The pandemic has also resulted in disruptions in the supply chain, affecting the global medical devices industry. The pandemic has adversely impacted global financial expectations, supply chain, operations, and crisis response plans. The manufacturers of advanced wound care products faced disruptions owing to the spread of COVID-19, leading to lockdowns and travel restrictions.
The manufacturing of advanced wound care products was significantly affected as major economies were severely affected due to the spread of COVID-19 infections. Players operating in the market are altering their long-term and short-term growth strategies by tapping the research market and developing innovative products to combat the pandemic. Even though the impact of COVID-19 on the advanced wound care market is moderate compared to other medical device markets, the timely development and implementation of contingency plans are critical for business operations and key imported raw materials.
As the affordability of and access to surgical care increase globally, the number of surgical procedures performed is expected to increase. With an increase in the prevalence of chronic diseases and growth in surgical procedures, the incidence of associated surgical wounds and infections has increased. This will increase the demand for advanced wound care products and debridement procedures, along with advanced techniques like NPWT.
Surgical procedures are normally accompanied by wound infections, excessive bleeding, or tissue damage. Advanced wound care products such as honey wound dressings are loaded with antimicrobial agents and have emerged as viable options to reduce wound bacterial colonization and infection to improve the healing process. The overall uptake of different advanced wound care products during/after surgical procedures are increasing due to the proven benefits of these products and the growing awareness about their effectiveness.
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Opportunity: Growth potential of emerging economies
Compared to Europe and North America, the Asia Pacific and Latin America are relatively untapped markets for advanced wound management and have huge growth potential. Owing to this, various players are focusing on increasing their presence in these regions. Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific are more adaptive and business-friendly than those in developed countries.
Restraint: High cost of advanced wound care products
The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive advanced wound care products. However, with growing awareness regarding the effectiveness of these products and increasing disposable incomes in many of these countries, the adoption of advanced wound care products is expected to increase in the coming years.
The advanced wound care market is segmented into dressings, devices accessories, grafts matrices, and topical agents based on products. The dressings segment accounted for the largest share of the market in 2020, mainly due to the growing patient awareness and the rising occurrence of HAIs. Factors such as the increasing incidence of diabetic ulcers, venous ulcers, and pressure ulcers provide an impetus to the growth of this market.
The advanced wound care market is segmented into surgical traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns other wounds by wound type. In 2020, the surgical traumatic wounds segment accounted for largest share of the market, mainly due to the growth in the volume of surgical procedures performed and rising rate of SSIs.
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The advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2020, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the market. Increasing hospital admissions for chronic wounds (such as pressure ulcers, diabetic foot ulcers, and venous leg ulcers) and the rising incidence of hospital-acquired pressure ulcers and infections are the key market drivers for the growth of this end-user segment.
The global advanced wound care market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa. In 2020, North America accounted for the largest share of the market. The increasing number of acquisitions and the presence of many advanced wound care companies in North America are supporting the growth of the market in this region. Demographic changes, increasing patient awareness, and the penetration of advanced wound care products also support market growth.
- 3M Company (US)
- Smith Nephew plc (UK)
- ConvaTec Group Plc (UK)
- Coloplast A/S (Denmark)
- Mölnlycke Health Care AB (Sweden)