin and wound imaging and predictive analytic solutions provider based in Baltimore, Tissue Analytics. This acquisition is expected to boost Net Health's market position and fasten the delivery of next-generation wound care solutions to its customers. The company is actively planning to incorporate the Tissue Analytics application with its WoundExpert EHR solution. This incorporation may enable clinicians to capture and upload without hassles. It may enable the company to improve its services and gain consumers' attention.  

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/advanced-wound-care-market-100060

Prominent Companies Launch Novel Products to Boost Brand Image

The prominent companies operating in the market launch novel products to satisfy consumer demand and boost their brand image. For example, in September 2020, MIMEDX announced a placental tissue allograft, EpiCord Expandable. The product's innovative design enables healthcare providers to cover double the surface and cater to patient's advanced wound care demands in regards to hard-to-heal, chronic, and huge wounds. This strategy may enable the company to satisfy consumer demand and boost its brand image. Further, the adoption of research and development may enable companies to launch innovative products that satisfy an extensive range of wound care solutions. This strategy may enable companies to boost their sales and strengthen market footing.

Industry Development

• January 2020: ConvaTec Group PLC launched its new superabsorber wound dressing solution, ConvaMax. This product was designed to manage high exuding wounds such as diabetic foot ulcers, pressure ulcers, leg ulcers, and others. 

LIST OF KEY MARKET PLAYERS PROFILED IN THE REPORT:

• Smith & Nephew (London, U.K.)


• 3M (Minnesota, U.S)


• MiMedx (Marietta, Georgia)


• Coloplast Corp (Humlebaek, Denmark)


• ConvaTec Inc. (England, U.K.)


• Tissue Regenix (West Yorkshire, U.S.)


• Derma Sciences Inc. (New Jersey, U.S.)


• Mölnlycke Health Care AB (Gothenburg, Sweden)


• Organogenesis Inc. (Massachusetts, U.S.)


• Integra LifeSciences (New Jersey, U.S.)

Further Report Findings

• The market in North America stood at USD 4.15 billion in 2020 and is projected to gain the largest portion of the global market share. The presence of feasible medical reimbursement policies in Canada and the U.S. is expected to boost advanced wound care adoption. 


• Moreover, the increasing prevalence of acute and chronic wounds and high treatment costs may fuel the product demand. As per the Agency for Healthcare Research and Quality estimations, the medical pressure ulcer management ranges from USD 9.1 to USD 11.6 billion annually. These factors may boost the industry growth. 


• According to product analysis, the active wound segment is expected to dominate the market. The rising adoption of active therapies, such as skin biologics and skin grafts, is expected to fuel the product demand. This factor is expected to boost the market growth in the coming years. 

Table of Segmentation: