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The global advanced wound care market size is predicted to reach USD 15.59 billion by 2027. The rising incidence of diabetes around the world will be a vital factor in supporting the growth of the market, mentioned in a report, titled “Advanced Wound Care Market Size, Share & Industry 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, 2020-2027” the market size stood at USD 10.43 billion in 2019 and is predicted to exhibit a CAGR of 5.1% between 2020 to 2027.
Introduction of PICO™ 7Y by Smith & Nephew to Augment Growth
Smith & Nephew, a British medical equipment manufacturing company headquartered in Watford announced that it has introduced a new PICO 7Y Single Use Negative Pressure Wound Therapy System with AIRLOCK™ Technology. The first cutting-edge sNPWT system encompasses integrated Y extension, which allows the utilization of two dressings synchronously from one pump, acknowledging for two wounds to be attended at the same time, and thus diminishing the cost. The PICO 7Y sNPWT contains prolonged soft port and multisite dressings, intended to coincide with complex anatomies.
The launch of the ground-breaking PICO 7Y will have a tremendous impact on the global market during the forecast period owing to the multiple wound treatment procedures such as breast surgical procedures. In addition, the PICO 7Y also includes a check dressing indicator, that is intended to diminish unnecessary dressing changes and wastage and is 23% softer than the first-generation PICO, thus making it less invasive for patients. Also, the growing improvement in patient management and patient outcome efficiencies in clinical settings will bolster the healthy growth of the market in the forthcoming years.
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Rising Prevalence of Diabetic Foot Ulcer to Drive Market
The increasing cases of acute wounds such as surgical, traumatic wounds will have a positive impact on the global market. The growing number of patients undergoing wound care treatment will augur well for the market. The rising prevalence of diabetes will spur opportunities for the market in the foreseeable future. The World Health Organization states, diabetes prevalence has been rising more rapidly in low- and middle-income countries than in high-income countries. Also, diabetes is a major cause of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. According to 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. The growing focus on innovative therapies and products for the treatment of chronic and acute wounds will support the growth of the market during the forecast period.
Enhanced Product Portfolio of Key Players to Highlight Industry Standpoint
The market is presently dominated by major players such as Smith & Nephew, ConvaTec, Inc., and 3M operating in the industry. The focus of key players towards a strong product portfolio and enhanced distribution network in emerging countries will consolidate business outlook. The key players are investing in R&D activities for the development of innovative and cost-effective products for the customers. For instance, in January 2019, UPM, a Finnish forest industry company announced that it has introduced FibDex, the first wound dressing created from wood-based nanofibrillar cellulose for the European market. The new dressing will soon receive regulatory approval for production.
The Report Lists the Main Companies in the Market:
Further Report Findings:
The Advanced Wound Care Market is Segmented into:
Value (USD billion)