Advanced Wound Care Market to Reach $10.75 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 23, 2023 /PRNewswire/ -- The global advanced wound care market size is anticipated to reach USD 10.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.5% from 2023 to 2030. An increase in the aging population and the increasing number of diabetic patients are some major factors driving this market's growth. For instance, according to Administration for Community Living's profile on older Americans, the U.S. population aged 65 and above was estimated to be 54.1 million in 2019, which is about 19% of the U.S. population. This population increased by about 36% from 2009 to 2019 and is projected to reach 80.8 million by 2040, and 94.7 million by 2060. As the elder population is more prone to wounds, an increasing number of elder populations is anticipated to propel the market growth during the forecast period.
Key Industry Insights & Findings from the report:
- Based on product, the moist wound care segment dominated the market and accounted for a revenue share of 59.2% in 2022, owing to an increase in the number of chronic wound patients.
- Based on application, the chronic wound segment is likely to witness the fastest growth during the forecast period, owing to an increase in the number of diabetic foot ulcers globally.
- On the basis of end-use, the hospital segment dominated the market, owing to the increasing number of surgeries among the patients in hospitals. On the other hand, the home healthcare segment is anticipated to witness the fastest CAGR of 6.17% in the forecast period.
- North America dominated the market and accounted for the highest revenue share of 45.3% in 2022 owing to the increasing number of surgical procedures and technological advancements.
Read full market research report, "Advanced Wound Care Market Size, Share & Trends Analysis Report By Product (Moist, Antimicrobial), By Application (Chronic Wounds, Acute Wounds), By End-use (Hospitals, Home Healthcare), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Advanced Wound Care Market Growth & Trends
Moreover, there has been an increase in the number of surgical procedures and traumatic incidents globally. For instance, as per a study by ResearchGate, in 2020, around 6.6% of mortality occurs due to trauma every year. Similarly, there has been an increase in the number of surgical site infections. Advanced wound care products help to contain and reduce these surgical site infections, thereby, an increase in the number of surgical site infections is expected to drive the market during the forecast period.
Furthermore, the introduction of the COVID-19 vaccine, and the lifting of lockdown impositions, are expected to have a positive impact on the market in coming years. Many elective surgeries which were postponed are expected to take place. In addition to this, many leading manufacturers are introducing new products which may help them to capitalize on the increasing demand for advanced wound care products during the forecast period.
Advanced Wound Care Market Segmentation
Grand View Research has segmented the global advanced wound care market on the basis of product, application, end-use, and region
Advanced Wound Care Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Foam Dressings
- Hydrocolloid Dressings
- Film Dressings
- Alginate Dressings
- Hydrogel Dressings
- Collagen Dressings
- Other Advanced Dressings
Advanced Wound Care Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Chronic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Other Chronic Wounds
- Acute Wounds
- Surgical & Traumatic Wounds
Advanced Wound Care Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Specialty Clinics
- Home healthcare
Advanced Wound Care Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Advanced Wound Care Market
- Smith & Nephew
- Mölnlycke Health Care AB
- ConvaTec Group PLC
- Baxter International
- URGO Medical
- Coloplast Corp.
- Derma Sciences Inc. (Integra LifeSciences)
- Medline Industries
Check out more related studies published by Grand View Research:
- Chronic Wound Care Market - The global chronic wound care market size is expected to reach a value of USD 17.6 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.07% from 2023 to 2030. Diabetes may increase the overall frequency and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, including surgical & traumatic wounds. For instance, according to a research article published in March 2021 by ScienceDirect, the prevalence of diabetes is expected to increase to 120 million people in 2030, thereby propelling market growth.
- Acute Wound Care Market - The global acute wound care market size is expected to reach USD 11.96 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.24% from 2022 to 2030. A rise in burn incidence cases, an increase in the global geriatric population, and rising cases of traumatic accidents are expected to be the key driving factors for the market.
- Active Wound Care Market - The global active wound care market size is anticipated to reach USD 2.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. The increasing prevalence of chronic and acute wounds, rapidly aging population, rising number of diabetic patients, and surge in research and development activities are the major factors driving the market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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