Chronic Wound Care Market Application Analysis and Growth by Forecast to 2023 to 2033
According to Future Market Insights, Chronic Wound Care Market is expected to grow at a CAGR of 7% between 2023 and 2033, reaching US$ 31.46 Billion in 2033. Sales grew at a CAGR of 6.5% from 2018 to 2023. New innovative products are expected to be introduced to the market as a result of growing research and development by various governmental and non-governmental organizations. New smart bandages have been developed, as reported in Frontiers in Physics, that can communicate with doctors without touching the wound.
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Additionally, Indian Institute of Science researchers have created
bandages that include magnetic nanofibers that can cure skin cancer
non-invasively. Researchers at IISc have come up with a bandage that's
fabricated by electrospinning using a unique blend of nanoparticles. It has
been demonstrated that real-time monitoring of wound parameters at the site of
the wound is crucial for effective wound care using various sensing techniques,
including physical and chemical sensors. The development of technologies to
monitor a variety of biomarkers affecting wound healing, such as temperature,
pressure, pH, and infection status, has been a focus of considerable effort in
recent years. On-demand and local drug delivery have been developed as advanced
wound therapies to assist in the diagnosis and treatment of wounds.
The advancement of technology and innovative 3D techniques, along with
trackers and apps, will allow consumers to monitor the healing process of their
finger wounds. For instance, Heriot-Watt University researchers developed tiny
sensors that track wound healing and speed using a bandage under a bandage.
There have been many studies on wound biology, but little is known about the physicality’s
that contribute to wound healing, especially at the microscale, where
advancement occurs at sub-hair widths. Crichton writes that few studies have
actually been conducted on wounds.
Key Takeaways from the Market Study
- The global
market size for Non-healing wound management is estimated to
reach US$ 15.98 Billion by 2023.
- According to
the forecast, the market is expected to grow by 7% between 2023 and 2033,
reaching a total of US$ 31.46 billion by 2033.
- Across all
wound dressing categories in 2023, advanced wound dressings accounted for
54% of the total market value.
- Chronic wound
care in North America expanded with a market share of 33% in 2022.
- According to
forecasts, by 2023 the diabetic ulcer market will account for 38% of the
total market value.
“As diabetic ulcers become more prevalent and new drugs and devices are
approved, artificial intelligence and technology are expected to play a
significant role in growing sensor-based bandages.” comments a Future Market
Insights analyst.
Competitive Landscape
Research and the development of innovative diagnostic techniques are
expected to be the focus of many companies in the near future, resulting in the
expansion of their product lines, the acquisition of other companies, and the
merger of their businesses.
- Healthium
Medtech, based in Bengaluru, has introduced its new wound dressing
portfolio Theruptor Novo to manage chronic wound care such as diabetic
foot ulcers and leg ulcers. Healthium expands its portfolio of advanced
wound dressing products with Theruptor Novo. Approximately 25% of
diabetics will develop a foot ulcer during their lifetime. As a result of
complications caused by untreated diabetic foot ulcers, almost 1 lakh
amputations have been registered in India today. In addition to being
painful and expensive, foot ulcers require a lot of treatment.
- In an era when
complex chronic wound care are on the rise, while access to wound care
nurse specialists is becoming more challenging, HARTMAN USA and Corstrata
announce their partnership to support home health and other in-home
providers. Clinical expertise and evidence-based treatment protocols are
essential to integrate advanced wound dressings with a successful wound
care program. BerryDunn's National Healthcare at Home Best Practices and
Future Insights Study, published in recent months by top-50 accounting
firm BerryDunn, indicates that wound-certified specialists are on staff at
all of the top 10% of home health agencies with positive financial
surpluses.
Key Companies Profiled:
- Paracrine, Inc.
- Oneness Biotech
- Biotissue
- Polarity TE
- MediWound
- Anterogen Co.,
Ltd.
- TR Therapeutics
- RHEACELL GmbH
& Co.KG
- Smith &
Nephew
- Kaken
Pharmaceutical
Key Segments Profiled in the Chronic Wound Care Market Industry Survey
Type:
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Other Chronic
Wounds
Product:
- Advanced Wound
Dressings
- Wound Care
Therapy
- Active Therapy
- Others
End User:
- Hospital and
Wound Care Centers
- Homecare
Settings
- Others
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