by Advanced wound care products play a vital role in the treatment of chronic and acute wounds. These products help manage wounds effectively and expedite the healing process. Advanced wound care products primarily comprise moist wound dressings, wound cleansing systems, wound debridement products, wound assessment tools, and wound fillers. Moist wound dressings help maintain a moist environment around wounds to promote healing. Wound assessment tools aid in determining wound severity and ensuring appropriate treatment. Wound debridement products assist in removing dead or damaged tissue from wounds. With rising cases of diabetes and associated chronic wounds, the need for advanced wound care is growing substantially.
The global Advanced Wound Care Management Market is estimated to be valued at US$ 16.7 billion in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancement is one of the key trends gaining traction in the advanced wound care management market. Various companies in the market are focusing on developing innovative and futuristic wound care products to cater to the growing patient needs. For instance, companies are developing wound care products embedded with sensors to continuously monitor wound conditions and enable timely interventions. Such smart wound care products can transmit wound data to doctors or caregivers remotely for review and treatment management. With continual technology advancement, wound monitoring and management is becoming more convenient with reduced need for frequent medical visits. This is expected to boost adoption of advanced wound care products and drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as the market requires significant investment in R&D and clinical trials to develop advanced wound care products.
Bargaining power of buyers: Moderate as buyers have bargaining power due to availability of substitute products. However, customized wound care management attracts patients.
Bargaining power of suppliers: Moderate as some key raw materials have limited sources of supply globally.
Threat of new substitutes: Low to moderate as new advanced technologies can pose potential threat to existing products.
Competitive rivalry: High as the market has presence of many global as well as regional players.
Key Takeaways
The Global Advanced Wound Care Management Market Size is expected to witness high growth. The global Advanced Wound Care Management Market is estimated to be valued at US$ 16.7 billion in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030.
The market in North America region is expected to dominate owing to increased adoption of advanced wound care products and growing prevalence of diabetes and associated chronic wounds in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period owing to rising medical tourism, increasing healthcare spending and growing number of wound care centers in countries like China, India and Japan.
Key players: Key players operating in the Advanced Wound Care Management market are Smith & Nephew, Mölnlycke Health Care AB, 3M, ConvaTec Group Plc, Coloplast Corp, Medline Industries, B. Braun, and others. Smith & Nephew has strong presence across various wound care therapies and manages infection control providing products across surgical and advanced wound care applications.
