North America, with its established healthcare infrastructure and high awareness of patients, is expected to hold 47% of the overall chronic wound care market share in 2023.
According to Future Market Insights, Chronic Wound Care Market are expected to grow at a CAGR of 7% between 2023 and 2033, reaching US$ 31.46 Billion in 2033. Sales grew at a CAGR of 6.5% from 2018 to 2023. New innovative products are expected to be introduced to the market as a result of growing research and development by various governmental and non-governmental organizations. New smart bandages have been developed, as reported in Frontiers in Physics, that can communicate with doctors without touching the wound.
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. 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.
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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’s that contribute to wound healing, especially at the microscale, where advancement occurs at sub-hair widths. Crichton writes that few studies have actually been conducted on wounds.
Key Takeaways from the Market Study?
“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.
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Key Segments Profiled in the Chronic Wound Care Market Industry Survey
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 09, 2023