Dubai, UAE, Aug. 08, 2023 (GLOBE NEWSWIRE) -- According to the recent report published by Kings Research, the global Chronic Wound Care Market amassed USD 11.17 billion in revenue in 2022 and is expected to reach a valuation of USD 15.51 billion by 2030, growing at a 4.28% CAGR over the forecast period. Factors driving the growth of the market include rising cases of chronic diseases in the geriatric population and an increase in the prevalence of diabetes and obesity.
The availability of efficient treatment options is aiding the progress of the chronic wound care market. Chronic wound management requires a multidisciplinary approach with an emphasis on prevention, early detection, and prompt intervention, which has drawn more attention to the subject.
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Trending Now: Wearable Bioelectronic “Smart Bandages” Developed by U.S. Scientists are Healing Wounds Quickly
Scientists have developed a smart patch that can monitor healing, treat wounds with medication, and stimulate tissue growth using electrical signals. The Smart Patch, a wireless, stretchable, wearable bioelectronic system for multiplexed monitoring & combination therapy to treat infected chronic wounds, was developed by a team of U.S. scientists.
The small device is designed to help people with burns, diabetic ulcers, and non-healing surgical wounds. The scarcely noticeable bandage, which is biocompatible, stretchable, mechanically flexible, and skin-conformal, was put to test on mice in a study that was published on Friday in the journal Science Advances.
An in vitro wound healing assay was used to evaluate the therapeutic potential of the wearable patch for improved tissue regeneration via electrical stimulation. In comparison to the control group without electrical stimulation, the model wound treated with electrical stimulation demonstrated noticeably faster wound healing.
Global Fast Fashion Market Snapshot:
| Report Attributes | Details |
| Base Year | 2022 |
| Forecast Year | 2023-2030 |
| Historical Years | 2018-2021 |
| Revenue (2022) | USD 11.17 Billion |
| Revenue (2030) | USD 15.51 Billion |
| Revenue CAGR (2023 - 2030) | 0.0428 |
| Fastest Growing Region (2023 - 2030) | Asia-Pacific |
| Largest Region | North America |
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Competitive Landscape
The market for chronic wound care is highly fragmented. Major players are concentrating on adopting effective strategies, including partnerships, mergers & acquisitions, product development, and joint ventures to enhance their respective market shares and diversify their product portfolios.
Key players in the chronic wound care market include:
- 3M
- Braun SE
- Cardinal Health
- Coloplast A/S
- Colzyx AB
- Convatec Inc.
- Integra LifeSciences
- Kane Biotech Inc.
- Medline Industries, Inc.
- Smith+Nephew.
The Global Chronic Wound Care Market is segmented as:
By Type
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Others
Growing Number of Diabetic Patients to Augment Diabetic Ulcers Globally
The diabetic ulcers segment held the lion’s share in the global chronic wound care market and is estimated to amass USD 6.14 billion in revenue by the end of 2030. The availability of cutting-edge wound care solutions and the rise in the number of diabetic patients with ulcers globally are fueling segment expansion.
However, the pressure ulcers segment is likely to depict the fastest growth through the analysis period. The segment is likely to experience growth due to the rising prevalence of obesity and related wounds. Pressure ulcers are wounds to the skin and underlying tissues caused by persistent pressure.
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By Product
- Advanced Wound Dressings
- Wound Care Therapy
- Active Therapy
- Others
Rising Penetration of Artificial Intelligence Boosts Advanced Wound Dressings Sales
The advanced wound dressings segment dominated the chronic wound care market in 2022 and is anticipated to reach a valuation of USD 8.33 billion by 2030. The widespread availability of smart wound care facilities and the expanding application of artificial intelligence are the main drivers for segment growth. With diverse types of wounds, the development of smart bandages is also providing low-cost assistance.
Additionally, the expanding geriatric population around the world is foreseen to complement segment development. Other significant factors that are speculated to promote market growth include rising disposable income and increased awareness of surgical site infection.
Increasing Geriatric Population Sows the Seed for Chronic Wound Care Globally
A rapidly aging population and surging chronic diseases, such as diabetes and cardiovascular disease, have led to an increase in the demand for chronic wound care in recent years. An aging population and an increase in chronic diseases globally are driving the demand for services related to chronic injuries caused by cardiovascular disease. Infrastructural aspects of healthcare, healthcare regulations, and reimbursement schemes all have an impact on the demand for chronic wound care.
Another major factor that is likely to contribute to market growth is the increased prevalence of obesity, which is linked to lower extremity amputations and chronic wounds. In addition to decreased vascular activity in adipose tissue, obese individuals are more likely to develop pressure ulcers. These patients' inability to adjust their position in bed serves as a risk factor for pressure-related injuries. Additionally, the skin folds on their bodies create the perfect environment for microbes to flourish. The deterioration of skin brought on by these germs results in ulcers, which are therefore most likely to increase demand for those products, resulting in market growth.
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North America to Gain Traction Due to Immense Focus on Healthcare
North America dominated the global chronic wound care market with a valuation of USD 4.83 million in 2022. In the region, the U.S. is foreseen to lead the market at a 4.51% CAGR over 2023-2030. The growth of the regional market is attributable to the increasing concern in the hospital vertical. Healthcare professionals are now concentrating more on treating wounds such as diabetic foot and chronic venous leg ulcers as a result of the region's population expansion. These wounds can have more severe effects, including foot amputation, in patients with diabetic foot ulcers.
APAC to Exhibit Prominent Growth Bolstered by Upsurge in Invasive Chronic Disease
Asia Pacific is projected to be the fastest-growing region in the chronic wound care market, registering a 5.33% CAGR over the forecast timeframe. The rising prevalence of chronic diseases, including diabetes and cardiovascular disease, which necessitate efficient wound care, is fostering the regional market growth. Furthermore, the growing demand for methods that minimize the risk of infections and accelerate the healing process will ultimately result in better patient outcomes and cheaper healthcare expenditures.
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Key Points from TOC:
1 Introduction of the Global Chronic Wound Care Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Chronic Wound Care Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of the Russia-Ukraine War
6 Global Chronic Wound Care Market, By Type
7 Global Chronic Wound Care Market, By Product
8 Global Chronic Wound Care Market, By End-User
9 Global Chronic Wound Care Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
15 Global Chronic Wound Care Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 3M
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 B. Braun SE
16.3 Cardinal Health
16.4 Coloplast A/S
16.5 Colzyx AB
16.6 Convatec Inc.
16.7 Integra LifeSciences
16.7.4 Recent Developments
16.8 Kane Biotech Inc.
16.9 Medline Industries, Inc.
16.10 Smith+Nephew
Browse Complete TOC: https://www.kingsresearch.com/toc/chronic-wound-care-market-6
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