Advanced Wound Management Market is projected to grow at a steady pace, exceeding a market valuation of USD 6.5 Billion between 2021 and 2031: Future Market Insights
With an increasing incidence of chronic wounds globally, Future Market Insights (FMI) projects the advanced wound management market to exceed US$ 6.5 Bn between 2021-2031.
In 2020, the unprecedented COVID-19 outbreak dampened sales in the advanced wound management market. However, with the recovery of research and development initiatives focusing on solutions for optimal wound care, demand in the advanced wound management market will rise at a steady pace during the assessment period.
The incorporation of biomaterials such as alginates and silver in topical wound healing treatments will further drive sales. These developments are encouraging key market players to innovate effective advanced wound healing solutions.
Product developments in advanced wound dressing segments such as hydrogels, collagen, and hydrocolloids are on cards. Apart from these products, the emergence of negative pressure wound therapy devices will boost sales in the market.
Besides this, government-backed initiatives such as public health insurance schemes in counties including the U.S., the U.K., and China will create lucrative growth opportunities in the advanced wound management market.
Key Takeaways from the Advanced Wound Management Market Analysis
· Advanced wound dressing is anticipated to dominate the product segment.
· Based on application, chronic ulcers will witness increasing adoption of advanced wound management.
· Hospitals, followed by clinics are expected to account for maximum market sales.
· The U.S. is projected to witness high demand in the advanced wound management market, owing to increasing number of diabetic patients in the country.
· The U.K. will emerge as a lucrative market with rapid product developments by leading players.
· China will exhibit high demand for advanced wound management due to increasing incidence of chronic wounds and reimbursements for medical expenditure.
· Advanced wound management market in India is expected to grow at a steady pace, owing to growing cases of road accidents and chronic wounds.
As per FMI’s analysis, ConvaTec Group Plc. Coloplast A/S, Molnlycke Health Care AB, 3M Healthcare, and Smith & Nephew PLC. are among the leading players in the market, accounting for approximately 3/4th of the market share.
Key players operating in the advanced wound management market are actively focusing on product innovations, strategic collaboration, mergers, acquisitions, and government approvals as a part of their growth strategies. For instance:
· In July 2021, Ethicon Inc., a part of the Johnson & Johnson Medical Devices Company, announced the U.S. Food and Drug Administration (FDA) has granted Breakthrough Designation for the company’s transbronchial microwave ablation technology. The advanced technology uses robotic-assisted bronchoscopy for the treatment of debilitating diseases and conditions.
· In July 2021, Illinois-based Medline Industries announced its plan to open a new distribution center worth US$ 100 Mn in the Katy area. The new distribution facility will bring the company's total employee strength to around 375 employees.
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