The advance wound care market is estimated to reach a $15 billion valuation between the years of assessment from 2020 to 2030. Greater effect of the virus on obese and diabetic patients and the resultant increase in risk of chronic wounds is likely to provide lucrative opportunities to market players.
The market is likely to be gain growth opportunities from the ongoing coronavirus pandemic.
Advance Wound Care Market- Key Takeaways
Home care applications are witnessing fast growth, owing to high hospital costs, and reduced risks of hospital acquired infections.
- Diabetic wounds such as foot ulcers are major contributors to the requirements for advance wound care solutions to minimize patient morbidity and mortality.
- North America is a major market for advance wound care, supported by rising number of surgeries, and investments into modern wound care devices.
Advance Wound Care Market- Driving Factors
- The advance wound care market is primarily driven by the strongly expanding population of geriatrics and adoption of surgical procedures.
- Advances in care solutions for diabetic foot ulcers, venous leg ulcers, and pressure ulcers generate major opportunities.
Advance Wound Care Market- Major Restraints
- High cost of availing advance wound care treatment is a major challenge hindering growth.
- Choices made in terms of the appropriate wound care therapy is often not based on evidence, potentially delaying care.
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COVID-19 Impact on Advance Wound Care Market
The coronavirus pandemic is expected to have a marginal impact on the advance wound care market.
Greater risks from the virus for diabetics and obese patients are generating greater risk of chronic wounds which in turn drives demand for advance wound care.
On the other hand, wound care has been designated by many governments around the world as non-essential medical treatment, during the lockdown period.
Consequently, delays in elective medical procedures will limit the scope of growth of the market during the contagion.
Demand for home care applications will remain strong and continue to grow even at the conclusion of the global pandemic.
Smith & nephew, 3M Company, Organogenesis, Acelity, B.Braun, MPM Medical, Beiersdorf Global, Medtronic, Coloplast, Medline Industries Inc., ConvaTec Group, Derma Sciences, and Integra Lifesciences Corp. are some of the more prominent participants in the advance wound care market.
Leading players in the advance wound care market have been pushing for strategic collaborations and acquisitions for improvements and expansion of care quality and treatment techniques.
For instance, Aptihealth has joined hands with Glen Falls Hospital towards virtual behavioral healthcare, including comprehensive advance wound care during the covid-19 crisis.
American Medical Technologies has been acquired by One Equity Partners for post-acute and long-term wound care services.
Further, Aroa Biosurgery has increased access to patients and healthcare professionals to use Endoform extracellular matrix technology for wound care procedures.