The global Advanced Wound Care market size is expected to reach USD 16.09 billion by 2030 according to a new study by Polaris Market Research. The report “Advanced Wound Care Market Share, Size, Trends, Industry Analysis Report, By Product (Dressings, Devices & Accessories, Grafts & Matrices, Topical Agents); By Wound Type; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The availability of medical reimbursements by the government for advanced healing treatment and the increasing medical expenditure are the factors that are driving the industry growth during the forecast period. For instance, the NPWT (Negative Pressure Wound Therapy) is reimbursed in hospital cases for various chronic injuries such as diabetic foot ulcers, surgeries, and others.
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When compared to the 2016 healthcare expenditure, the Federal Statistical Office forecasted a 4.9% increase in health expenditure to EUR 374.2 billion (~$450 billion) in 2017. The Consolidated Appropriations Act, 2016 offers specialized Medicare-based health-based agencies to cover the cost of medication.
Further, because of a robust product portfolio and impressive distribution networks of big corporations in emerging and developed nations, the market is highly consolidated. For instance, in January 2022, the US Food and Drug Administration (FDA) authorized PolarityTE, Inc.'s investigational new drug (IND) application for SkinTE's study in the advanced treatment of persistent cutaneous ulcers. Thus, these factors are boosting the growth of the market.
Hospital's settings segment accounted for the leading share in the market. This high share is primarily due to the rise in the number of patients being admitted to such medical settings. Because of the growing number of stand-alone clinics in emerging and developed nations, the clinic's segment is predicted to grow at a rapid rate throughout the forecast period.
Market players such as Molnlycke Health Care AB, Baxter International, Coloplast Corp., Convatec Group Plc, 3M, Derma Sciences (Integra Lifesciences), Medtronic, Smith & Nephew, Medline Industries, and Urgo Medical are some key players operating in the global market.
In February 2021, the CE mark has been awarded to AxioBiosolutions, an Indian company, for the next advanced healing and treatment product line, MaxioCel. MaxioCel is a next-generation advanced dressing treatment solution developed on Bioactive Microfiber Gelling technology that promotes faster granulation and improves healing.
Polaris Market Research has segmented the advanced wound care market report based on product, wound type, end-use, and region:
Advanced Wound Care, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Advanced Wound Care, Wound Type Outlook (Revenue - USD Billion, 2018 - 2030)
Advanced Wound Care, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Advanced Wound Care, Regional Outlook (Revenue - USD Billion, 2018 - 2030)