Advanced wound care management market is estimated to be valued at USD 11.72 Bn in 2024, exhibiting a CAGR of 5.1% over the forecast period 2024 - 2031. Increasing number of surgical procedures and growing medical tourism across various countries further drive the market growth.
Market Dynamics:
Global advanced wound care management market growth is primarily driven by growing geriatric population worldwide and rising prevalence of chronic diseases. Increasing cases of diabetes and obesity are contributing to rising incidence of chronic and hard-to-heal wounds. Advanced wound care products help manage diabetic foot ulcers and other chronic and complex wounds effectively. Technological advancements in wound care dressings introducing innovative methods to heal wounds faster is another key factor that boosts the market development during the projected period.
Increasing prevalence of chronic wounds and diabetes
One of the major drivers for the advanced wound care management market is rising prevalence of chronic wounds and diabetes globally. Chronic wounds such as diabetic foot ulcers, pressure ulcers and venous leg ulcers are quite common among geriatric population and patients suffering from diabetes or obesity. With rising elderly population and growing prevalence of diabetes, cases of chronic wounds are expected to increase significantly in the coming years. This increasing patient pool suffering from chronic wounds is expected to boost demand for advanced wound care products in the market.
Rapid adoption of minimally invasive procedures
Another important driver is the rapid adoption of minimally invasive procedures for wound management. Products like wound contact layers, foam dressings, and hydrocolloid dressings not only help manage wounds effectively but also reduce treatment time and pain for patients. This has increased the preference for advanced wound care among both patients and healthcare providers. Faster recovery times and less post procedural complications associated with minimally invasive treatment is a major motivation for healthcare facilities to adopt advanced wound care solutions.
High cost of advanced wound care products
One of the key restraints for this market is the significantly high cost of advanced wound care products compared to traditional wound care options. Products integrated with modern technology like negative pressure wound therapy systems, bioengineered skin and tissue products, and advanced wound dressings are quite expensive. This increased cost can limit the overall demand and adoption rate for advanced wound care solutions, especially in developing countries where budget constraints are more predominant in public healthcare system. The high cost of products poses affordability challenges for a large section of the target patient population globally.
Limited medical reimbursement for advanced wound care
Another major market challenge is limited and inadequate medical reimbursement policies for advanced wound care, especially in developing countries. Full or partial reimbursement for expensive products depends on the governing healthcare policies of different regions. In many countries, public or private medical insurance does not cover the complete cost of advanced wound care, making it unaffordable for a large patient base. This acts as a major restraint as patients avoid or discontinue prescribed treatment due to high out-of-pocket costs not covered by reimbursements. Facilities are also hesitant to invest in costly advanced products without proper reimbursement support.
Government funding and initiative
Major opportunity for the market is increasing government funding and initiatives undertaken by regulatory bodies to promote adoption of advanced wound care solutions. Rising healthcare budgets coupled with government programs focused on public awareness, promotion of advanced treatments and reimbursement guidelines are influencing the market growth.
Link: https://www.coherentmarketinsights.com/market-insight/advanced-wound-care-management-market-1159
Key Development
- In May 2023, Smith+Nephew, a prominent global medical technology enterprise, publicized the attainment of an Innovative Technology contract from Vizient, Inc., a distinguished entity specializing in health care performance enhancement. The prestigious contract was conferred following the commendation of the PICO Single Use Negative Pressure Wound Therapy Systems by esteemed hospital professionals who actively participate in one of Vizient's member-driven councils.
- In April 2023, 3M, a multinational conglomerate corporation, declared the receipt of approval from the U.S. Food and Drug Administration for 3M Veraflo Therapy, comprising both 3M Veraflo Cleanse Choice Complete Dressing and 3M V.A.C. Veraflo. This therapeutic approach employs hydromechanical techniques to eliminate infectious materials, non-viable tissue, and wound debris, consequently reducing the necessity for surgical debridement while fostering the development of granulation tissue, thereby fostering an environment conducive to wound healing.
- In April 2023, InfuSystem Holdings, Inc., a preeminent national provider of healthcare services, unveiled a nationwide distribution accord with Genadyne Biotechnologies Inc. for its negative pressure wound therapy (“NPWT”) systems and ancillary supplies. InfuSystem will proffer Genadyne’s comprehensive array of wound care solutions, including its cutting-edge XLR8 Plus NPWT Pump, distinguished by advanced variable pressure capabilities featuring a gradual wave function, complemented by Genadyne’s proprietary XLR8 Dressing Kit with Silver, an antimicrobial contact layer designed to safeguard the wound.
- In October 2022, HARTMANN USA, a leading manufacturer specializing in high-performance products within the domains of advanced and conventional wound management, joined forces with Corstrata, a distinguished healthcare IT Company, to bolster support for home health and other in-home service providers catering to wound patients. This strategic collaboration aims to enhance access to Corstrata’s cadre of virtual board-certified wound nurses (WOC nurses) and HARTMANN’s suite of advanced wound care products, thereby enhancing both clinical outcomes and financial efficacy for in-home providers tending to patients afflicted with chronic wounds.
Key Players: entrotech life sciences inc., DermaRite Industries, LLC., Argentum Medical, Alliqua BioMedical, AccelHeal, BD, Mölnlycke Health Care AB, Aroa Biosurgery Limited., Milliken & Company, Polymedics Innovations GmbH, Urgo Medical North America, Medline Industries, LP, MCKESSON CORPORATION, Integra LifeSciences, INNOVACYN, INC., Medtronic, Cardinal Health, Ferris Mfg. Corp., Hollister Incorporated, and Smith+Nephew
