The surging awareness about modern healthcare products and their efficiency has proliferated the advanced wound care market, with physicians now prescribing better and innovative wound treatment alternatives to patients. The occurrence of traumatic injuries of varied intensities have created a need for wound care products that serve different purposes. People have begun to realize the limitations of traditional products in taking care of chronic injuries and wounds, fueling demand for the advanced wound care industry. Growing number of complex surgical procedures, particularly among the elderly, will further drive the advanced wound care market penetration, as tissue recovery takes a longer time in older people.
India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)
Worldwide, the geriatric population, which consists of people aged 60 years or more, is expanding at a higher pace than all the younger age groups. It was reported that more than 962 million people in 2017 were 60 years old or above, signifying tremendous revenue prospects for the advanced wound care industry that exist across the globe. For older people, both low and high level accidents can result into substantial traumatic injury that can take weeks or months to heal. Ageing related effects can also cause difficulties for the body as immune system is weakened and chances of blood clotting rises.
Subsequently, the importance of treating any wound in the elderly with products that speed up the healing process will propagate the advanced wound care market. Chronic wounds, those taking more than three months to heal, are challenging to treat and can be triggered by various reasons in old people, such as bacterial or fungal infection, surgical incisions or even radiation poisoning. Representing a major chunk of the advanced wound care industry’s application scope, chronic wounds among the geriatric population commonly result from various types of ulcers.
According to estimates disclosed by the UN, global geriatric population would grow up to 2.1 billion by 2050, promising lucrative opportunities for the development of healthcare products and services in the coming years. In the U.S. alone, about 46 million people were more than 65 years old in 2016, while the number was 11 million in the U.K. These figures represent a significant proportion of the overall population in the respective countries, where problems like diabetes and obesity among the elderly is rising. Diabetic ulcers in old people can lead to chronic wounds due to lower immunity and late diagnosis.
The American Diabetes Association has informed that 1 in every 4 person in U.S. aged 65 years or more has diabetes. As the prevalence of diabetes increases, probability of related ulcers will also grow and will exponentiate the advanced wound care market share in the global healthcare segment. Bodily changes in older people associated with their age can cause the flow of blood to be blocked in certain parts, transforming into venous ulcers. This in turn can spur into chronic inflammations, demanding the use of advance wound care products to provide and maintain a suitable environment for the wound to heal faster.
In addition to the rapidly inflating elderly population, the advanced wound care market has been witnessing massive boost from the initiatives and efforts of healthcare institutes and companies. For instance, a leading provider of advanced chronic wound care services in U.S. has recently launched its Patient Engagement program. Aimed at improving the utilization of advanced healing products, the program involves reminding patients about their appointments t make sure the do not miss out on critical treatments. Such an effort is quite important considering how old people tend to forget appointments or need to reschedule them more frequently due to different issues.
With other such efforts being taken by various organizations to promote the advanced wound care industry, more patients will be able to take advantage of the latest healing options. Improving health insurance services and coverage, which also accommodate doctor prescribed advanced wound healing products, have made these products more accessible.
Encompassing a broad range of product and application segments, the advanced wound care market comprises of key players like 3M, Medtronic, Acelity, Organogenesis, Human Biosciences, Derma Sciences and Medline Industries, among others. Owing to the increased expenditure on healthcare services and products expected in the imminent future, the advanced wound care market valuation is anticipated to cross USD 13 billion b 2024.