Advanced Wound Care Market Size, Share & Trends Analysis Report By Product (Moist, Antimicrobial, Active), By Application (Chronic Wounds, Acute Wounds), By End-use, By Region,- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global advanced wound care market size was exhibited at USD 10.81 billion in 2023 and is projected to hit around USD 17.24 billion by 2033, growing at a CAGR of 4.78% during the forecast period 2024 to 2033.

Key Takeaways:

• North America dominated the market with the revenue share of 48.0% in 2023.
• Based on product, the moist wound care segment led the market with the largest revenue share of 72.0% in 2023.
• In terms of application, the chronic wounds segment is dominate the market with the largest revenue share in 2023.
• Based on end-use, the hospital segment held the market with the largest revenue share of 45.19% in 2023.

Advanced Wound Care Market Report Scope

The demand for advanced wound care products is increasing owing to the rising prevalence of chronic diseases across the globe. The increasing geriatric population is expected to propel market growth, as geriatric population has slow healing capabilities.

For instance, as per the United Nations Population Fund’s India Ageing Report 2023, The population over 60 will double from 10.5%, or 14.9 crores, as of July 1, 2022, to 20.8%, or 34.7 crores, by 2050, which is expected to propel market growth.

Advanced wound care products help to cure diabetic foot ulcers, which are prevalent in diabetic patients. For instance, according to ScienceDirect, diabetic foot ulcers may affect more than 25% of the diabetic population and may lead to the amputation of the foot in 20% of patients. Thus, an increase in the number of diabetic patients is expected to increase the use of advanced wound care products. These products help in moisture retention and allow rapid healing of wounds internally as well as externally. Moreover, these products help in absorption of necrotic tissues, which are effective in cases of surgical site infections. Thus, healthcare professionals prefer to use advanced wound care products, which is anticipated to propel global wound care market growth over the forecast period.

Even though advanced wound care is a crucial part of healthcare, it experienced low demand in the market owing to a surge in COVID-19 cases. Due to the COVID-19 outbreak, healthcare facilities such as hospitals have been exhausted with a large number of COVID-19 patients; therefore, many countries have postponed elective surgeries and other healthcare procedures for an indefinite period. Moreover, the outbreak of COVID-19 has created large-scale opportunities for local manufacturers. Due to the restrictions on movement at international borders, the supply chain of major players has been disrupted. This created an opportunity for local players to enter the market for advanced wound care and meet the unmet demands of the end-users.

Countries have opened their international borders, with the development of vaccines, as a result, the supply chain is expected to normalize during the post-pandemic period. Due to an increase in the number of diabetic foot ulcers and earlier postponement of elective surgeries, the market for advanced wound care is expected to grow at a moderate pace during the post-pandemic period. Furthermore, many companies are opting for mergers and acquisitions, new product launches, and increasing their distribution network. For instance, in April 2023, Convatec Group PLC acquired 30 Technology Limited’s anti-infective nitric oxide technology platform, which includes new product assets and R&D. In addition to enhanced wound care, Convatec plans to explore the technical platform for use in other businesses. Thus, the market for advanced wound care is expected to propel during the post-pandemic period.

Market Concentration & Characteristics

The market growth stage is high, and pace of the market growth is accelerating. The market is characterized by a high degree of innovation owing to the rapid technological advancements in advanced wound care that have been focused on enhancing safety, efficiency, and usability. Some of the major technologically advanced products in this field are expected to be commercialized soon. For instance, nanoparticle-based wound healing and skin regeneration bioactive molecules over the applied area, maintain the drug release and specifically improve the therapeutic effectiveness of drugs. Similarly, gene therapy which induces wound healing by introducing normal healthy genes into cells is expected to be commercialized.

The market is also characterized by a high level of merger and acquisition (M&A) activity by the leading players. This strategy enables companies to increase their capabilities, expand product portfolios, and improve competencies.

The market for advanced wound care is likewise coming under more regulatory inspection. This is because concerns regarding the effectiveness, safety, and quality of medical devices for patients exist. Stringent regulations raise the cost of existing items and create hurdles to entry for new ones. As an instance, before approving a new product for use, the FDA needs rigorous clinical trials that might cost millions of dollars and take years to complete. Smaller businesses may find it challenging to enter the market as a result. The market for advanced wound care may be significantly impacted by these new regulations.

Advanced wound care solutions have a number of alternatives, such as traditional wound dressings, home remedies, and other medical treatments. While traditional wound dressings and home remedies may provide temporary relief, they may not be sufficient for proper wound healing in some cases.

