Advanced wound care management products are increasingly being adopted to manage acute and chronic wounds. These products facilitate faster healing of wounds by creating an optimal environment for tissue regeneration. This includes dressings that maintain a moist environment, are permeable to allow oxygen diffusion into the wound bed, and facilitate autolytic debridement. Additionally, growth factors, skin substitutes and therapies aid re-epithelialization. The rising prevalence of diabetes and associated foot ulcers is a major driver of chronic wounds globally.
The global Advanced Wound Care Management Market is estimated to be valued at US$ 17.1 billion in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing incidence of chronic wounds owing to factors like diabetes, obesity and old age presents a major market opportunity for advanced wound care management products. Chronic wounds account for over 80% of all wounds and while they constitute a small percentage of total wounds, they demand a disproportionately high amount of healthcare spending. It is estimated that by 2025, the prevalence of diabetes among the world’s elderly population will increase by over 50%. Advanced dressings help in faster healing of chronic wounds and reduce healthcare costs associated with prolonged treatment. As chronic wounds contribute significantly to the overall wound care market, demand for advanced products is expected to rise considerably over the forecast period.
Porter's Analysis
Threat of new entrants: The advanced wound care management market has moderate threat from new entrants as it requires significant R&D investments and regulatory approvals. However, the growing demand provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established players and product substitutes. However, increased awareness raises expectations.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and established supply networks of major players.
Threat of new substitutes: The threat is moderate as new innovative products are continuously entering the market. However, regulations and awareness influence preferences.
Competitive rivalry: The competition is high among the major global brands accelerating industry innovations.
SWOT Analysis
Strength: Established distribution channels, brand recognition, and scalability provide major players an edge. Innovation in product portfolio helps gain market share.
Weaknesses: High R&D costs and stringent regulations pose challenges, especially for new entrants. Limited awareness in developing nations.
Opportunities: Rising incidence of chronic wounds, diabetes, and lifestyle diseases increases growth potential. Development of new wound dressings, for example, antimicrobials offer scope.
Threats: Pressure on prices due to substitutes and increased affordability of generics in some markets. Reimbursement policies remain hurdles.
Key Takeaways
The Global Advanced Wound Care Management Market Size Is expected to witness high growth over the forecast period of 2023-2030. The market size for 2024 is estimated to be USD xx million.
North America is projected to dominate the global market during the forecast period. Factors such increasing incidence of chronic diseases like diabetes, awareness about advanced treatment options, and availability of advanced healthcare infrastructure support market growth in the region.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to large patient pool, rising healthcare expenditure, and increasing incidence of chronic wounds.
Key players operating in the advanced wound care management market are Smith & Nephew, Mölnlycke Health Care, ConvaTec Group, Coloplast, Cardinal Health, B. Braun Melsungen, Baxter International, 3M, Integra LifeSciences, and Medtronic.
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