Global Wound Management Market is projected to be worth roughly USD 30,330 Million by 2030, growing at a CAGR of more than 4.7% during the projected timeframe of 2022-2030, according to Ameco Research
The rising use of regenerative medicine for advanced wound management, technological developments in wound-care products and the potential growth of emerging nations are driving wound management market growth. Moreover, the increasing demands for improved wound recovery, an uptick in the frequency of operations, and rising frequencies of chronic conditions such as diabetes and obesity are driving the wound management market over the forecasting years.
Wound management is the continual care of a wound by creating an appropriate atmosphere for healing using both active and passive approaches, as well as the halt of the progression of disintegration. The wound's depth, severity, size, and position over the course of care influence effective oversight. This management method is rapidly evolving as technology advances, revealing more insight into the underlying pathology of the wounded and its process of healing. Wounds have a significant negative impact on a consumer's standards of living and are a predictor of mortality. Implementing evidence-based management systems and having a decent grasp of the genesis of the infection can dramatically improve the consumer's healthcare outcomes and minimize medical care costs.
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Impact of COVID-19
The occurrence of the COVID-19 global epidemic has started changing the delivery of health care services globally. The increased strain caused by the rising rate of COVID-19 hospitalization has resulted in the re-profiling of several facilities and divisions for managing COVID-19 patients. As a result, numerous elective procedures have been canceled or postponed around the world in order to reserve or allocate scarce facilities and resources such as hospital wards and patient safety specialists toward COVID-19 clinical outcomes. To address such infections, nurses and physicians employ wound care solutions such as hydrocolloid dressings, foam dressings, various oils/creams, as well as various oils mixed with dressings using phase 2 and 3 PPE kits. These instances are projected to fuel the global expansion of the wound management market even during the COVID-19 outbreak and the observation period.
Global Wound Management Market Dynamics
Due to technical advancements, an increase in surgical interventions, and an increase in the occurrence of chronic infections worldwide, there is an expanding market for sophisticated wound management. The wound management market is predicted to rise owing to new product introductions and R&D expenditures. The emergence of revolutionary wound management technologies in India is anticipated to drive considerable growth in the sophisticated wound management market throughout the forecast period. For illustration, Axio Biosolutions, an India-based Medtech business, released MaxioCel, a next-generation wounded management dressing constructed of chitosan, in New Delhi, India in February 2019. Individuals who suffer from chronic injuries such as chronic wounds, diabetic neuropathy, venous leg ulcers, epidermal abrasions, cavity injuries, and post-operative open wounds are likely to benefit from the company's convenience and speedier healing.
Additionally, the requirement for sophisticated wound management is growing as a result of technical improvements, an uptick in the frequency of medical interventions, and the global prevalence of persistent wounds. The rising prevalence of chronic illnesses such as cancer, diabetes, and other autoimmune conditions is pushing the market for wound management. The occurrence of non-communicable illnesses is on the increase due to a number of causes, including antibiotic resistance, sedentary and unhealthy lifestyles, consumption of alcohol, as well as smoking.
Market Segmentation
Ameco Research has fragmented the global wound management market by wound type, treatment, and end-user. In wound type, the segment is divided into diabetic foot ulcers, venous leg ulcers, burns, pressure ulcers, surgical & traumatic wounds, and other wounds.
In term of treatments, the segment is sub-categorized into bioengineered skin substitutes, plastic surgical techniques, transcutaneous oxygen testing, negative pressure wound therapy (NPWT), stimulation of fibroblast cells with radiofrequency, hyperbaric oxygen therapy, specialized dressings and therapies, vascular surgery, platelet-rich plasma (PRP) treatments, and ultrasound for debridement.
Moreover, the segment is divided into hospitals & clinics, home care settings, and long-term care facilities, based on end-user. According to the wound management market forecast, the hospitals & clinics segment is estimated to grow significantly in the market over the next few years.
Regional Outlook
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa are the regional classification of the global wound management market. According to wound management business analysis, the North American market will hold the greatest market share in 2021. The rising incidence of chronic medical conditions leading to surgical, chronic, and traumatic injuries; the growing incidence of occupational injuries; increased government spending on minimally invasive as well as chronic wounds; and technical improvements in this region all contribute to the high proportion of this market segment.
Market Competitors
Some of the most notable worldwide wound management market players are Johnson & Johnson Services, Inc., Integra Lifesciences Corporation, Smith & Nephew plc, Coloplast A/S, ConvaTec Group PLC, Mölnlycke Health Care, Acelity L.P. Inc., and PAUL HARTMANN AG.
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