Advanced Wound Care Market Growth & Trends
The global advanced wound care market size is anticipated to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.3% from 2021 to 2028. The rising number of surgeries and an increasing number of Ambulatory Surgical Centers (ASCs) are anticipated to drive the market.
The rising number of road accidents is one of the major factors for the increase in demand for advanced wound care products. Moist dressings such as foam, hydrocolloid, film, and collagen dressings are used for injuries from a road crash. These advanced dressings keep the damaged area hydrated and allow rapid healing. Moreover, the patient who has suffered from severe road rash injuries such as 2nd and 3rd-degree burn cases, are treated using skin-substitutes and biomaterials.
According to the WHO, around 1.4 million people die every year in road accidents. In addition, road traffic accidents cost approximately 3.0% of GDP to most of the countries. The factors responsible for road accidents are alcohol, psychoactive substance influence, non-use of helmets, speeding, distracted driving, inadequate law enforcement, and inadequate post-crash care. As per the WHO, 9.3% of road accidents occur in low and middle-income countries due to the before mentioned factors.
Advanced Wound Care Market Report Highlights
- On the basis of product, the moist segment dominated the market in 2020 and accounted for the largest revenue share of 59.2% as they are mostly used in providing first-aid to the patients
- Based on application, the chronic wound care segment is expected to witness the highest CAGR of 5.4% during the forecast period owing to the increase in the prevalence of diabetes among all age groups
- Based on end-use, the home healthcare segment is expected to witness the highest CAGR of 6.0% during the forecast period due to the increasing demand for the reduced hospital stay and rising geriatric population
- North America dominated the market and accounted for the highest revenue share of 45.2% in 2020 owing to the high incidence rate of chronic disorders as well as the availability of well-developed infrastructure