November 16, 2021 05:00 ET | Source: Global Market Insight Company Global Market Insight Company
Selbyville, Delaware, November 16, 2021 (Global News Agency)-
According to the latest research by Global Market Insights Inc., by 2027, the revenue of the advanced wound care market is expected to reach $13.8 billion. Chronic diseases will promote the adoption of advanced wound care products. The significant increase in diabetes has led to an increasing risk of wound infection.
The rise of technological improvements in wound treatment and related equipment has forced many market participants to develop advanced products to provide the best wound management results. For example, NPWT and hyperbaric oxygen equipment are innovations that help shorten wound healing time to speed up patient recovery and reduce complications.
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In addition, the existence of favorable government laws and regulations has prompted industry participants to pay more attention to their production facilities. The sharp increase in the number of accidents and burns, mainly in emerging and underdeveloped countries, will also benefit market expansion. However, the interruption in the use of wound care products and the higher cost of medical equipment during the COVID-19 pandemic are factors that have a negative impact on product demand.
The following are some other parameters that will affect the overall market development in the next few years:
Increasing adoption of wound dressings
The industry share of wound dressing products, which further includes antibacterial agents, alginates, hydrogels, foams, films and hydrocolloid dressings, will exceed USD 5 billion in 2020. This can be attributed to the increase in burn incidents, especially in the United States, the American Burns Association (ABA) reported in 2020 that more than 450,000 severe burns in the country require treatment each year.
The increasing emphasis on reducing the risk of infection has prompted an increasing use of advanced wound care dressings to help treat serious wounds. In addition, the increasing preference for foam dressings will lead to market growth.
Potential to treat pressure wounds
Due to the higher availability of various therapies and equipment used to treat these wounds, the application value of advanced wound care products in pressure wounds in 2020 is approximately US$957 million. Considering factors such as friction, shear, and constant pressure on specific body parts, the number of pressure ulcers has increased significantly, such as bedsores in the elderly.
The AHRQ (Institute for Healthcare Research and Quality) shows that nearly 2.5 million people in the United States suffer from pressure ulcers each year, which can lead to pain and related risks of serious infections.
Significant presence of hospital records
Taking into account the surge in road accidents and burns requiring intensive care, the number of hospital visits will increase, so by 2027, the hospital's advanced wound care market will record a compound annual growth rate of more than 4.9%. With the increasing demand for the treatment of foot ulcers and other types of wounds, hospitals are increasingly inclined to use wound treatment equipment.
In addition, since public hospitals are mainly supported by multiple government agencies, they are fully equipped with medical equipment and resources.
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Strong demand in the Asia-Pacific region
The Asia-Pacific region will account for more than 16% of the advanced wound care industry's revenue share in 2020 and will expand with the rapid growth of the elderly population. The high incidence of chronic injuries has led to a growing demand for advanced wound care products. In addition, the strong presence of a large number of commercial participants and the booming medical tourism industry will actively enhance the market prospects in the next few years.
Another important factor affecting market development is that well-known advanced wound care companies are paying more and more attention to strategic partnerships and new product releases to gain a higher market share. For example, 3M acquired Acelity Inc. and its global KCI subsidiary in October 2019 to expand its influence in the advanced and surgical wound care market.
Global Market Insights Inc., headquartered in Delaware, is a global market research and consulting service provider; it provides joint and customized research reports and growth consulting services. Our business intelligence and industry research reports provide customers with insightful insights and actionable market data designed and presented to help strategic decision-making. These detailed reports are designed through proprietary research methods and can be used in key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.