Advance Wound Care Market

Key Points Covered in Advance Wound Care Products Market Study

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Advance Wound Care Products Market and How to Navigate
• Recommendation on Key Winning Strategies

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2016-2020 Advance Wound Care (AWC) Demand Outlook Compared to 2021-2031 Forecast

According to Future Market Insights (FMI), the sales of advance wound care products have grown at a CAGR of around 3% between 2016 and 2020. Increasing focus on alternatives medicines with a focus on preventive measures is driving current sales figures. Expansion and product launches in emerging markets are key factors promoting the market growth.

Globally, there is a steady demand for traditional wound managing first-aid products in-home care settings as well as in hospitals. Products such as gauze bandages and adhesive bandages are increasingly being used for small cuts, bruises, etc.

Rising incidence of diabetic foot ulcers among the aging population in developing countries is fueling the demand for advance wound care products. For instance, in 2015, the International Diabetes Federation estimated the prevalence of diabetic foot ulcers to be 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 homes.

According to statistics published in the Advance Wound Care Journal in 2019, there is substantial demand for wound care products in the world's two major wound-dressing markets, the U.S. and Europe. Globally, the yearly cost for wound care was an average of $2.8 billion in 2014. It is forecasted to grow up to US$ 3.5 billion in 2021. Other investigations have shown that venous insufficiency ulcers represent 50% of chronic foot ulcers related to the venous etiology of chronic wounds.

The developing manufacturing sector in emerging economies, such as India and China, is expected to promote market growth. Despite several challenges faced by manufacturers, growing need for value-added products is likely to boost the market in coming years.

Rapid growth in advance wound care products is mainly due to the growing acute and chronic diseases in the market. In addition, traditional methods of wound care products are a steady curing process. Due to the protracted treatment procedure required by chronic wounds and the expense of therapy, sophisticated wound care solutions are clearly at the top of the line.

Future Market Insights expects the global market to grow at a CAGR of 3.7% by the end of 2031. The growth is attributed to majors companies that are actively participating in acquisitions to expand their market presence and strengthen product portfolios.

How is the Adoption of Advance Wound Care Aiding Market Growth?

Inclination towards advance wound care is increasing in developed countries that has led to a surge in the demand for advance wound care market. Increasing investments in new advance wound dressing product development and growth efforts for their distribution by key stakeholders are major factors expected to surge the growth of the advance wound dressing market.

Manufacturers of advance wound care products are getting support from governments in developing countries in the form of higher reimbursement. Support in the form of deeper collaborative research on better textile textures and fabric’s adsorbent capacity is aiding manufacturers in producing high-quality products in developing economies.

What are the Key Opportunities for Market Players?

Favorable government policies for start-up companies in developing countries are expected to create huge opportunities for the market players to invest in the advance wound care market.

Greater attention towards better relationship management with surgeons could lead to higher product penetration in hospitals.

Improvement and streamlining of regulatory processes in developing countries is expected to boost formalization of practice standards, development of better clinical treatment guidelines, standardize product usage, and shorten registration & licensing periods for AWC products.

E-commerce distribution channels have witnessed a significant increase in advance wound care product sales in recent years.

What is the Impact of the COVID-19 Crisis on the Market?

The COVID-19 pandemic is expected to negatively impact growth. Supply chains were hampered during the second quarter of 2020, due to trade blocks that occurred globally to stop the surge of the virus. These factors are likely to subside through 2021 and beyond. However, the outbreak has changed distribution channel operations and pushed traffic to e-commerce options.

Country-wise Insights

Will the U.S. Remain a Key Market for Advance Wound Care?

In 2021, the U.S. is estimated to account for over 93% value share in North America. The dominance is driven by increased health awareness. Need for advance wound care products is increasing in the U.S. owing to the growing incidence of chronic diseases such as diabetes & obesity.

Further, factors such as increasing demand for reducing hospital stay, rising number of surgeries, and rise in demand for innovative & advance wound care products will also aid the growth.

Additionally, improving living standards, health consciousness, and increasing disposable incomes are boosting the demand for effective treatments with minimal side effects.

Why is Germany Considered a Lucrative Market within Europe?

Germany is expected to account for over 25% of the market in Europe by 2031. Rise in demand across Germany is primarily due to factors such as the rapidly growing geriatric population, rising incidence of diabetes, technological advancements in wound care products, and funding for wound care research.

Also, growing awareness of wound management and reluctance in accepting novel technologies in Germany is expected to propel market growth during the forecast period.

What are the Factors Supporting Advance Wound Care Sales in China?

China’s advance wound care  market is expected to account for over 7% CAGR in East Asia throughout the forecast period. China also includes domestic market impact factors and regulatory changes that affect current and future market trends.

Growing product penetration through online retail channels is a major factor driving market growth in the forecast period.  Some of the key indicators of the Chinese market include data factors such as new sales, substitute sales, nation demographics, regulation, and import-export taxes in recent years.

How likely is the Advance Wound Care Market to Grow in India?

India’s advance wound care market is likely to grow at a CAGR of 6.4% during the forecast period, with a market share of over 40% in the South Asia advance wound care market. Growth in the country can be attributed to the increasing number of product approvals and launches, distribution agreements, and mergers and acquisitions by key players.

Additionally, rising incidence of chronic disorders and surgeries in the country is expected to aid the adoption of advance wound care products, bolstering growth.

Category-wise Insights

Why is Wound Cleanser Gaining Populairty in AWC Market?

With the innovation in new technology, the advance wound care market is growing and has become one of the most significant sectors in the health care industry.

By product type, wound cleanser is expected to be the dominant segment in the global advance wound care market, occupying a market share of  27% in 2021..

