Advanced Wound Care Market to Reach $12,454 Million by 2022

Advanced wound care (AWC) combined with accurate wound EMR documentation has now emerged as a standard solution for treating chronic wounds. Due to their efficacy in managing wounds by enabling faster healing, advanced wound care products are now gradually replacing traditional wound care products. The latest market report from Allied Market Research predicts that the advanced wound care market will reach $12,454 million by 2022, growing at a CAGR of 8.3%.

Key factors that drive the market growth include:

  • Change in lifestyle conditions that lead to increased diabetic wounds and pressure ulcers
  • Technological advancements
  • Favorable reimbursement scenario in developed economies
  • Increase in adoption rate of advanced wound care products
  • Aged population, frequent occurrences of severe chronic & surgical wounds
  • High unmet medical needs
  • Rise in preference for products that enhance therapeutic outcome

However, high cost of products and unfavorable reimbursement policies in the emerging countries restrict the market growth. The active wound care market is expected to grow at the fastest rate due to its low toxicity and biocompatibility characteristics, which facilitate active wound care products as attractive and effective. Due to ample growth opportunities in terms of unmet medical needs for the treatment of wounds, Asia-Pacific followed by LAMEA (Latin America, Middle East, and Africa) are expected to be the fastest growing regions.

With increase in the adoption rate of high technology solutions and the availability of a wide range of AWC products coupled with government reimbursements, community centers followed by hospitals accounted for a major market share in the end user segment.

Key players in this market have launched economical and technologically efficient products to strengthen their market position. Major manufacturers include 3M Company, Smith & Nephew plc, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B S.à.r.l., BSN Medical GmbH, Alliqua BioMedical, Inc., Mölnlycke Health Care AB (a subsidiary of INVESTOR AB), Integra LifeSciences Holdings Corporation, and Coloplast A/S.

Wound EMR also has a very significant role to play in wound care, and in the wound care market. Wound clinics can choose to install a wound specific EMR that is customized with the required forms and templates that meet their documentation requirements.