End-user concentration is a significant factor in the market. Since there are a number of end-user industries that are driving demand for advanced wound care. Advanced wound care is used by healthcare professionals such as doctors, nurses, and wound care specialists who are responsible for treating patients with chronic or complex wounds. However, some advanced wound care products can also be used by patients at home with proper training and guidance from their healthcare provider. The concentration of demand in a small number of end-user industries creates opportunities for companies that focus on developing advanced wound care for these industries.

Segments Insights:

Product Insights

Based on product, the moist wound care segment led the market with the largest revenue share of 72.0% in 2023. This dominance can be attributed to an increase in a number of wound cases and increase in number of surgeries globally. For instance, according to the Life Span Organization, about 500,000 open heart surgeries were performed in the U.S. in 2018. Moreover, according to AHA Journals, approximately, 40,000 children undergo congenital heart surgery in the U.S. As such surgeries take time to heal, advanced wound care products help in healing such wounds in quick duration, thereby, helping the market for advanced wound care impel during the forecast period.

The active wound care segment are expected to register the fastest CAGR during the forecast period. The rising incidence of chronic illnesses like diabetes and obesity, which can cause wounds to heal slowly, is one of the main factors driving the segment growth over the forecast period. In addition, the market for active wound care is expanding due to an older population and an increase in surgical procedures carried out globally. These factors are expected to propel the segment growth over the forecast period.

Application Insights

In terms of application, the chronic wounds segment is dominate the market with the largest revenue share in 2023. Increasing number of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth. For instance, according to the Agency for Healthcare Research and Quality, more than 2.5 million people in the U.S. develop pressure ulcers every year. Similarly, according to NCBI, the incidence of pressure ulcers in a clinical setting may range from 4% to 38%. In addition, according to CDC’s, in 2022, an estimated 37.3 million people, i.e., 11.3% of the total U.S. population, had diabetes. The rise in diabetic population is expected to increase the number of diabetic foot ulcer patients, thereby boosting chronic wound care market growth.

End-use Insights

Based on end-use, the hospital segment held the market with the largest revenue share of 45.19% in 2023. The growth of this segment can be attributed to the upsurge in surgical procedures and increase in the number of hospital admissions. For instance, according to the Australian Institute of Health and Welfare, the number of hospitalizations in Australia has increased. For instance, in 2021 - 2022, 11.6 million people were hospitalized in Australia. Thus, the increase in the number of hospitals and hospitalization rates is expected to help the market grow during the forecast period. Similarly, an increase in the number of surgeries around the globe is further helping the market impel. For instance, according to Business Insider, nearly 1 million plastic surgery procedures are carried out in South Korea. Moreover, according to estimates by a similar source, every one in three women between 19 and 29 have had plastic surgery. Therefore, the increase in the number of surgeries may lead to an increase in use of advanced wound care products which may further propel the market growth.

The home healthcare segment is expected to witness the fastest CAGR over the forecast period. During the COVID-19 pandemic, there was an increase in demand for home healthcare advanced wound care products. Moreover, an increase in geriatric population is anticipated to impel advanced wound care products further. The elderly population is more susceptible to chronic wounds and with an increase in age, the wound healing ability of the body slows down. Moreover, according to the Wound Care Learning Network, elderly people are more likely to be diagnosed with pressure ulcers. Thus, a rise in the elderly population may help the market propel.

Regional Insights

North America dominated the market with the revenue share of 48.0% in 2023. This dominance can be attributed to well-developed healthcare infrastructure and increase in the number of surgical procedures. For instance, according to the American Society of Plastic Surgeons, approximately 23.6 million people in the U.S. underwent minimally invasive cosmetic surgical procedures in 2022. Advanced wound care products, thus, are increasingly being used to prevent surgical site infections. In addition, increasing incidence of accidents such as road accidents, burns, and trauma events across the region is anticipated to drive the market.

The U.S. held the largest share in North America market in 2023. The increased utilization of surgical procedures, the high prevalence of chronic disorders, are some of the major factors fueling the market. For instance, as per a report by National Center for Chronic Disease Prevention and Health Promotion last reviewed in May 2023, six in ten people in U.S. are live with at least one chronic disorder, such as cancer, diabetes, strokes, and heart diseases. These factors are expected to drive the demand for advanced wound care. Thus, propel the segment over the forecast period.

The Europe market is driven by factors such as high disposable income, presence of well-established healthcare infrastructure, and availability of skilled professionals. Moreover, the presence of favorable reimbursement coverage has increased the adoption of surgical procedures. In addition, increasing geriatric population and rising cases of burns & trauma are also anticipated to drive the market.

