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Advanced Wound Care Market is expected to reach a value of USD 16.8 billion by 2027
The rising geriatric population, rising traumatic wounds, increasing the number of surgeries, and the rising incidence of illnesses like obesity and diabetes have all contributed to an increase in the prevalence of acute, chronic, and surgical wounds over the last decade.
Because of this, the advanced wound care market is expected to reach a value of USD 16.8 billion by 2027.
The advanced wound care market is a fast-paced environment that has seen significant changes in recent years. The acquisition of minor firms by larger players is a major trend in this market. Small businesses have significant R&D capability but lack the financial resources to seek approvals and commercialize products. Large companies with deep pockets often buy tiny businesses and exploit their creative technologies to build cutting-edge products. Both companies' geographic presence is bolstered as a result of these purchases.
Based on the segment, the market is segmented into product, wound, and end-user. Among product types, the dressings segment accounted for the largest share in the advanced wound care market attributed to rising spending on chronic and surgical wounds, rising incidence of burn injuries, and technological developments in dressings. Among the wound, the surgical & traumatic wounds segment accounted for the largest share in the advanced wound care market. The growth of this category is being driven by factors such as the increasing number of surgical procedures performed and the rising frequency of chronic illnesses. While, among the end-user, the hospital segment accounted for the largest share in the advanced wound care market. The large number of treatment procedures conducted in hospitals and the availability of reimbursements are driving the growth of the segment.