The global Advanced Wound Care Management Market is driven by increasing geriatric population

Advanced wound care management products are extensively used in the treatment of both acute and chronic wounds such as pressure ulcers, diabetic foot ulcers, and surgical wounds. These products protect the wound from external bacteria and maintain a warm and moist environment to aid in the healing process. With rising incidence of diabetes and obesity globally, the demand for advanced wound care products is growing significantly. Low-trauma dressings, skin substitutes, and topical agents form the major advanced wound care product segments that expedite wound closure.

The global Advanced Wound Care Management Market is estimated to be valued at US$ 14095 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The advanced wound care management market size is witnessing notable growth owing to rising demand for single-use negative pressure wound therapy systems. Single-use NPWT systems treat chronic and acute wounds at home, reducing hospital visits and medical costs. For instance, in August 2020, Smith & Nephew launched PICO 14 Single Use Negative Pressure Wound Therapy System in Canada for wound healing at home after surgery.
Key players are increasingly focusing on developing advanced wound dressings made from natural materials such as collagen. For example, in August 2021, ConvaTec Inc. launched ColActive Contact dressing made from collagen in the U.K. to manage wound exudate levels and maintain a moist wound environment. Such innovative products are improving patient outcomes and experience.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the advanced wound care management market is moderate. High initial investments such as R&D costs and regulatory approvals pose a major barrier.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have several product alternatives to choose from various established as well as emerging brands.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative sourcing options and procurement contracts with buyers.

Threat of new substitutes: Threat from new substitutes is low as the existing products effectively handle complex wounds with a minimal risk of infection.

Competitive rivalry: The market competition is high among key global manufacturers as they continuously invest in innovations and product developments.

Key Takeaways

The global advanced wound care management market is expected to witness high growth over the forecast period of 2023 to 2030. The global Advanced Wound Care Management Market is estimated to be valued at US$ 14095 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030.

North America region is expected to dominate the market over the forecast period owing to increasing geriatric population, rising number of patients with chronic diseases, and growing focus of market players on launching affordable treatment options in the region. Europe is also a major regional market for advanced wound care management due to the availability of developed healthcare infrastructure, new product launches by key players, and increasing cases of diabetic foot ulcers and surgical procedures in the region.

Key players operating in the advanced wound care management market are Smith & Nephew, Mölnlycke Health Care AB, 3M, Integra LifeSciences Corporation, Cardinal Health, Coloplast Corp, ConvaTec Group PLC, Medline Industries, Inc., and Essity Aktiebolag. 3M holds the leading position globally by focusing on new product launches and partnerships with healthcare facilities.