Advanced Wound Care Management Market Size

Advanced Wound Care Management Market Analysis

The Advanced Wound Care Management Market size is estimated at USD 11.70 billion in 2024, and is expected to reach USD 14.05 billion by 2029, growing at a CAGR of 3.73% during the forecast period (2024-2029).

Even though advanced wound care has been a crucial part of healthcare, in the recent past it experienced low demand in the market owing to the surge in COVID-19 cases. Due to the COVID-19 outbreak, healthcare facilities such as hospitals were exhausted with a large number of COVID-19 patients; therefore, many countries postponed elective surgeries and other healthcare procedures for an indefinite period. Moreover, the outbreak of COVID-19 created large-scale opportunities for local manufacturers. Due to the restrictions on movement at international borders, the supply chains of major players were disrupted. This created an opportunity for local players to enter the market for advanced wound care and meet the unmet demands of the end-users.

According to the study published in the International Wound Journal in February 2021, in Germany, the COVID-19 pandemic hindered access to clinical care for chronic wounds. However, the limitations had no appreciable effect on the quality of life associated with wound care or at-home care. Thus, the advanced wound care market was significantly impacted. Moreover, the market is expected to regain its growth as all the restrictions have been lifted and surgical procedures worldwide have started to resume since the last year. For instance, as per the Australian Nursing & Midwifery Journal April 2022 update, roughly 450,000 Australians currently live with chronic wounds, directly costing the Australian healthcare system around AUD 3 billion (USD 1.99 billion) per year. The high prevalence of chronic wounds globally is projected to boost the advanced wound care management market during the forecast period.

The advanced wound care management market is mainly driven by technological advancements, the aging population, problems associated with ineffective traditional wound healing methods, initiatives taken by the government, and a pressing need for swift and safer treatment of chronic wounds. An article published in the Wound Healing Society in February 2021 indicated that chronic wounds impact the quality of life of nearly 2.5% of the total population in the United States and the management of wounds has a significant economic impact on healthcare. Chronic wounds are anticipated to continue to be a significant clinical, social, and economic challenge due to the aging population, the ongoing global threat of diabetes and obesity, and the ongoing issue of infection.

Moreover, the growing surgical volume across the globe is expected to boost the market growth. According to the research study published in June 2021, a total of 92,809 operations were classified as heart surgery procedures in a classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantation increased by 2% to 340. Hence, the high number of heart procedures and surgeries being performed yearly is anticipated to boost the growth of the market studied.

Furthermore, the volume of knee and hip replacement surgeries has increased worldwide in recent years, and persistent wound drainage is a well-known complication following these procedures, which commonly leads to wound development. For instance, as per the June 2021 report of the Canadian Institute of Health Information, 63,496 hip replacement and 75,073 knee replacement surgeries were performed during 2019-2020 in Canada, and there was an average increase of about 5% in recent years in the knee and hip replacement procedures in the country. The rise in surgical procedures is expected to drive the demand for the advanced wound care management market.

In addition, growing technological advancement in wound care products is expected to propel the growth of the market. For instance, in August 2021, researchers at IIT Guwahati, India, invented a low-cost, biodegradable, composite, transparent wound-dressing film. This material, based on the integration of a synthetic polymer, is non-toxic in nature and will create a moist environment that would enable the body to heal on its own through indigenous enzymes, according to recent research.

Thus, all the above-mentioned factors are expected to boost the market over the forecast period. However, the high cost associated with the treatment and reimbursement issues for the new technologies serve as factors that hinder the market.