The pandemic has also resulted in disruptions in the supply chain, affecting the global medical devices industry. The pandemic has adversely impacted global financial expectations, supply chain, operations, and crisis response plans. The manufacturers of advanced wound care products faced disruptions owing to the spread of COVID-19, leading to lockdowns and travel restrictions.
The manufacturing of advanced wound care products was significantly affected as major economies were severely affected due to the spread of COVID-19 infections. Players operating in the market are altering their long-term and short-term growth strategies by tapping the research market and developing innovative products to combat the pandemic.
Even though the impact of COVID-19 on the advanced wound care is moderate compared to other medical device markets, the timely development and implementation of contingency plans are critical for business operations and key imported raw materials.
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The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive advanced wound care products.
[289 Pages Report] 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%. Market growth is driven by the increasing prevalence of diabetes, the high incidence of obesity, and the increasing number of surgical procedures across the globe. In line with this, the major trend in this market is the acquisition of small players by prominent players.
The advanced wound care is segmented into dressings, devices accessories, grafts matrices, and topical agents based on products. The dressings segment accounted for the largest share of the market in 2020, mainly due to the growing patient awareness and the rising occurrence of HAIs.