Market Overview:
The advanced wound care management market involves various types of wound dressings and technologies for effective wound healing. Advanced wound care products include foams, films, alginates, hydrocolloids, hydrogels, collagen, hydrocellular dressings, contact layers and superabsorbent dressings. These products help manage wound exudate and create moist environment which promotes wound healing. They provide protection against external factors and safeguard the wound from infections. The advanced wound dressing products provide proper cleansing of wounds, protects underlying tissue and maintains moisture level of the wound bed, thus accelerating the healing process.
Market key trends:
One of the key trends in the advanced wound care management market is the increasing adoption of advanced technologies such as negative pressure wound therapy (NPWT), oxygen and hyperbaric oxygen therapy, electrical stimulation therapy, ultrasound therapy and others. NPWT involves use of sub-atmospheric pressure to the local wound environment which aid in removal of excess exudate and debris. It also stimulates blood flow and new tissue growth. Electrical stimulation therapy utilizes low electrical currents which accelerate wound healing. Similarly, hyperbaric oxygen therapy provides 100 percent oxygen environment to the tissues and improves angiogenesis. These advanced wound management technologies provide faster healing, reduced risk of infections and improved clinical outcomes. Their demand is rising significantly across hospitals and clinics for treatment of chronic and acute wounds.
The global Advanced Wound Care Management Market Share is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The advanced wound care management market requires considerable R&D investments for product innovation. Moreover, established brands have strong brand loyalty which creates barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various products from different brands in the advanced wound care management market. However, switching costs are low.
Bargaining power of suppliers: Major suppliers in the market are able to differentiate their products, strengthening their position. However, the presence of several suppliers limits their bargaining power.
Threat of new substitutes: There exist few product substitutes for advanced wound care management products. However, alternatives like simple dressings can be a potential threat.
Competitive rivalry: The global advanced wound care management market comprises numerous global and local players. Strong competition exists among key players to gain market share through product launches and innovations.
Key Takeaways
The global advanced wound care management market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers.
Regionally, North America dominated the advanced wound care management market and accounted for the largest share in 2022 owing to new product launches, increasing incidence of chronic wounds, and growing aging population in the US and Canada. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period considering the rising medical tourism industry in nations such as India, China and increasing healthcare expenditure.
Key players operating in the advanced wound care management are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc. These players are adopting inorganic growth strategies such as acquisitions and collaborations to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it