The advanced wound care market is expected to register substantial growth by 2027, owing to the mounting prevalence of lifestyle diseases such as diabetes and obesity around the world. Moreover, the growing geriatric population is anticipated to foster market outlook over the forecast period.

Advanced wound care specializes in the treatment of non-healing or chronic wounds, which are described as sores or wounds that have not healed significantly after standard treatment. Surging demand for advanced wound care among patients suffering from chronic ulcers, attributed to venous disease or diabetes, has facilitated industry expansion in recent years.

Today, with steadily growing occurrence of diabetes across the globe, several industry players are employing lucrative strategies to strengthen their foothold in the emerging marketplaces. This has favorably impacted the overall business landscape.

For instance, in January 2020, ConvaTec Group Plc, a leading medical technology company, launched its novel wound dressing product dubbed, ConvaMaxTM to treat severely exuding wounds such as diabetic foot ulcers, pressure ulcers, leg ulcers, and surgical wounds that have been dehisced. It regulates excess moisture, which helps to maintain the skin's integrity. It is also helpful if there is a substantial danger of skin injury due to excessive levels of exudate.

The advanced wound care market has been bifurcated on the basis of end-use, product, application, and region.

With respect to product, the market has further been divided into wound therapy devices, wound dressings, and others.

The wound therapy devices sub-segment held a market share of more than 37% in 2020 and is projected to witness considerable expansion over the study timeline. The increasing rate at which mothers are opting for cesarean sections would boost post-operative use of NPWT devices, which is likely to fuel product demand through the review period.

From the application perspective, the advanced wound care market has been categorized into venous leg ulcers, diabetic wounds, surgical wounds, skin burns, pressure wounds, and others. In 2020, the venous leg ulcers sub-segment accounted for a market share of nearly 15% and is speculated to garner notable gains over the assessment period. Rising adoption of compression therapy for the management of venous leg ulcers is estimated to drive segmental growth in coming years.

In terms of end-use, the market has been segmented into home care settings, hospitals, and others. The home care settings sub-segment is anticipated to progress at a CAGR of approximately 7% over the analysis period. Growing consumer preference for homecare along with increasing incidences of chronic injuries among the geriatric population is set to augment segmental adoption over the forthcoming years.
From the regional point of view, the Latin America advanced wound care market is attained around 10% market share in 2020 and is foreseen to exhibit optimistic growth through 2021-2027. Surging prevalence of diabetic foot ulcer across several countries of Latin America is slated to drive regional growth.