Advanced wound care management includes products that are used for the treatment of both acute and chronic wounds such as ulcers, lacerations, burns, and surgical wounds. Advanced wound care products provide antibacterial protection and maintain a moist environment that encourages wound healing. They form protective barriers over wounds and absorb drainage to prevent infection. Some advanced wound care products possess absorptive qualities that draw out fluid and debris from wounds. With increasing prevalence of chronic medical conditions such as diabetes and peripheral arterial disease, the risks of chronic, non-healing wounds have risen significantly. Advanced wound care products facilitate more effective wound management and quicker healing in such cases.
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
One of the major trends in the advanced wound care management market is the growing demand and availability of single-use advanced wound care products. Single-use products prevent contamination and spread of infection between patients. They eliminate needs for sterilization between uses and are more convenient for home care settings. With rising emphasis on preventing hospital acquired infections, single-use advanced wound care dressings, meshes, and bandages are witnessing growing adoption. Manufacturers are also focused on developing advanced wound care products with antimicrobial properties that can prevent biofilm formation and treat multi-drug resistant microbes to aid wound healing.
Threat of new entrants: The advanced wound care management industry requires significant capital investments for R&D, manufacturing infrastructure and regulatory compliances which poses moderate threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate in this industry as buyers have a choice between several established brands for advanced wound care products.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers for raw materials used in advanced wound care management products.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for advanced wound care management products.
Competitive rivalry: The competitive rivalry in the advanced wound care management market is high as the industry is dominated by few key global players.
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$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030.
North America currently dominates the market due to growing geriatric population and increasing prevalence of chronic wounds in the region. This is attributed to increasing investment by major players and rising number of surgeries in countries like US and Canada. Europe is also expected to grow at a steady pace driven by favourable reimbursement policies. Asia Pacific market is projected to witness highest CAGR owing to growing medical infrastructure and awareness.
Key players: 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, HapÃ© Homeopathic Pharmacy.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it