Vancouver, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) — The global advanced wound care market size is expected to reach USD 20.42 Billion in 2027 at a CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Steady revenue growth of the market can be attributed to increasing incidence of diabetes globally, rapidly growing geriatric population, and increasing prevalence of wound ulcers. In addition, technological advancements in development of more advanced wound care products, increasing funding support for wound care research, and rising awareness about wound management and care are other key factors expected to drive revenue growth of the market over the forecast period.
Increasing geriatric patients pool at high risk of diabetes and chronic wounds is expected to boost demand for advanced wound care products going ahead. Increasing number of patients suffering from chronic injuries has been a significant burden on healthcare systems cost-wise and this has led to significant research and development in advanced wound care products. This is expected to further fuel revenue growth of the market over the forecast period. Increasing cost burden of chronic wounds has led to increasing financial support and funding for wound care research and this is expected to positively impact growth of the market over the forecast period.
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However, high cost associated with products and increasing costs of treatments are expected to restrain market growth to an extent over the forecast period. In addition, increasing incidence of impaired or delayed wound healing in patients with chronic diseases and after surgical procedures increases risk of infection, amputation, and death, and this is expected to further hamper market growth to a significant extent over the forecast period.
Some Key Highlights From the Report:
- Surgical wounds segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing prevalence of diabetic foot ulcers, pressure ulcers, and surgical wounds. Surgical wounds increase need for prolonged hospital stay, which increases economic burden and decreases quality of life of patients. Increasing number of surgical procedures performed for trauma, accidents, and chronic diseases are expected to boost demand for advanced wound care products.
- Hospital segment is expected to register significant revenue growth over the forecast period owing to increasing hospital admissions due to chronic wounds and increasing incidence of hospital-acquired pressure ulcers. Extended hospital stay for diabetic patients is expected to further drive revenue growth of this segment over the forecast period.
- Moist wound therapy segment is expected to register a significant revenue CAGR of 9.5% over the forecast period owing to rising prevalence of diabetes-associated ulcers and growing demand for innovative and advanced wound care products.
- North America market revenue is expected to expand considerably over the forecast period owing to increasing incidence of chronic and acute wounds, rising number of surgeries performed, increasing awareness of wound care, and rising adoption of advanced wound care products.
- Major companies in the market include Smith & Nephew, Mölnlycke Health Care, B. Braun, ConvaTec Group, Coloplast, 3M, Integra LifeSciences, Cardinal Health, and Lohmann & Rauscher, among others.
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For the purpose of this report, Emergen Research has segmented the global advanced wound care product market on the basis of product type, wound type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Moist Wound Dressings
- Wound Therapy Devices
- Pressure Relief Devices
- Negative Pressure Wound Therapy Systems
- Hyperbaric Oxygen Equipment
- Electrical Stimulation Devices
- Other Wound Therapy Devices
- Active Wound Care
- Artificial Skin and Substitutes
Wound Type Outlook (Revenue, USD Billion; 2017-2027)
- Surgical Wounds
- Traumatic Wounds
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Home Care Settings
- Hospitals and Clinics
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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