by Advanced wound care management includes products such as moist wound dressings, wound cleansers, wound fillers, antimicrobial dressings amongst others that help heal acute and chronic wounds faster. These products draw exudate/secretions away from the wound site maintaining a moist environment which facilitates wound healing. They also provide protection against external infections and trauma. With the rising prevalence of diabetes worldwide, diabetic foot ulcers have become one of the major causes for lower limb amputations. According to IDF Diabetes Atlas 2019, about 463 million adults (20-79 years) are living with diabetes and by 2045 this will rise to 700 million.
The global Advanced Wound Care Management Market is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
With increasing R&D efforts, technological advancements are bringing revolutionary changes in wound care management. For instance, Biosynthetic skin substitutes made from suspensions of living human cells grown on biodegradable scaffolding provide a near-natural alternative to human skin. Companies are also developing smart wound dressings incorporated with sensors to monitor wound conditions like pH, temperature and detect infection signs early. These smart dressings send alerts to healthcare providers for timely intervention via mobile apps, avoiding unnecessary clinic visits. Such trends are gaining traction and boosting adoption of advanced wound management products.
Porter’s Analysis
Threat of new entrants: It is difficult for new start-ups to enter this market as advanced wound care management requires high level of expertise and investment. Established players have strong brand presence, distribution channels and expertise in this field.
Bargaining power of buyers: Individual customers have low bargaining power due to specialized nature of products and services. However, large hospitals and healthcare providers have moderate bargaining power.
Bargaining power of suppliers: There exist a number of suppliers for raw materials used in wound care management. Hence suppliers have low bargaining power.
Threat of new substitutes: There exist substitutes like traditional wound care management. However, advanced products offer better treatment outcomes making threat of substitutes low.
Competitive rivalry: The market is fragmented with presence of many global as well as regional players. Competition is high based on product innovation, quality and pricing.
Key Takeaways
The Global Advanced Wound Care Management Market Demand is expected to witness high growth over the forecast period. The global Advanced Wound Care Management Market is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
North America dominates the market currently due to supportive regulations, high healthcare spending and growing elderly population prone to chronic wounds in the US. Asia Pacific is expected to growth at fastest pace led by India and China on account of growing medical tourism, rising disposable incomes and improving access to healthcare.
Europe is another major region for advanced wound care management market. Presence of strong regional players and focus on innovation by manufacturers is fueling growth. However, unfavorable reimbursement policies remains a challenge for market in some countries.
Key players operating in the advanced wound care management market are Boiron, Heel, Schwabe Group, Dolisos, Nelsons, Weleda, SBL Homeopathy, Hahnemann Laboratories, Inc., Reckeweg, Helios Homeopathy, Ainsworths, Pekana, WHP (Washington Homeopathic Products), Hyland’s Homeopathic, Hapé Homeopathic Pharmacy. Major players are focusing on new product launches, acquisitions and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
