Advanced Wound Care Market

Smith & Nephew plc (UK) and Mölnlycke Health Care AB (Sweden) are leading players in Advanced Wound Care Market

The global advanced wound care market is projected to reach USD 12.8 billion by 2026 from USD 9.4 billion in 2021, at a CAGR of 6.2% during the forecast period. Growth in this market is mainly driven by factors such as the growing prevalence of diseases & conditions affecting wound healing capabilities, increasing spending on chronic wounds, and technological advancements. However, the high cost and risks associated with the use of advanced wound care products are the major factors hampering the growth of this market.

The key players in this market are 3M Company (US), Smith & Nephew plc (UK), ConvaTec Group Plc (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences Holdings Corporation (US), PAUL HARTMANN AG (Germany), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (US), Organogenesis Holdings Inc. (US), Misonix, Inc. (US), MiMedx Group, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GmbH & Co. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, Inc. (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENI MEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).

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In 2020, 3M Company (US) held the leading position in the advanced wound care market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in October 2019, the company acquired Acelity Inc. (US).

In 2020, Smith & Nephew plc (UK) accounted for the second-largest share of the advanced wound care market. The company invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. In March 2020, the company had launched the PICO 14 Single-use NPWT System (NPWT) and dressing in the US. Similarly, in October 2018, the company had launched PICO 7Y, the first portable single-use NPWT system capable of treating two wounds simultaneously. Such product launches have helped the company significantly expand its product line and enhance its advanced wound care market visibility.

Mölnlycke Health Care AB (Sweden) leading position in this market can be attributed to its strong sales and distribution network across the globe. It has a wide geographic presence that spans North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa, with a strong distribution network. To sustain its leading position in the market, the company pursues inorganic growth strategies. For instance, in June 2019, the company partnered with Zuellig Pharma (Singapore) to leverage its deep expertise to improve the availability of wound care products and solutions across the region. In line with this, in January 2018, the company partnered with Tissue Analytics (US) to jointly develop and commercialize digital solutions for conditions, such as chronic wounds, burns, and pressure ulcers, to simplify and standardize wound assessment and treatment. With such developments and strategic efforts, the company is expected to witness growth during the forecast period.

Related Reports:

Advanced Wound Care Market by Product (Dressings (Foam, Hydrocolloid, Film, Alginate), NPWT, Debridement Devices, Grafts, Matrices, Topical Agents), Wound Type (Surgical, Traumatic, Ulcers, Burns), End User (Hospital, Homecare) - Global Forecast to 2026

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Report Code
MD 3838
RI Published ON
10/29/2021
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