The UK has a reputation for quality solutions. Hence, medical devices manufactured in-house are anticipated to witness significant demand in the forecast period. Major companies operating in the market are Smith & Nephew PLC, ConvaTec Group PLC. These companies are adopting several strategies to increase their market share, including the launch of innovative products in the market and expansion of R&D & manufacturing facilities. For instance, in June 2022, Smith & Nephew PLC launched a new R&D and manufacturing facility in the UK. The company invested more than USD 100 million. Such factors are expected to intensify competition in the UK.

The France market is anticipated to witness significant CAGR the forecast period owing to increase in prevalence of diabetes and presence of several key players in the market. The French government is undertaking initiatives to improve the healthcare structure in France. Hence, major international players are collaborating with local players to launch, market, and distribute their products in the market. Therefore, owing to these collaborations, local players are gaining significant market share in the region.

Germany has a lucrative environment for technologically innovative startups. Around 80% of the medical device manufacturers, including companies operating in wound care products, are SMEs in the country. Moreover, many companies are entering into strategic alliances, such as partnerships, mergers, agreements, and product launches. For instance, in September 2022, Evonik signed an agreement with a medical technology company Coopmed to distribute wound dressing. Such factors are expected to boost the wound care market in Germany and intensify the competition over the forecast period.

Asia Pacific is anticipated to witness significant CAGR during the forecast period. This can be attributed to the presence of major key players, the increasing prevalence of chronic disorders, and rising healthcare expenditure. For instance, as per a report by Insurance Asia, healthcare spending in Asia Pacific is expected to surge 9.9% in 2024. These factors are expected to drive the segment’s growth over the forecast period. Moreover, India market is expected to grow at a lucrative CAGR over the forecast period.

The China accounted for the largest share of the Asia Pacific market in 2023. Growth in the market is primarily propelled by the increasing prevalence of chronic disorders and the rising geriatric population. As per the data published by Springer Nature, in 2022, about 280.04 million people aged 60 and above in China account for 19.8% of the nation's population. These factors propel the segment growth.

The Japan market is moderately competitive, with the presence of some major companies offering wound care products. Major players in the market are adopting several strategies such as mergers & acquisitions and partnerships & collaborations to stay competitive in the market. Furthermore, companies are investing in R&D, which is expected to increase awareness and demand for advanced wound care products.

Availability of advanced treatment options at low cost in Latin America is making the region more preferred for medical tourism. In addition, governments of Latin American countries are consistently involved in improving healthcare infrastructure. Thus, such factors are expected to promote market growth over the forecast period.

The growing geriatric population, increasing number of surgeries, and rising incidence of sports-related injuries are propel the MEA market. In addition, increasing government initiatives to develop healthcare infrastructure, the region is expected to witness a rise in number of surgeries, leading to an increase in demand for advanced wound care products for postoperative care.

Recent Developments

• In October 2023, DuPont has launched a novel soft skin adhesive (SSA) DuPont Liveo MG 7-9960 that boasts higher adhesion and lower cyclic silicone. This advanced adhesive has been specifically designed to be used in wound care dressings and for attaching medical devices to the skin, allowing for extended wear time and gentle removal
• In June 2023, JeNaCell introduces the epicite balancing wound dressing to the German market. The dressing is especially well-suited and adapted for the management of chronic wounds with low to medium levels of exudation, including soft tissue lesions, diabetic foot ulcers, venous leg ulcers, and arterial leg ulcers 
• In October 2022, Healthium Medtech introduced a new line of wound dressings "Theruptor Novo". For the treatment of persistent sores such as diabetic foot ulcers and leg ulcers

Some of the prominent players in the Advanced wound care market include:

• ConvaTec Group PLC
• Smith & Nephew PLC
• Mölnlycke Health Care AB
• B. Braun Melsungen AG
• 3M
• URGO
• Coloplast Corp.
• Integra LifeSciences
• Medline Industries, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global advanced wound care market.

Product

• Moist

• • Foam Dressings
  • Hydrocolloid Dressings
  • Film Dressings
  • Alginate Dressings
  • Hydrogel Dressings
  • Collagen Dressings
  • Other Advanced Dressings

• Antimicrobial

• • Silver
  • Non-silver

• Active

• • Biomaterials
  • Skin-substitute
  • Growth Factors

Application

• Chronic Wounds

• • Diabetic Foot Ulcers
  • Pressure Ulcers
  • Venous Leg Ulcers
  • Other Chronic Wounds

• Acute Wounds

• • Surgical & Traumatic Wounds
  • Burns

End-use

• Hospitals
• Specialty Clinics
• Home Healthcare
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)