Which is the Most Preferred Distribution Channel?

A distribution channel is a bridge between the product manufacturer and the end-users. Implementing the most efficient distribution method for the business is key to obtaining revenue and retaining customer loyalty.

Some companies opt to use multiple distribution methods to adhere to different consumer bases. By distribution channel, institutional sale dominated the advance wound care market and is expected to hold a market share of 73.5% in 2021.

Competitive Landscape

The market is consolidated and key market players that dominate the market are

• B.Braun Melsungen AG
• Mölnlycke Health Care
• ConvaTec Group plc
• Coloplast A/S
• Johnson and Johnson
• Medline Industries Inc.
• 3M among others.

New products and services present large opportunities as the market consists of established players and their brands, but lacks minimally-invasive skin surgeries and highly efficient products.

Medline have taken initiatives for creating awareness about wound care. For instance, in April 2021, the company launched a new series of chronic wound care courses designed to enhance clinical knowledge of chronic wounds.

In April 2021, 3M company launched a new silicone adhesive (film tape for wounds, mostly intended for people with fragile skin. The silicone adhesive is newly breathable and compatible adhesive allows seven days of use and minimizes skin cell removal and makes them an appropriate choice for treatment on fragile skin.

The greater the demand for advance wound care products, the stronger is the pipeline, which will lead to increase demand for the market. Leading industry players are focusing on the development and launch of advance wound care products and devices. There are huge opportunities for the market players to invest in the advance wound care product market.

Scope of the Report

Key Questions Answered in Report

• How much is the advance wound care products market worth?

  The global advance wound care market value is expected to grow from US$ 10.7 Bn in 2021 to US$ 15.4 Bn by 2031-end.

• What is the demand outlook of the global advance wound care market?

  The global advance wound care market is projected to expand at CAGR of 3.7% during the forecast period.

• What was last 5 year market CAGR?

  From 2016-2020, the advanced wound care market grew at the rate of 3.6% owing to the consistently rising demand for first-aid and versatile products and increasing number of trauma and burn cases.

• What are the key drivers of the advance wound care market?

  Sales of advance wound care products is expected to rise as demand for first aid and versatility of products increases. Also, rising elderly population and incidence of diabetic foot ulcers will boost market growth. Further, development, and incorporation of wound-care curriculum, rising prevalence of chronic wounds, reluctance in accepting novel technologies, and high cost of advance wound management products are the key factors propelling growth.

• What are the top 5 countries driving demand for advance wound care products?

  U.S, UK, China, Japan, and Germany are the top 5 countries that are driving the demand for advance wound care products.

• At what rate are the sales of advance wound care products rising in Europe?

  Europe holds around 30% revenue share in the overall advance wound care products market in 2021. Germany is expecte to remain the most lucrative market in terms of revenue, acquiring around 25% of Europe's market share. 

• At what rate are advance wound care products going to register growth in East Asia?

  The East Asia market is set to exhibit a CAGR of 6.6% during the forecast period on the back of increasing rate of diabetes and improving healthcare expenditure.

• What is the market share of the top players in the advance wound care market?

  Johnson and Johnson, Mölnlycke Health Care, Smith & Nephew PLC., Coloplast A/S, and B. Braun Melsungen AG are the top market players. Together they accounted for nearly 70% of sales in 2020.

• What are the key market statistics in Korea and Japan?

  Japan’s advanced wound care market is expected to offer lucrative growth opportunities and will exhibit healthy growth at 6.3% CAGR during the forecast period. South Korea will hold the revenue share of around 20% during the forecast period.

• What are the key trends in advanced wound care?

  Demand for advanced wound care products is set to rise as high procurement of wound care products within hospitals. Focus on development and incorporation of wound-care curriculum are the key trends in advanced wound care market.

Advance Wound Care Market by Category

Product:

• Hydrogels Dressings
  • Antimicrobial Hydrogel Dressings
  • Non-Antimicrobial Hydrogel Dressings
• Semi-Permeable Films Dressings
  • Semi-Permeable Films Dressings

5. Antimicrobial Bordered Film Dressings
5. Antimicrobial Non-Bordered Film Dressings

• Semi-Permeable Films Dressings

5. Non Antimicrobial Bordered Film Dressings
5. Non Antimicrobial Non Bordered Film Dressings

• Alginate Dressings
  • Antimicrobial Alginate Dressings
  • Non Antimicrobial Alginate Dressings
• Foam Dressings
  • Antimicrobial Foam Dressings

5. Antimicrobial Bordered Foam Dressings
5. Antimicrobial Non Bordered Foam Dressings

• Non Antimicrobial Foam Dressings

5. Non-Antimicrobial Bordered Foam Dressings
5. Non-Antimicrobial Non- Bordered Foam Dressings

• Hydrocolloid Dressings
  • Antimicrobial Hydrocolloid Dressings
  • Non Antimicrobial Hydrocolloid Dressings
• Collagen Dressings
  • Antimicrobial Collagen Dressing
  • Non Antimicrobial Collagen Dressing
• Contact Layer
  • Antimicrobial Wound Contact Layers
  • Non Antimicrobial Wound Contact Layers
• Super Absorbent Dressings
  • Antimicrobial Super Absorbent Dressings
  • Non Antimicrobial Super Absorbent Dressings
• Compression System
  • 2 Layer Compression System
  • 3 Layer Compression System
  • 4 Layer Compression System
• Antimicrobial Gels
• Antimicrobial Powder
• Concentrated Surfactant
• Skin Protectants
• Wound Cleansers
• Honey Dressings
• Unna Boots
• Tapes

Distribution Channel:

• Institutional Sales
  • Hospitals
  • Long Term Care Centers
•  Retail Sales

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)