Market Size of Australia Wound Care Management Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 77.84 Million |
Market Size (2029) | USD 107.45 Million |
CAGR (2024 - 2029) | 6.66 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Advanced Wound Therapy Devices Market Analysis
The Australia Wound Care Management Devices Market size is estimated at USD 77.84 million in 2024, and is expected to reach USD 107.45 million by 2029, growing at a CAGR of 6.66% during the forecast period (2024-2029).
The COVID-19 pandemic caused severe issues with the provision of wound care. Due to several comorbidities, wound patients were more likely to experience COVID-19 effects; fewer hospital admissions and reduced diagnoses affected the biologics used in wound care. According to the International Journal of Medicine, published in July 2021, during the COVID-19 pandemic, patients who had recovered from an ulcer were switched to telephone consultations. The number of in-person visits for patients with an active DFU was decreased using a telephone consultation in between occasions of treatment. To reduce their exposure to COVID-19, some patients with active DFU preferred telephone consultations. Additionally, the risk of pressure ulcers is high in the COVID population. Thus, COVID-19 has significantly impacted the market studied.
Certain factors driving the growth of the market include rising incidences of chronic wounds, including venous ulcers, arterial ulcers, diabetic ulcers, and pressure ulcers, growing demand for faster recovery of wounds, and an increase in surgeries.
According to the Journal of Foot and Ankle Research published in July 2022, up to 50,000 Australians have diabetes-related foot ulcers (DFU), and another 300,000 might be at risk for developing DFUs. Chronic wounds remain a largely hidden and poorly supported problem in the Australian community. However, the awareness regarding the condition and the demand for fast recovery of these wounds have been observing a significant rise over the past few years, thus generating a significant opportunity for the growth of the market in the country.
The growing desire for faster wound recovery forces market participants to implement technological advancements that enhance wound care management in Australia. For instance, in December 2021, Western NSW Primary Health Network, Australian Unity, the University of Technology Sydney, CSIRO, and Coviu, Australia's top telehealth solution, worked together to develop a comprehensive digital toolkit for telehealth wound care. Such initiatives support market expansion in the country.
Growing awareness among individuals about wound care management further supports the market's growth. For instance, in July 2021, the most significant annual campaign of Wounds Australia, Wound Awareness Week 2021 (WAW21), ran to increase public awareness about chronic wounds and change public policy on wound care.
All aforementioned factors are expected to drive the growth of the market over the forecast period. However, the high cost of the procedure and lack of reimbursement restrain the market growth.
Advanced Wound Therapy Devices Industry Segmentation
Wound care refers to specific treatment types for pressure sores, skin ulcers, and other wounds that break the skin. New wound care products and devices are being marketed at a significant rate. Practitioners are making informed decisions about the use of medical devices for wound healing therapy.
The Australian market for wound care management devices is segmented by product (advanced wound management, surgical wound care, and traditional/basic wound care). The report offers the value (in USD million) for the above segments.
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Australia Wound Care Management Devices Market Size Summary
The advanced wound therapy devices market in Australia is poised for significant growth, driven by an increasing incidence of chronic wounds such as diabetic foot ulcers, venous ulcers, and pressure ulcers. The demand for faster wound recovery and the rise in surgical procedures are key factors propelling market expansion. The COVID-19 pandemic has notably impacted wound care delivery, with a shift towards telehealth consultations to minimize virus exposure, highlighting the need for innovative wound management solutions. The growing awareness and demand for effective wound care, supported by initiatives like Wound Awareness Week, are creating substantial opportunities for market players. Technological advancements, such as the development of digital toolkits for telehealth wound care, further bolster market growth.
The market is characterized by the presence of major players like 3M Health Care Ltd, Smith & Nephew PLC, and Johnson & Johnson, who hold significant market shares. The negative-pressure wound therapy (NPWT) segment is expanding due to its benefits in treating burns and chronic wounds, offering faster healing times and cost-effective solutions. The aging population in Australia, coupled with the high cost of chronic wound management, underscores the need for affordable and efficient wound care devices. Foam dressings, widely used in Australian hospitals, are also contributing to market growth. Despite challenges such as high procedure costs and limited reimbursement, the market is expected to witness continued expansion, supported by government initiatives and a rising burden of injuries.
Australia Wound Care Management Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Incidences of Chronic Wound
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1.2.2 Growing Demand for Faster Recovery of Wounds
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1.2.3 Increase in Surgeries
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1.3 Market Restraints
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1.3.1 High Cost Procedures
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1.3.2 Lack of Proper Reimbursements
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 Product
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2.1.1 Advanced Wound Management
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2.1.1.1 Advanced Wound Dressing
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2.1.1.1.1 Foam Dressing
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2.1.1.1.2 Hydrocolloid Dressing
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2.1.1.1.3 Film Dressing
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2.1.1.1.4 Alginate Dressing
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2.1.1.1.5 Hydrogel Dressing
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2.1.1.1.6 Other Advanced Wound Dressings
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2.1.1.2 Wound Therapy Device
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2.1.1.2.1 Pressure Relief Device
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2.1.1.2.2 Negative Pressure Wound Therapy (NPWT) System
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2.1.1.2.3 Oxygen and Hyperbaric Oxygen Equipment
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2.1.1.2.4 Electrical Stimulation Device
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2.1.1.2.5 Other Wound Therapy Devices
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2.1.1.3 Active Wound Care
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2.1.1.3.1 Suture and Staple
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2.1.1.3.2 Topical Agents
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2.1.2 Surgical Wound Care
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2.1.2.1 Tissue Adhesives, Sealants, and Glues
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2.1.2.2 Anti-infective Dressing
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2.1.3 Traditional/Basic Wound Care
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2.1.3.1 Medical Tapes
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2.1.3.2 Dressings
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2.1.3.3 Cleansing Agents
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Australia Wound Care Management Devices Market Size FAQs
How big is the Australia Wound Care Management Devices Market?
The Australia Wound Care Management Devices Market size is expected to reach USD 77.84 million in 2024 and grow at a CAGR of 6.66% to reach USD 107.45 million by 2029.
What is the current Australia Wound Care Management Devices Market size?
In 2024, the Australia Wound Care Management Devices Market size is expected to reach USD 77.84 million.