The global advanced wound care and closures market is experiencing growth due to an increase in prevalence of chronic wounds, rise in geriatric population, and technological advancement in wound care and closures.
PORTLAND, Ore., Oct. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Advanced Wound Care And Closures Market By Type (Advanced Wound Closures and Advanced Wound Care), By Application (Burns, Ulcers, and Others) By End User (Hospitals, Clinics and Nursing Homes, and others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, advanced wound care and closures industry was estimated at $19.5 billion in 2022, and is anticipated to hit $32.9 billion by 2032, registering a CAGR of 5.4% from 2023 to 2033.
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Advanced wound care and closure methods are specifically developed to address and treat both chronic and acute wounds. Products like staples,sutures, adhesive tapes, sealants, and tissue adhesives serve as effective options for closing wounds securely. Additionally, advanced wound care products, including alginates, foam dressings, and hydrocolloids, create a moist environment around the wound, promoting faster healing. These advanced wound care and closure techniques are used for wound management in a range of healthcare settings, including specialized clinics, hospitals, and even in the comfort of one's own home through homecare services.
Prime determinants of growth
Increase in the prevalence of chronic wounds such as pressure ulcer, diabetic foot ulcer and others, and increase in surgical procedures drive the growth of the advanced wound care and closures market. However, high cost of advanced wound care products is hampering the advanced wound care and closures market growth. On the contrary, increase in new product launches and technological advancement in the advanced wound care and closures are expected to offer remunerative opportunity for expansion of the advanced wound care and closures market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $19.5 billion |
Market Size in 2032 | $32.9 billion |
CAGR | 5.4 % |
No. of Pages in Report | 275 |
Segments covered | Type, Application, End User, and Region |
Drivers | Increase in Incidences of chronic wounds Technological advancements in wound care management products Increase in number of surgical procedures |
Opportunity | Rise in new product launches |
Restraint | High cost of advanced wound care and closures |
Economic Downturn Analysis: Impact of Recession in 2023 on the Advanced Wound Care and Closures Market
- In the economic recession, advanced wound care and closures market is driven by s surge in incidence of chronic wounds, increase in surgical procedures, and adoption of newly launched wound care products table.
- However, increased manufacturing and operating costs, shortage for raw materials, and fluctuations and adverse movement in shipping cost impact the advanced wound care and closures market growth.
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The advanced wound care segment to maintain its leadership status throughout the forecast period
Based on type, the advanced wound care segment held the highest market share in 2022, accounting for more than half of the advanced wound care and closures market revenue, and it is projected to manifest the highest CAGR of 5.6% from 2023 to 2032, owing to increase in demand for advanced dressings such as foam dressings, silver dressings, and others and technological advancement in advanced wound care.
The ulcers segment to maintain its leadership status throughout the forecast period
Based on application, the ulcer segment held the highest market share in 2022, accounting for more than half of the advanced wound care and closures market revenue, and it is projected to manifest the highest CAGR of 5.7% from 2023 to 2032, owing to rise in prevalence of diabetes, pressure ulcer, and surge in geriatric population that are more susceptible to acquire chronic wounds.
The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospital segment held the highest market share in 2022, accounting for more than half of the advanced wound care and closures market revenue, and it is projected to manifest the highest CAGR of 5.6% from 2023 to 2032, owing to increase in surgical procedures and surge in hospitalization of patient for the treatment of chronic wounds.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global advanced wound care and closures market revenue, owing to high prevalence of chronic wounds, availability of advanced wound care and closures, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.2% from 2023 to 2032, owing to development of medical technology industry, high prevalence of diabetes, and increase in adoption of advanced wound care and closures.
Leading Market Players: -
- 3M Company
- B. Braun SE
- Baxter International Inc.
- Coloplast
- Convatec Group plc
- Essity Aktiebolag AB
- Integra LifeSciences Holdings Corporation
- Johnson & Johnson
- Medtronic plc
- Smith and Nephew plc.
The report provides a detailed analysis of these key players of the advanced wound care and closures market. These players have adopted strategies such as product launch, acquisition, and agreement to increase their market share and maintain dominant shares in the different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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