The global advanced wound care market size is expected to reach US$15.59 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 5.1% during the forecast period. The increasing cases of chronic wounds such as foot ulcers, pressure ulcers, and venous ulcers around the world can be a vital factor in bolstering the growth of the market. This is the latest data published in a Fortune Business Insights report.
The report states that the growing treatment of acute wounds in the developing nations will promote the growth of the market in the forthcoming years. Titled “Advanced Wound Care Market Size, Share & Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End, User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027,” the report informs readers that the market size stood at US$10.43 billion in 2019, and claims that the advancement in treatment methods of wounds will create lucrative business openings for the market.
The impact of COVID-19 on wound care
Discussing wound care management amid the COVID-19 pandemic, the report authors write: “The impact of the COVID-19 pandemic on certain medical device segments is expected to be more pronounced due to the slow-down in non-emergency procedures and healthcare services. More than two-million non-emergency procedures were cancelled in the UK to free up healthcare resources to help fight against the pandemic. Similarly, the hospitals in the USA saw a 30–60% decline in hospital visits after the announcement of coronavirus as a pandemic.
“[…] The COVID-19 outbreak has negatively impacted the uptake of advanced wound dressings and devices. The Global Advanced Wound Care Market is projected to grow only 3.3% in 2020 due to the COVID-19 crisis. However, healthcare providers have shifted to new models of care for chronic wounds such as telehealth platforms and virtual consultations. This is anticipated to revolutionise the wound management guidelines and lead to a new mode of care in the forthcoming years. Healthcare providers have already identified, noticed, and accepted the ‘new normal’. They are finding innovative ways to improve the delivery of medical care and quality of life of their patients.”