Advanced Wound Care Industry
The global advanced wound care market was valued at USD 10.77 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 4.75% from 2024 to 2030. Several factors are contributing to this market growth, including the increasing number of surgical procedures, a rise in road accidents, and an uptick in trauma cases and burns. Additionally, the introduction of innovative and advanced wound care products plays a significant role in driving demand. The growing prevalence of chronic diseases that impair wound healing capabilities further enhances the need for advanced wound care solutions.
Another crucial factor influencing market growth is the expanding geriatric population, which typically exhibits slower healing abilities. According to the United Nations Population Fund’s India Ageing Report 2023, the population aged 60 and above is projected to increase from 14.9 crores in 2022 to 34.7 crores by 2050. This demographic shift is likely to propel market growth, as older individuals often experience more complications related to wound healing.
Additionally, individuals suffering from diabetic foot ulcers (DFU) face a heightened risk of lower-extremity amputation. A study published on ScienceDirect indicates that diabetic foot ulcers could affect more than 25% of the diabetic population, with amputation occurring in 20% of these patients. Advanced wound care products are particularly effective in treating diabetic foot ulcers, which are common among those with diabetes. These products facilitate moisture retention and promote rapid internal and external healing of wounds. Furthermore, they assist in the absorption of necrotic tissues, making them effective in managing surgical site infections. As a result, healthcare professionals increasingly prefer advanced wound care products, a trend anticipated to significantly boost global wound care market growth throughout the forecast period.
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Application Insights
- In terms of application, the chronic wounds segment dominated the market in 2023, capturing the largest revenue share. This leadership position is largely attributed to the rising prevalence of various types of chronic wounds, including venous pressure ulcers and diabetic foot ulcers. These conditions are anticipated to significantly fuel the growth of the chronic wounds segment as more individuals seek treatment and management options.
- For instance, according to the Agency for Healthcare Research & Quality, over 5 million people in the U.S. develop pressure ulcers each year. This staggering statistic underscores the urgent need for effective chronic wound care solutions. Moreover, the National Center for Biotechnology Information (NCBI) reports that the incidence of pressure ulcers in clinical settings can range from 4.0% to 38.0%, highlighting the widespread nature of this issue across various healthcare environments.
- Additionally, the Centers for Disease Control and Prevention (CDC) estimated that in 2022, approximately 3 million people—equating to 11.3% of the total U.S. population—were living with diabetes. The increasing diabetic population is expected to lead to a higher number of diabetic foot ulcer patients, which, in turn, is projected to bolster the growth of the chronic wound care market significantly.
- Furthermore, the acute wounds segment is expected to witness the fastest compound annual growth rate (CAGR) of 88% during the forecast period. This anticipated growth is primarily driven by the increasing incidence of various traumatic wounds, including those resulting from road accidents and other emergencies. As the number of such injuries rises, the demand for effective treatment solutions for acute wounds is expected to grow, further enhancing the overall market dynamics.
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