Strategic Forecasting: Chronic Wound Care Market Outlook for 2033

Future Market Insights (FMI) has forecast a strong Compound Annual Growth Rate (CAGR) of 7% for the Global Chronic Wound Care Industry between 2023 and 2033 in a new analysis. With this predicted development, the market is expected to reach an astounding value of US$ 31.46 billion by 2033, demonstrating an impressive trajectory for the sector.

The chronic wound care industry has a 6.5% compound annual growth rate (CAGR) from 2018 to 2022, which is rather impressive. This increase is a sign of the rising need for sophisticated wound care products as well as the rising knowledge of chronic wound care.

One of the key drivers behind this optimistic outlook is the continuous research and development efforts undertaken by both governmental and non-governmental organizations. These initiatives are expected to bring new and innovative products to the market, further enhancing the landscape of chronic wound care.

Additionally, Indian Institute of Science researchers have created bandages that include magnetic nanofibers that can cure skin cancer non-invasively. Researchers at IISc have come up with a bandage that’s fabricated by electrospinning using a unique blend of nanoparticles. It has been demonstrated that real-time monitoring of wound parameters at the site of the wound is crucial for effective wound care using various sensing techniques, including physical and chemical sensors.

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The development of technologies to monitor a variety of biomarkers affecting wound healing, such as temperature, pressure, pH, and infection status, has been a focus of considerable effort in recent years. On-demand and local drug delivery have been developed as advanced wound therapies to assist in the diagnosis and treatment of wounds.

The advancement of technology and innovative 3D techniques, along with trackers and apps, will allow consumers to monitor the healing process of their finger wounds. For instance, Heriot-Watt University researchers developed tiny sensors that track wound healing and speed using a bandage under a bandage. There have been many studies on wound biology, but little is known about the physicality that contributes to wound healing, especially at the microscale, where advancement occurs at sub-hair widths. Crichton writes that few studies have been conducted on wounds.

Key Takeaways from the Global Chronic Wound Care Industry Study 

The global market size for chronic wound care is estimated to reach US$ 15.98 Billion by 2023.
According to the forecast, the market is expected to grow by 7% between 2023 and 2033, reaching a total of US$ 31.46 billion by 2033.
Across all wound dressing categories in 2023, advanced wound dressings accounted for 54% of the total market value.
Chronic wound care in North America expanded with a market share of 33% in 2022.
According to forecasts, by 2023 the diabetic ulcer market will account for 38% of the total market value.

“As diabetic ulcers become more prevalent and new drugs and devices are approved, artificial intelligence and technology are expected to play a significant role in growing sensor-based bandages.” comments a Future Market Insights analyst.

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Competitive Landscape 

Research and the development of innovative diagnostic techniques are expected to be the focus of many companies in the near future, resulting in the expansion of their product lines, the acquisition of other companies, and the merger of their businesses.

Healthium Medtech, based in Bengaluru, has introduced its new wound dressing portfolio Theruptor Novo to manage chronic wound care such as diabetic foot ulcers and leg ulcers. Healthium expands its portfolio of advanced wound dressing products with Theruptor Novo. Approximately 25% of diabetics will develop a foot ulcer during their lifetime. As a result of complications caused by untreated diabetic foot ulcers, almost 1 lakh amputations have been registered in India today. In addition to being painful and expensive, foot ulcers require a lot of treatment.
In an era when complex chronic wound care are on the rise, while access to wound care nurse specialists is becoming more challenging, HARTMAN USA and Corstrata announce their partnership to support home health and other in-home providers. Clinical expertise and evidence-based treatment protocols are essential to integrate advanced wound dressings with a successful wound care program. BerryDunn’s National Healthcare at Home Best Practices and Future Insights Study, published in recent months by top-50 accounting firm BerryDunn, indicates that wound-certified specialists are on staff at all of the top 10% of home health agencies with positive financial surpluses.

Global Chronic Wound Care Industry Key Companies Profiled: