Advance Wound Care Market Upcoming Trends and Analysis Report 2022-2031
The Advance Wound Care Market is expected to witness phenomenal opportunities by exhibiting a stable CAGR of 3.7% during the forecast period between 2021 to 2031. The global market reached US$ 10.3 Bn in 2020 and is expected to be valued at US$ 15.4 Bn by the end of 2031 according to Future Market Insights (FMI) study.
According to the estimations evaluated during the historic
period between 2016 to 2020, the global advance wound care market registered a
CAGR of 3%. Surging focus on alternative medicines with a rising inclination
toward preventive measures is driving current sales figures in the market.
Widespread expansions and product launches in emerging markets are prominent
factors promoting advance wound care market growth.
According to the statistics published in 2019, in the
Advance Wound Care Journal, substantial demand for wound care products has been
witnessed in the world’s two major wound-dressing markets, namely the U.S. and
Europe. Globally, the yearly cost for wound care was an average of $2.8 billion
in 2014. The forecast was predicted to grow to US$ 3.5 billion in 2021. As per
several other investigations, it has been shown that venous insufficiency
ulcers represent 50% of chronic foot ulcers related to the venous etiology of
chronic wounds.
Key Takeaways
- The
rising inclination towards more efficient and advance wound care facilities
is increasing in developed countries which has led to a surge in the
demand for high-tech technology in wound care market. Increasing
investments in developing advance wound care products are expected to
bolster growth in the market. In addition to that, growing efforts for
their distribution by prominent stakeholders are some of the major factors
expected to surge the growth of the advanced wound dressing market.
- Favorable
government initiatives in developing countries are befitting manufacturers
of advance wound care in the form of higher reimbursement. Deeper
collaborative research on improved textile textures and fabric’s adsorbent
capacity is assisting manufacturers in producing high-quality products in
developing economies.
- Various
government policies are working in the favor of start-up companies in
developing countries and are anticipated to create massive opportunities
for the market players in order to invest in the advance wound care
market. Furthermore, higher attention is required toward better
relationship management with surgeons which could result in higher product
penetration in hospitals.
- In
emerging economies, it is crucial to improve and streamline regulatory
processes that are anticipated to boost the formalization of practice
standards, development of better clinical treatment guidelines,
standardize product usage, and shorten registration & licensing
periods for AWC products.
- A
significant increase has been witnessed in the e-commerce distribution
channels in advance wound care product sales in recent years. The growing
number of surgeries and increasing cases of chronic disorders worldwide
are anticipated to improve the adoption of advance wound care products.
Persistent demand for better first-aid facilities and versatile wound care
products is bolstering the growth and is expected to create the
opportunity of US$ 4.7 Bn by 2031.
- There
is a rise in incidences of diabetic foot ulcers among the aging population
in developing countries is fueling the demand for advance wound care
market products. According to the estimations conducted by the
International Diabetes Federation estimated the prevalence of diabetic
foot ulcers is approximately 2% in developed countries as compared to over
20% in resource-poor countries of the Caribbean region. This indicates the
demand for low-cost advance wound care products in in-patient care as well
as in homes.
Competitive Landscape
Developing countries such as India and China are
anticipated to promote market growth in the manufacturing sector. A reasonable
growth seen for value-added products is likely to boost the advance wound care
market in the coming years.
More Insights into the Advance
Wound Care Market
The U.S. is anticipated to dominate the North American
region by accounting for a total of over 93% value share of the global advance
wound care market. This dominance is driven by widespread healthcare awareness
within the population. Furthermore, factors such as increasing demand for
reducing hospital stays, surging number of surgeries, and a rise in demand for
innovative & advance wound care products are expected to aid the growth.
Advance Wound Care Market by Category
Product:
- Hydrogels
Dressings
- Semi-Permeable
Films Dressings
- Semi-Permeable
Films Dressings
- Alginate
Dressings
- Foam
Dressings
- Non
Antimicrobial Foam Dressings
- Hydrocolloid
Dressings
- Collagen
Dressings
Distribution Channel:
- Institutional
Sales
- Retail
Sales
Browse Full Report @ https://www.futuremarketinsights.com/reports/advance-wound-care-market
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