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The global chronic wound care market size is projected to reach USD 16.36 billion by the end of 2027. The high prevalence of chronic wounds across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Chronic Wound Care Market Size, Share & COVID-19 Impact Analysis, By Type (Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, and Arterial Ulcers), By Product (Advanced Wound Dressings, Wound Care Devices, Active Therapy, and Others), By End User (Hospitals & Wound Care Centers, and Homecare Settings & Others), and Regional Forecast, 2020-2027,” the market was worth USD 10.12 billion in 2019 and will exhibit a CAGR of 6.2% during the forecast period, 2020-2027.
Chronic wound refers to the disorder that occurs due to disruptions in healing cycles of a particular disease. The impairment in treatment of wounds or severe disease due to external or internal factors results in chronic wounds. The management of such chronic wounds and treatment of these conditions can be referred to as chronic wound care. The increasing investment in the research and development of efficient treatment options associated with these diseases will create several growth opportunities for the companies operating in the market. The presence of several health reimbursement policies will lead to a wider adoption of chronic wound care methods across the world. The emphasis on research and development in this sector will also emerge in favor of growth of the overall chronic wound care market in the foreseeable future.
Scientists at Tufts University Develop Smart Bandages for Chronic Wounds
The report highlights a few of the breakthrough concepts in the market in recent years. Technological intervention in the healthcare sector has opened up a whole new dimension for treatment approach. The ease of treatment methods and wound management is primarily attributable to the advancements in technology and the adoption of concepts such as data learning, artificial intelligence, and machine algorithms to study the disease. In July 2018, a team of scientists at Tufts University announced the launch of a new product for the treatment of chronic wounds. They introduced smart bandages for management and monitoring of chronic wounds. These bandages are said to automatically deliver antibiotics at wound sites whenever essential. The use of technologically advanced concepts has been pivotal to the advent of such ‘smart’ tools for managing chronic wound care. These innovations will provide impetus to the growth of the overall market in the coming years.
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Rising Prevalence of Chronic Wounds will Emerge in Favor of Market Growth
The report highlights a few of the major factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing prevalence of chronic wounds across the world has made the highest impact on the growth of the market. The rising incidence of severe chronic conditions such as diabetic ulcers, pressure ulcers, and other forms of ulcer will create several growth opportunities for the companies operating in the market.
Major Companies are Focusing on New Products and Innovations
Accounting to the rapid penetration of technology in the healthcare sector, several companies are looking to invest more in technological integration, with the bid to acquiring a wider consumer base. It is observed that several large scale companies are focusing on product innovations and also invest in the latest trends that are pivoting the global market.
List of companies profiled in the report:
The global chronic wound care market is segmented on the basis of:
Value (USD billion)
By End User