Advanced Wound Care Market – Analysis and Forecast To 2024 | Paul Hartmann, Cardinal Health, B. Braun.

The global advanced wound care market is predicted to grow at 6.0% CAGR during the forecast period with the market size reaching USD 16.0 billion by 2024. Advanced wound care products are used for the treatment of chronic and acute wounds. These products manage wound effectively and enable faster healing. Different products such as advanced, wound therapy device and active wound care products are majorly contributing to the advanced wound care market size.

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Owing to the mounting occurrence of wound ulcer and surgical wounds has resulted in increased demand for advanced wound care products for the management of the wounds and to reduce the length of stay in the hospital. Some of the other key factors driving the growth of the industry are the mounting adoption of evidence-based treatment for chronic wounds, escalating healthcare expenditure, and awareness programs for advanced wound care treatment and management.

Key factors hindering the growth of the advanced wound care market are the high cost of advanced wound care products and lack of awareness of advanced wound care products.

Asia-Pacific is observed to witness significant growth in the advanced wound care market during the forecast period, as the region comprises a large population, and escalating government support. Moreover, expanding the geriatric population, the mounting occurrence of diabetes, escalating healthcare expenditure, intensifying medical tourism, growing demand of advanced wound care products, and mounting occurrence of surgical wounds are also facilitating the significant growth of Asia-Pacific advanced wound care industry.

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Market players in the advanced wound care industry are investing capital to develop technologically advanced systems. In June 2018, Acelity L.P. Inc., acquired Crawford Healthcare, to expand its product portfolio of advanced wound dressings. Smith & Nephew, 3M Company, Medtronic Plc., Mölnlycke Healthcare (A Part of Investor AB), Coloplast Corporation, Paul Hartmann, Cardinal Health, B. Braun, Mimedx Group, Convatec Group, Integra Lifesciences Holdings Corp., and Acelity L.P. Inc. are some of the key players offering solutions for advanced wound care.

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