The Advanced Wound Care market size was estimated at USD 11.20 billion in 2023 and is projected to reach USD 20.41 billion in 2030 at a CAGR of 7.79% during the forecast period 2023-2030.
Advanced Wound Care refers to a specialized approach in the management and treatment of complex or chronic wounds that do not heal through traditional methods. It involves using advanced techniques, therapies, and medical products, to promote optimal wound healing and prevent complications. This type of wound care is typically used for wounds that are difficult to heal such as diabetic ulcers, pressure ulcers, venous ulcers, and surgical wounds.
Advanced wound care is often provided by healthcare professional specializing in wound management, such as wound care nurses, dermatologists, plastic surgeons, and specialists in wound care clinics. The goal of advanced wound care is to promote faster healing, reduce the risk of infection, and minimize scarring, and improve the overall quality of life for individuals with chronic or difficult to heal wounds.
The advanced wound care market is expected to grow in the forecast years. The growth is being driven by factors such as increasing prevalence of chronic diseases that affect wound healing such as diabetes, obesity as well as increasing number of hospital visits for wound treatment. Moreover, increasing research and development in the area and favourable government policies are expected to drive the market during the forecast period.
However, there are certain factors such as the high cost of advanced wound care products might hamper the growth of the market during the forecast period.
COVID-19 pandemic had a significant impact on the advanced wound care market. Due to the COVID-19 outbreak, healthcare facilities such as hospitals and clinics were exhausted with COVID-19 patients. Hence, various countries proposed the delay of elective surgeries which restricted the growth of the market. Moreover, people avoided going to hospitals for treatment of chronic wounds as the risk of contracting COVID-19 increased.
The market is expected to grow rapidly during the forecast period. This growth can be attributed to factors such as the increasing prevalence of chronic diseases such as diabetes, obesity and vascular disease that pose as major risk factors for chronic wounds. Moreover, these diseases slow down the wound healing process, which forces people to opt for advanced wound care products and services. In addition to that, there have been significant advances in wound care technology in recent years, leading to the development of new products and treatments that are more effective and efficient than traditional wound care methods. However, factors such as high cost of these products and services might hamper the growth of the market.
North America to Dominate the Market