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Advanced Wound Care Market Trends

Report ID: GMI2871
Published Date: Nov 2021
Report Format: PDF

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Advanced Wound Care Market Trends

The increasing geriatric population worldwide is one of the major factors that is driving the industry expansion. For instance, according to the Department of Economic and Social Affairs of the United Nations, in 2019, the world population had 703 million people aged sixty-five and above that is further expected to increase to 1.5 billion in 2050. Such a dramatic rise of the geriatric population will create opportunities for advanced wound care as the wounds heal slowly and require more medical attention in geriatric people. Also, in aged people, it becomes difficult to treat wounds due to the high risk of infection, especially in cases of deep wounds.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Market size of advanced wound care surpassed USD 9.3 billion in 2020 and is set to expand at a CAGR of 5.6% through 2027 driven by the surging geriatric population, obesity, and rising prevalence of diabetes at the global level.

The diabetic wound recorded USD 1.2 billion in 2020 and will grow owing to rising disease prevalence and an increasing population undergoing non-traumatic amputations.

The hospitals reached nearly USD 3.8 billion in 2020 and will escalate with surging healthcare expenditure for the provision of improved patient care.

North America market registered more than 40.5% market share in 2020 and will depict substantial growth due to the presence of well-developed healthcare facilities in Canada and the U.S.

Major participants across the market comprise Medline Industries, 3M, MPM Medical, Beiersdorf global, ConvaTec Group, Coloplast, Smith and Nephew, HARTMANN International, and others.