Canada Advanced Wound Care Market - 20230-2030

Canada Advanced Wound Care Market - 20230-2030

Canada Advanced Wound Care Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.

Advanced wound care products are used to treat acute and chronic wounds. Conventional wound care products have been replaced with advanced wound care products. The advanced wound care products show an efficient recovery.

Advanced wound care products such as collagen, biological dressings, biological skin equivalents, keratinocytes, platelet-derived growth factor, platelet-rich plasma, silver products, intermittent pneumatic compression therapy, negative pressure wound therapy, electromagnetic therapy, hyperbaric oxygen, topical oxygen, and ozone oxygen have been employed for the wound care.

Market Dynamics: Drivers & Restraints

Rising prevalence of chronic wounds

The growing incidence of chronic ailments such as diabetes is driving the growth of the market. The number of Canadians living with chronic ulcers is increasing due to the prevalence of diabetes, and venous and arterial diseases. Diabetic patients exhibit a documented impairment in the healing of acute wounds. This may lead to severe wound infections.

For instance, according to the report Canadian Diabetes Association in 2022, there are more than 5.7 million Canadians living with diabetes (type 1 & type 2 diagnosed + type 2 undiagnosed), however, there are 11.7 million Canadians living with diabetes or prediabetes.

Additionally, according to the article published by the Canadian Journal of Diabetes in 2021, it is estimated that 4.6% of people with diabetes have an active DFU. Thus, an increase in the number of diabetes cases diabetic ulcers, and chronic wounds among people in the region, is expected to raise the market growth in the country.

Restraint

Lack of supportive reimbursement policies

The lack of federal monitoring or supporting authority for advanced wound care is limiting developments and access to patients in this sector, thus hindering market growth in the country. The lack of a federal wound care management program is another factor restricting the growth of the advanced wound care market in Canada.

Segment Analysis

The Canada advanced wound care market is segmented based on product, wound type, and end-user

Exudate Management segment accounted for 48.3% of the market share

Exudate is fluid that leaks out of blood vessels into nearby tissues. The fluid is made of cells, proteins, and solid materials. Exudate may ooze from cuts or from areas of infection or inflammation called pus. To manage the exudate a number of products have been released and introduced to the patients.

Increase in the number of woundcare product launches and the introduction of advanced products is expected to drive market growth. For instance, in April 2023, Kerecis launched the MariGen Shield which combines the company’s fish-skin graft and a silicone contact layer to treat chronic and complex wounds. The latest product is fenestrated to enable proper drainage of wounds.

On October 11, 2022, Healthium Medtech launched a new wound dressing portfolio Theruptor Novo for the management of chronic wounds like diabetic foot ulcers and leg ulcers. Theruptor Novo is an anti-microbial and non-toxic wound dressing with technology patented in the US, India, EU, and Canada.

COVID-19 Impact Analysis

Delivering acute and chronic wound care with physical distancing measures has been a major challenge during COVID-19. The spread of infections has alerted patients who require wound care. The reduction in the usage of the products and supply chain interruptions due to the lockdown has influenced the market growth negatively.

Competitive Landscape

The leading companies with a significant market share include Exciton Technologies Inc., Medtronic Plc, Philips Healthcare, ConvaTec, Inc., Molnlycke Healthcare, Medline, Industries, Inc., Derma Sciences, Inc., Smith & Nephew Inc., Covalon Technologies Ltd., B. Braun Melsungen AG.

Key Developments
• In 2022, Health Espresso partnered with Wounds Canada, to provide an AI-powered, digital solution. The partnership brings Wounds Canada's best practices, resources, and training to front-line practitioners at the point of care coupled with the ability for remote patient monitoring for better outcomes.
• In 2021, Canadian organizations have come together to launch Telewound Care Canada, a virtual care initiative designed to help patients connect with their care teams while reducing unnecessary travel and in-person care.

Why Purchase the Report?
• To visualize the Canada advanced wound care market segmentation based on product, wound type, and end-user as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Canada advanced wound care market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Canada advanced wound care market report would provide approximately 69 tables, 68 figures, and 185 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies