- 3 M
- BSN Medical
- Covidien
- Kinetic Concepts
- ConvaTech
- Coloplast
- Derma Sciences
- Integra LifeSciences
- Baxter International
- Smith and Nephews
(Note: The list of the major players will be updated with the latest market scenario and trends)
Recent Developments in Advanced Wound Care and Closure Market:
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In June 2022, Smith & Nephew, a UK-based company, announced that it would construct a new research and development as well as manufacturing facility for its advanced wound care management franchise situated on the outskirts of Hull, UK. It is expected to support more than $10 billion in sales in its first ten years.
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In March 2022, ConvoTec Inc. (UK) acquired Triad Life Sciences (US), which develops biologically derived products to address unmet clinical needs in chronic wounds, surgical wounds, and burns.
The growing incidence of technological advancements in therapies such as bioengineered allogeneic cellular therapies, stem cell therapies, and xenograft cellular matrices is anticipated to drive market growth during the forecast period. These cutting-edge technologies offer more effective and personalized wound healing solutions, addressing the unmet needs in chronic wound management. As the demand for innovative and regenerative therapies continues to increase, there is a substantial opportunity for companies to expand their market share by developing and commercializing these advanced treatment technologies, eventually improving therapeutic effects and reducing healthcare costs. Moreover, the increasing prevalence of chronic wounds, such as diabetic foot ulcers, pressure ulcers, and leg ulcers, is expected to drive the growth target market during the forecast period. These chronic conditions often require advanced wound care treatments for effective healing and management. Thus, the market is witnessing a surge in demand for innovative dressings, negative pressure wound therapy systems, and bioactive wound care products that facilitate rapid healing and reduce the risk of complications. Additionally, collagen dressings serve as a potent driver in wound recovery due to their ability to accelerate the complex process of acute wound repair. These dressings boost the growth of new tissue by modulating the release of chemical mediators, promoting extracellular synthesis, and facilitating the formation of granulation tissue. This expedites the growth of the wound bed and eventually leads to faster wound closure. Consequently, in cases where wounds resist conventional healing approaches, collagen dressings emerge as a promising solution, further propelling the market growth. Furthermore, the high cost of wound care products and the sophisticated regulatory guidelines may hamper the market growth. The high cost could limit the ease of access, especially in regions with limited healthcare funding. Moreover, stringent regulatory requirements for product approval and ensuring reimbursement may pose obstacles for market players, further impeding the growth of the advanced wound care and closure market over the projection period.