The global advanced wound care market size is expected to reach USD 9.3 billion by 2027, expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising surgical procedures and increasing number of ambulatory surgical centers (ASCs) are some of the key factors driving the market for advanced wound care.
Rising number of road accidents is one of the major factors increasing the demand for advanced wound care products. Moist wound care such as foam, hydrocolloid, film, and collagen dressings are used for the injuries caused by road crash. These advanced wound dressings keep the injury hydrated and allow rapid healing. Moreover, patients who have suffered from severe road crash injuries, such as 2nd and 3rd degree burns, are treated using skin-substitutes and biomaterials.
According to the Association for Safe International Road Travel (ASIRT), approximately 20-50 million people suffer from injuries and disability from road crash globally. It also reported that road accidents are the ninth leading cause of death globally.
In addition, the WHO reported that road accidents cost most of the countries around 3.00% of their gross domestic product (GDP). Factors responsible for road accidents include speeding, alcohol and psychoactive substance influence, unsafe road infrastructure and vehicles, non-use of helmets and seat belts, distracted driving, inadequate post-crash care, and inadequate law enforcement. According to the WHO, 93% of the world’s road fatalities occur in low and middle income countries due to the aforementioned factors.
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Further key findings from the study suggest:
By product, the moist segment held the largest market share in 2019 as it is used in providing first-aid to the patients
Based on application, the chronic segment is anticipated to witness the fastest growth over the forecast period owing to rising cases of diabetes among all age groups
On the basis of end use, home healthcare is expected to witness the fastest growth over the forecast period due to increasing demand for reduced hospital stay and growing geriatric population
Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising number of surgical procedures and increasing cases of sports injuries
Key players operating in the advanced wound care market include Smith & Nephew PLC; Molnlycke Health Care AB; Acelity (KCI Licensing, Inc.); ConvaTec Group PLC; Baxter; Coloplast Corp.; Medtronic; 3M; Derma Sciences Inc. (Integra Lifesciences); and Medline Industries, Inc.