The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19.
Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) toward COVID-19 patient care.
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.
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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 market 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.
Diabetes and obesity can increase the overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (advanced wound management) and incur exorbitant medical expenses.
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.
The advanced wound care market is very dynamic and has witnessed several developments in recent years. The major trend in this market is the acquisition of small players by prominent players. Small companies possess strong RD capabilities but lack the financial strength to seek approvals and launch products in the market.
