The Advanced Wound Care Management Market refers to advanced wound care products used to treat acute wounds, chronic wounds, and surgical wounds. Advanced wound care products consist of film and foam dressings, advanced wound matrices & grafts, and antimicrobial dressings.
Market Overview:
The advanced wound care management market comprises products such as advanced wound dressings, wound therapy devices, active wound care, and other wound care products that help treat acute and chronic wounds faster and more efficiently compared to traditional wound healing methods. These products provide benefits such as maintaining a moist healing environment, protecting wounds from bacterial infections, absorbing excess wound exudate, and promoting faster healing.
Market key trends:
Rising geriatric population is one of the primary drivers of the advanced wound care management market. The elderly population is more prone to developing chronic wounds such as pressure ulcers, diabetic foot ulcers, and venous leg ulcers due to decreased mobility and immune functions. According to the United Nations, the global population aged over 60 years is expected to reach 2 billion by 2050 from 900 million in 2015. Furthermore, increasing prevalence of diabetes and obesity are also fueling the demand for advanced wound care products as they raise the risks of developing chronic 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 high initial capital and stringent regulatory framework which pose moderate threat of new entrants. Bargaining power of buyers: Individual consumers possess low bargaining power, however group purchasing by hospitals and other healthcare providers exert moderate bargaining power on market players. Bargaining power of suppliers: The availability of wide range of wound dressings, artificial skin & skin substitutes provides suppliers with low to moderate bargaining power. Threat of new substitutes: Though alternatives exist, the specialized requirement for complex and chronic wounds restricts threat from substitutes. Competitive rivalry: Intense competition exists between the large multinational players due to their broad product portfolio and global footprint resulting in high competitive rivalry.
SWOT Analysis
Strengths: Strong product pipeline and robust R&D investments. Large geographic footprint with global distribution channel enables greater access. Weaknesses: High raw material prices and dependence on reimbursement policies impacts margins. Lack of skilled workforce restricts market penetration in developing regions. Opportunities: Rising incidence of diabetes and associated wounds in developing countries offers potential growth. Increasing adoption of teleconsultation and virtual care post covid pandemic. Threats: Threat from cheaper alternatives and local players eroding market share in price sensitive regions. Stringent regulations around new product approval delay market access.
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 incidence of diabetic foot ulcers and burns across regions. North America currently dominates the market owing to favorable reimbursement policies and presence of major market players. The Asia Pacific region is expected to flourish as the fastest growing market due to rising medical tourism, healthcare infrastructure and improving access to healthcare.
Key players operating in the advanced wound care management market 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.
