PHILADELPHIA, PA — The global wound care market is on a trajectory for steady growth, with an expected compound annual growth rate (CAGR) of 4.1% from 2022 to 2030, as per a report by Grandview Research. However, the path ahead is fraught with challenges, especially in the United States, which accounts for approximately 45% of the global market.
In 2021, the chronic wounds segment held the largest revenue share at 59.9%, a trend set to continue due to factors such as an aging population, increasing number of surgeries, and rising prevalence of diabetes and other chronic conditions.
However, David Navazio, President and CEO of Gentell, one of North America’s largest wound care manufacturers, warns of significant challenges on the horizon. “2024 and beyond is going to be highly challenging for the wound care industry because the most effective care is delivered in a highly personalized manner, deeply affected by shortages in skilled nursing labor,” says Navazio.
Navazio identified several key trends that will shape the wound care landscape in 2024:
- Continued Staffing Shortages: The limited number of healthcare professionals trained in wound care will continue to pose major challenges, restricting the delivery and frequency of wound care.
- Potential Decline in Wound Care Quality: Due to staffing shortages, medical administrators may consider relaxing protocols, potentially impacting the quality and frequency of care.
- Limited Impact of Increased Nursing Stipends: While states may increase per diem funds for long-term care facilities, these increases could be outpaced by inflation and rising healthcare costs, leaving little room for improvements in wound care personnel and management.
- Increased Focus on Wound Care Education: More medical and nursing schools are recognizing the importance of wound care, expanding their course offerings and making them a requirement.
- Rise of Natural Honey in Wound Care: The shortage of chemical debriding agents may lead to increased use of honey and honey-based products due to their low cost and exceptional wound-healing properties.
- Shift Toward Lower-Cost Wound Dressing Solutions: Inflation may limit the market viability of complex, high-cost alternative wound care products like skin substitutes.
- Increased Reliance on Advanced Technology and AI: Patient-personalized digital databases and protocol interfaces could become the new standard in wound care delivery because they can provide instant patient histories, aggregate best practices, recommend ideal treatment protocols, and offer training suggestions.
According to Navazio, “In 2024, the wound care industry will innovate through technology in order to overcome personnel limitations and continue to deliver a high-quality standard of wound care to support growing demand.”
As the wound care market continues to grow, navigating these challenges will be key to ensuring that patients receive the highest standard of care, even as the industry grapples with staffing shortages and economic pressures.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.