Asia Pacific Advanced Wound Care Market Size, Share & COVID-19 Impact Analysis, By Product Type (Advanced Wound Dressings {Alginate Dressings, Hydrogel Dressings, Film Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, Foam Dressings, Others}, Wound Care Devices {Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Others}, and Active Wound Care {Biological Skin Equivalents, Growth Factors, Others}), By Indication (Diabetic Foot Ulcers, Others), By End User (Hospitals, Clinics, Homecare Settings, Others), and Regional Forecast, 2023-2030

Asia Pacific is the fastest-growing region in the global advanced wound care market. The Asia Pacific advanced wound care market size is projected to grow at a CAGR of 6.3% during the forecast period. The global market is projected to grow from USD 11.38 billion in 2022 to USD 17.48 billion by 2030.

Increasing initiatives by the key players to obtain reimbursement for their advanced wound care products in the region are anticipated to raise the adoption of these products in the forthcoming years. For instance, in September 2022, MiMedx, a biologics company, received reimbursement approval for Epifix from the Japanese Ministry of Health, Labor and Welfare (JMHLW) to treat diabetic and venous leg ulcers.

Our report on the Asia Pacific market covers the following countries/regions – India, China, Japan, Australia, Southeast Asia, and the rest of Asia Pacific.

LATEST TRENDS

Shifting Focus of Leading Manufacturers to Expand Geographical Footprint to Propel Industry Growth

The Asia Pacific advanced wound care market is witnessing a substantial growth owing to the rising focus by the players to launch wound care products in order to meet the increasing demand. Moreover, the players are continuously engaging in activities to strengthen their presence in the region by establishing manufacturing facilities and collaborating with government and non-government organizations to increase their production capacity and raise awareness among the population for efficient wound care management. Moreover, the researchers and key players are also shifting their focus to develop next-generation wound care products to cater to the unmet needs of available wound care products.

• For instance, in September 2021, MDM Wound Ventures, a U.S. based company entered into a distribution agreement with UCT Medical Co. Ltd. in South Korea to launch EZ Debride, a wound care device.

DRIVING FACTORS

Increasing Prevalence of Chronic and Acute Wounds in the Region to Raise the Demand

The increasing burden of the geriatric population, coupled with the rising prevalence of various chronic disorders, is one of the predominant factors contributing to the rising demand for these products. Chronic disorders such as diabetes, prolonged ICU admission, and injuries such as spinal cord injury increase the risk of developing chronic wounds among patients. Advanced wound care products are effective in the treatment of these conditions. Thus, the rising prevalence of chronic wounds along with chronic diseases augments the Asia Pacific advanced wound care market growth.

• For instance, according to data published by the Australian Government in 2021, approximately 16% of the total population were 65 years old and above.

RESTRAINING FACTORS

High Cost of Wound Treatment to Limit the Market Growth 

Despite the increased demand for these products due to the rising number of patients suffering from chronic and acute wounds, the high cost associated with the treatment and reluctance among patients to continue with the treatment regimen is one of the key factors affecting the market growth. In the Asia Pacific region, chronic wounds impose a significant health care burden with devastating impact and high financial burden.

Furthermore, limited knowledge regarding the proper management of wounds in rural and less developed areas and the use of medicinal plant extracts to treat cuts and wounds is expected to limit the market growth.

KEY INDUSTRY PLAYERS

The Asia Pacific market is competitive due to the presence of regional players, along with foreign manufacturers that have monopolized the market. Smith & Nephew, ConvaTec Group PLC, and 3M, are some players with a leading position in the Asia pacific market. The wide product portfolio of these companies, strong geographical presence in the region along with various initiatives undertaken by companies to strengthen their brand presence and promote wound care treatment are a few factors contributing to their large share in the market.

• For instance, in November 2021, Smith & Nephew established its first medical education Center in order to support customers across the Asia Pacific. The Center will focus on advanced wound management and other business segments of the company.

Moreover, regional players, such as Healthium Medtech Limited, Axio Biosolutions Pvt. Ltd., and others, are also competing with the global players by introducing technologically advanced products in the region.

LIST OF KEY COMPANIES PROFILED:

• Smith & Nephew (U.K.)


• ConvaTec Group PLC (U.K.)


• 3M (U.S.)


• Mölnlycke Health Care AB (Sweden)


• Healthium Medtech Limited (India)


• Integra LifeSciences (U.S.)


• Axio Biosolutions Pvt Ltd (India)


• Triage Meditech Pvt. Ltd. (India)


• Winner Medical Co., Ltd. (China)


• Chinmed (China)


• Coloplast A/S (Denmark)

KEY INDUSTRY DEVELOPMENTS:

• March 2022: Advanced Oxygen Therapy Inc. received approval from the Chinese National Medical Products Administration (NMPA) for cyclically pressurized wound therapy intended to treat diabetic foot ulcers among patients.


• September 2021: Human Biosciences planned to launch skin temp and Medfil in India. The launch would help the company to expand its geographical presence and cater to the rising demand for advanced wound care.

REPORT COVERAGE

The report provides qualitative and quantitative insights on the market and a detailed analysis of the market share, size & growth rate for all possible segments in the market. Along with market forecast, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, and key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation