Advanced wound care market Size to reach USD 15.59 Billion
The global advanced wound care market size is expected to reach USD 15.59 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period. The increasing cases of chronic wounds such as foot ulcers, pressure ulcers, and venous ulcers around the world can be a vital factor in bolstering the growth of the market. Moreover, the growing treatment of acute wounds in the developing nations will promote the growth of the market in the forthcoming years, states Fortune Business Insights in a report, titled “Advanced Wound Care Market Size, Share & Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End, User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 10.43 billion in 2019. The advancement in treatment methods of wounds will create lucrative business openings for the market.
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Prevalence of Acute and Chronic Wounds to Boost Market Growth
Advanced wound care solutions are used extensively for treating acute and chronic injuries such as venous leg ulcers, diabetic foot ulcers, and others. The prevalence of traumatic and fatal wounds among several patients may boost advanced wound care solutions demand. As per the data published by the Department of Endocrinology of Nanjing University Medical School, in 2019 the total cases of surgical wounds in North America surged up to 2.8%. Further, the development of advanced wound solutions, such as biosolutions, is expected to fuel the product demand. Technological advancements in the healthcare sector have led to the adoption of biosolutions. For example, in February 2019, Axio Biosolutions announced its MaxioCel made from chitosan for treating chronic wounds. These factors are anticipated to drive the market growth.