The demand for advanced wound dressing is increasing owing to technological advancements, the increasing number of surgical procedures, and the rising prevalence of chronic wounds across the globe. Malaysian medical tourism drives growth in advanced wound care market with 5.00% CAGR expected from 2024 to 2034.
NEWARK, Del, April 01, 2024 (GLOBE NEWSWIRE) — Rising incidences of chronic diseases, such as hypertension, diabetes, and obesity, have opened new doors for the advanced wound dressing market. This trend is generally observed in the developing and developed parts of the world, taking the market valuation to a staggering US$ 6,353.70 million in 2024.
This rising demand is also proof of significant breakthroughs in the medicare sector, with private and public healthcare facilities pouring billions of dollars into the development of curating affordable wound dressing materials. This affordability, coupled with the availability of sophisticated devices and institutional sales is very likely to help the valuation cross US$ 8,374.50 million by 2034.
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Biomedical wound dressings, the new talk of the medicare-town, is also bridging the gap between sustainability and effective wound care management. Even in the regions, where healthcare facilities are up to the mark, the market is growing at a steady rate due to people’s reliance on advanced wound dressings for self-care and home remedies.
All these factors are set to expand the advanced wound dressing market at a steady CAGR of 2.80% through 2034.
“Healthcare institutions like hospitals, ambulatory surgical centers, and emergency hospitals, are forever looking for wound dressings that are not only 100% effective but also cause minimal harm to the environment. This presents a huge opportunity for manufacturers to curate products that are biodegradable and environmentally viable”, opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The institutional sales segment dominates the advanced wound dressing market with a share of 74.10% in 2024.
- Based on the product, the foam dressing segment leads the advanced wound dressing market with a share of 27.10% in 2024.
- The advanced wound dressing market in Malaysia is anticipated to grow at a CAGR of 5.00% through 2034.
- The advanced wound dressing market in India is estimated to rise at a 3.60% CAGR through 2034.
- The advanced wound dressing market in Thailand has the potential to increase at 2.80% CAGR through 2034.
- The French advanced wound dressing market is predicted to rise at a 2.60% CAGR through 2034.
- The advanced wound dressing market in Indonesia is very likely to grow at a CAGR of 2.40% through 2034.
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Competitive Landscape:
The market for advanced wound dressings is still in its early stages and is limited to developed and developing parts of the world.
Companies manufacturing wound dressings need to invest a significant amount of financial capital and research hours to develop products that are not only effective but also affordable to the general population. Collaborations with government healthcare institutions can help companies offer their products and services at cheaper rates as compared to private hospitals and clinics.
Recent Developments:
- In March 2024, MiMedx Group acquired exclusive rights to bovine-derived collagen matrix particulate from TELA Bio, Inc. to enhance its advanced wound care and surgical solutions portfolio.
- Medela, in August 2023, launched Invia Integrated Dressing, approved by the FDA in July, for all wound types, designed to work with Medela NPWT Liberty and Motion pumps.
- DuPont launched DuPont Liveo MG 7-9960 in October 2023, a non-sensitizing, non-irritating, non-cytotoxic soft skin adhesive for advanced wound care dressings.
- In March 2023, UCalgary’s W21C Research and Innovation Centre validated NanoTess’s new wound-care technology, NanoSALV, showcasing its effectiveness in healing chronic wounds.
- Kane Biotech Inc. and ProgenaCare Global LLP launched the newly rebranded revyve™ Antimicrobial Wound Gel in November 2023, an innovative triple-threat approach to chronic wounds.
Key Companies:
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Key Segments Profiled in the Advanced Wound Dressing Industry Survey
By Product:
- Dressings
- NPWT
- Debridement Devices
- Grafts
- Matrices
- Topical Agents
By Wound Type:
- Surgical
- Traumatic
- Ulcers
- Burns
By End User:
- Hospital
- Homecare
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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