Technological Innovations and Diabetes Prevalence Fueling Growth in the 2023 Global Advanced Wound Care Market

Jan 30, 2024

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30 Aug, 2023, 19:00 ET

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DUBLIN, Aug. 30, 2023 /PRNewswire/ -- The "Advanced Wound Care Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

The global advanced wound care market is poised for remarkable growth in the upcoming forecast period. The market's expansion is attributed to the increasing incidence of chronic diseases worldwide, which in turn fuels the demand for advanced wound care solutions. Furthermore, with the older population exhibiting slower healing capabilities, the growth of the geriatric demographic is expected to drive market growth.

The growing prevalence of chronic diseases is a key driver for the global advanced wound care market. As chronic diseases often lead to surgeries, the demand for advanced wound care management surges. Chronic diseases, or non-communicable diseases, are a leading cause of death for adults globally.

The next decade is projected to witness a 17% increase in this statistic. About a third of the global population grapples with multiple chronic conditions. In the U.S., six out of ten adults have two or more chronic diseases. The number of Americans with chronic diseases is projected to rise by 37% or 46 million between 2000 and 2030. This trend is set to propel the market's growth.

Growing Geriatric Population Driving Market Expansion

The geriatric population, characterized by slower healing capacities, contributes significantly to the expanding advanced wound care market. The World Health Organization (WHO) estimates that the percentage of adults aged 60 or older was 9.8% in 2017. This figure is anticipated to increase to 13.7% and 20.3% by 2030 and 2050, respectively.

In the United States, the senior population (aged 65 and over) constitutes the fastest-growing demographic within the general population. As per the U.S. Census Bureau's National Population Projections, one in four Americans is projected to be older adults by 2060. These demographic shifts are expected to drive substantial market growth.

Technological Innovations Fuel Market Expansion

The global advanced wound care market is set to experience significant technological advancements in its products. Cutting-edge technological goods are poised to enter the market soon.

For example, nanoparticle-based wound healing and skin regeneration employ bioactive molecules to enhance pharmaceutical effects, thereby promoting drug release. Additionally, gene therapy is expected to emerge, involving the infusion of healthy normal genes into cells to promote wound healing. These technological advancements are anticipated to fuel market growth over the projected period.

Diabetes Prevalence and Advanced Wound Care

The prevalence of diabetes globally further stimulates the advanced wound care market. Diabetes patients often develop diabetic foot ulcers, which can be treated using advanced wound care solutions. Diabetic foot ulcers can lead to amputation of the foot in 20% of affected individuals, as per ScienceDirect.

Moreover, more than 25% of the diabetic population may suffer from diabetic foot ulcers. Consequently, the adoption of advanced wound care solutions is expected to rise among diabetic individuals.

These solutions assist in maintaining moisture and facilitate rapid healing of internal and external wounds. The World Health Organization reports that 422 million people worldwide have diabetes, resulting in 1.5 million annual fatalities. The incidence and prevalence of diabetes have been consistently rising over recent decades, further propelling market growth.

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For more information about this report visit https://www.researchandmarkets.com/r/7xql0y

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