Asia-Pacific Advanced Wound Care Market Size, Outlook: Analysing the 6% CAGR and USD 3.25 Billion Projection by 2032
The Asia-Pacific advanced wound care market size is anticipated to grow from USD 2 billion to USD 3.25 billion in 10 years. The market will experience rapid growth due to the increasing incidence of chronic wound conditions during the forecast period.
Newark, Oct. 05, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2 billion in 2022 Asia-Pacific advanced wound care market will reach USD 3.25 billion in 2032. The increasing incidence of ulcers driven by the increasing alcohol consumption in the contemporary world will drive the market for advanced wound care. Smoking and increasing stress, which causes more dependence on cigarettes, lead to a self-destructing spiral and increasing risk of pressure ulcers. Ulcers form a significant portion of chronic wounds, affecting at least 2% of the world population once in their lifetime. Therefore, the increasing incidence of chronic wounds, given the lifestyle habits of the modern world, will drive the Asia-Pacific advanced wound care market’s growth.
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Key Insight of the Asia-Pacific Advanced Wound Care Market
China is expected to dominate the market during the forecast period.
The large and well-established pharmaceutical and biotechnology companies that drive innovation and production of cutting-edge wound care products, technologies, and instruments are the market’s main drivers in China. Most pharmaceutical components, including those needed to make antibiotics, are produced in China. China’s vast population partly fuels the demand for better wound care. The market will rise due to an increase in chronic wound cases brought on by the ageing population.
In 2022, the active wound care segment dominated the market with the largest market share of 44% and revenue of 0.88 billion.
The product type segment is divided into infection management, active wound care, exudate management, therapy devices and others. In 2022, the active wound care segment dominated the market with the largest market share of 44% and revenue of 0.88 billion.
In 2022, the chronic wounds segment dominated the market with the largest market share of 53% and revenue of 1.06 billion.
The application segment is divided into chronic wounds and acute wounds. In 2022, the chronic wounds segment dominated the market with the largest market share of 53% and revenue of 1.06 billion.
In 2022, the hospitals segment dominated the market with the largest share of 46% and revenue of 0.92 billion.
The end-user segment is divided into hospitals, specialty clinics, home healthcare, and others. In 2022, the hospitals segment dominated the market with the largest share of 46% and revenue of 0.92 billion.
Report Scope and Segmentation –
|2032 Value Projection||USD 3.25 Billion|
|Market Size in 2023||USD 2 Billion|
|No. of Pages||239|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Segments Covered||Product Type, Application and End User|
|Regions Covered||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.|
|Asia-Pacific advanced wound care Market Growth Drivers||The increasing incidence of accidents and traumas|
Advancement in market
May 2023 – Bengaluru-based Prashant Krishnan, a seasoned leader and veteran in the MedTech industry, has been named the new Asia-Pacific business head for Healthium Medtech’s advanced wound care and surgery portfolio. Healthium Medtech is a major player in the medical device industry, focusing on surgical, post-surgical and chronic care products. Krishnan leaves Medtronic and joins Healthium. Krishnan will keep raising the bar for operational excellence and company growth as Healthium increases its presence in India and elsewhere. His hiring coincides with the company’s efforts to diversify its offerings in advanced surgery, wound care, orthopaedics, and post-operative care through organic and inorganic means.
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Driver: the rising number of accidents and injuries.
Several impoverished and emerging countries in the Asia-Pacific region have poor infrastructure, lax safety regulations, and ineffective enforcement of already-existing legislation, which is increasing the number of accident and trauma cases. Rising trauma cases are largely attributed to accidents on the road, at building sites, in factories, and fires. Additionally, the increasing frequency of riots, conflicts, and protests frequently results in violence and harm. The number of people harmed by natural disasters and the frequency of catastrophic climatic events are rising. These injury scenarios frequently have wounds that need to be attended to to prevent infection, accelerate healing, and avert fatalities. In these situations, advanced wound care is essential for life preservation. As a result, the expansion of the Asia-Pacific advanced wound care market will be fueled by the rising number of accidents and traumas.
Restraints: cost-prohibitive nature of advanced wound treatment.
When conventional wound care methods are unsuccessful, advanced wound care is the next step. They frequently require high-end medical equipment, pricey drugs, biomaterials, and expensive tools. Professionals must operate some equipment and need a particular setting and environment. Like skin substitutes, bio-materials are likewise pricey. Many treatments become prohibitively expensive and frequently inaccessible without favourable reimbursement policies and a robust public healthcare infrastructure. As a result, the market’s expansion will be constrained by the high price of advanced wound care.
Opportunities: improvements in advanced wound care management.
Advanced wound care’s ability to expedite healing shortens hospital stays and improves patient outcomes, particularly during surgery. The demand for surgical treatments rises due to better patient outcomes, and hospitals’ ability to accept more patients given quicker recovery times increases revenue. To introduce better and more modern wound care treatments, the leading market participants in the industry drive research, development, and innovation, which drives the market’s future growth.
Challenges: The lack of positive reimbursement policies.
The dismal state of public healthcare infrastructure, combined with the lack of positive reimbursement policies and the lack of implementation of universal healthcare initiatives by the government, leaves a significant population vulnerable to exploitation by private players. For instance, the out-of-pocket expenditure for healthcare in India is amongst the highest in the world. Most of the population cannot afford these private healthcare services, leaving the majority of them indebted or at the mercy of poor-quality public healthcare services, which causes equal suffering given the lack of medicines, staff and poor infrastructure. Therefore, the lack of positive reimbursement policies will challenge the market’s growth.
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Some of the major players operating in the North American Asia-Pacific advanced wound care market are:
• 3M Company
• B. Braun Melsungen AG
• Cardinal Health, Inc.
• Coloplast A/S
• ConvaTec Group Plc
• Essity Aktiebolag
• Medline Industries
• Medtronic Plc.
• Mölnlycke Health Care AB
• Smith & Nephew Plc.
Key Segments covered in the market:
By Product Type
• Infection Management
• Active Wound Care
• Exudate Management
• Therapy Devices
• Chronic Wounds
• Acute Wounds
By End User
• Specialty Clinics
• Home Healthcare
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed, regional and country. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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