The global market for wound care solutions is estimated to grow $ 30.5 billion Revenue through 2026 with an average annual growth rate of 6.7%, says Frost & Sullivan
SAN ANTONIO, Oct 18, 2021 / PRNewswire / – Frost & Sullivan’s latest analysis, Global wound care solutions and growth opportunities through new technologies, notes that wound care industry participants are investing heavily in technology and solutions that require minimal / no medical intervention and can be used by patients, family members and caregivers. Mainly contributed by product types of basic and advanced wound care solutions, The global market for wound care solutions is estimated to grow $ 30.5 billion Sales by 2026 of $ 20 billion in 2020 an increase at an average annual growth rate (CAGR) of 6.7%.
With advances in technology and a variety of traditional and advanced wound care solutions that include apps, software, services, devices and wearables, North America will dominate the wound care market until 2026. The European wound care market will also see stable growth as the market becomes saturated due to technological advances. Asia Pacific will see a maximum growth rate as countries across the region rapidly adopt wound care solutions. There is also increasing demand for faster wound healing and advanced wound dressings in the middle East and Latin America, or drive the market for wound care solutions in the rest of the world in the forecast period.
You can find more information about this analysis at: https://frost.ly/6eh
“The need for faster, less invasive wound healing is driving the demand for advanced wound care solutions,” said Suchismita Das, Research Analyst in Healthcare and Life Sciences at Frost & Sullivan. “In addition, the resumption of elective surgeries that were suspended during the pandemic will further increase the demand for surgical wound care solutions after the pandemic.”
He added, “As end users increasingly prefer solutions for the home, simple and effective wound monitoring devices and solutions that require less medical intervention become more important. In addition, sensor-based solutions with artificial intelligence (AI) are on the rise. Devices / wearables and wound assessment devices support nursing staff with Clinical Decision Support (CDS) for faster diagnosis of complex wounds, which leads to effective treatment pathways. “
Funding from governments and corporations to develop next generation wound care solutions that primarily enable early detection and prevention of wounds will increase, providing market participants with the following growth opportunities:
- Reinforced Government Recommendations for Preventive Solutions: The need to address current and future threats from microbial infection and healthcare-acquired pressure injury (HAPI) will benefit healthcare information technology (HIT) companies. You need to invest in developing technologically advanced solutions.
- AI-enabled wound care solutions for faster, more accurate diagnosis: HIT companies can leverage AI through partnerships or mergers and acquisitions for innovative next-generation solutions.
- Flexible smart bandage with embedded sensors to provide real-time data on healing and drug delivery: Providers can work with or acquire start-ups that are actively researching and developing such solutions.
- The use of chitosan can be groundbreaking in the field of wound healing: Market participants have to expand their product portfolio for wound care based on chitosan due to the rapid healing properties for all wound types.
Global wound care solutions and new technology growth opportunities is the newest addition to Frost & Sullivans Healthcare & Life Sciences Research and analysis, available through the Frost & Sullivan Leadership Council, helps the company identify continuous growth opportunities to thrive in an unpredictable future.
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Global wound care solutions and new technology growth opportunities
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SOURCE Frost & Sullivan