According to latest Fact.MR’s research, the global wound healing market is expected to grow steadily from 2021 to 2031. The advanced wound healing market is expected to grow at a CAGR of 9% from USD 10.3 billion in 2020 to USD 16.5 billion in 2027. The rapidly growing geriatric population, rising incidence of diabetes, technological advancements in wound healing supplements, funding for wound care research, growing awareness of wound management, and increasing awareness of the use of nutritive supplements are all expected to boost market growth.
What Is Driving the Wound Healing Market Demand?
Chronic wounds have become more common in recent years, owing to a growing global geriatric population as well as an increase in obesity and diabetes patients.
Diabetes and obesity can lead to an increase in the overall incidence and complexity of wounds, such as infections, ulcerations (leg and foot ulcers), and surgical wounds, all of which require treatment and result in exorbitant medical costs. As a result, the demand for wound healing is likely to increase.
According to a study published by Nanjing University Medical School, the number of people affected by diabetic foot ulcers in North America was 13.0 percent, with an annual growth rate of 2-5 percent. This is one of the primary reasons for the high demand for wound-healing products.
COVID-19 pandemic Likely to Augment Demand of Wound Healing Supplements Product.
During the first half of the forecast period, the COVID-19 outbreak will have a negative impact on the advanced wound care market. In the current situation, there are no beds available for patients who are not Corona Positive. People consult doctors on their phones, which contributes to the negative impact.
Due to the country’s lockdown, surgeries that were postponed due to a lack of beds in hospitals, and wound care services that were denied, growth is expected in the second half of the forecast. The vaccination process has begun and will be completed by the end of 2021, according to the central government’s announcement. Covid-19 will be reduced as a result of vaccination.
U.S. and Canada Wound Healing Market Outlook
In 2020, the global wound healing market was dominated by North America. The increasing geriatric population, growing demand for wound healing products in home care settings, and increased patient awareness are some of the major factors driving the wound care market currently.
Diabetes is the leading cause of non-traumatic lower extremity amputations in the United States, according to the American Pediatric Medical Association (APMA) 2020, and approximately 14-24 percent of patients with foot ulcers require an amputation.
According to a study conducted by the Wound Healing Society (WHS) in the United States, approximately 8.2 million people in the United States had wounds with or without infection in 2018, with the total cost of Medicare for acute and chronic wounds ranging between USD 21.1 and 96.8 billion.
For List of Key Players and Full Segmentation, Ask for a Sample Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=6420