PUBLISHER: The Business Research Company | PRODUCT CODE: 1619440
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619440
Artificial intelligence in wound care involves using AI technologies to improve the diagnosis, treatment, and management of wounds by delivering accurate assessments, personalized treatment plans, and predictive insights. These innovations are designed to enhance patient outcomes, streamline documentation, and reduce healthcare costs.
In the context of AI in wound care, the main types of wounds are acute and chronic wounds. Acute wounds are injuries to the skin that occur suddenly and typically heal within a few weeks. This field employs various technologies, including deep learning and machine learning, and serves a range of end users such as clinical trials and research centers, home health agencies, hospitals, nursing facilities, and others.
The artificial intelligence (AI) in wound care market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) in wound care market statistics, including artificial intelligence (AI) in wound care industry global market size, regional shares, competitors with an artificial intelligence (AI) in wound care market share, detailed artificial intelligence (AI) in wound care market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in wound care industry. This artificial intelligence (AI) in wound care market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The artificial intelligence (AI) in wound care market size has grown exponentially in recent years. It will grow from $0.64 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth during the historic period can be attributed to rising healthcare costs, greater adoption of digital health solutions, improved data collection and analysis, and enhanced clinical decision support.
The artificial intelligence (AI) in wound care market size is expected to see exponential growth in the next few years. It will grow to $1.80 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%. The growth projected for the forecast period can be attributed to the rising prevalence of chronic wounds, increased healthcare spending, growing awareness of AI's benefits in healthcare, early adoption of AI for wound assessment, and initial government support for digital health initiatives. Key trends during this period include the rising adoption of AI-powered diagnostic tools, the development of personalized wound care solutions, increased investment in AI-driven healthcare technologies, and a growing interest in AI for managing chronic wounds.
The increasing prevalence of diabetes is projected to drive significant growth in the artificial intelligence (AI) in wound care market. Diabetes is a chronic condition marked by elevated blood glucose levels, which can lead to severe complications such as heart disease, kidney failure, neuropathy, and vision loss. The rise in diabetes incidence is primarily influenced by escalating obesity rates, which heighten the risk of type 2 diabetes, and by aging populations, as the likelihood of developing diabetes increases with age. AI in wound care supports diabetes management by providing precise wound assessments and personalized treatment plans, thereby improving the efficiency and effectiveness of diabetic ulcer care. For instance, in May 2024, the Centers for Disease Control and Prevention, a US-based governmental agency, reported that 38.4 million Americans, or 11.6% of the population, had diabetes. The prevalence was notably higher among adults aged 65 and older, reaching 29.2%. Thus, the rising incidence of diabetes is fueling the growth of the AI in wound care market.
Leading companies in the AI in wound care market are concentrating on developing innovative solutions, such as advanced digital wound care management applications, to improve wound assessment and optimize treatment outcomes. Digital wound care management applications are software tools that utilize technology to assess, monitor, and manage wound healing, offering personalized treatment recommendations and enabling remote patient monitoring. For example, in June 2022, NATROX Wound Care, a UK-based specialist in wound care, launched NATROX IQ, an advanced digital platform incorporating AI technology, aimed at transforming wound care management for clinical teams. This cloud-based application enhances standardized documentation and provides real-time data access, facilitating more effective communication among healthcare providers regarding patient wound care. A key feature of NATROX IQ is its AI integration, which delivers precise measurements of wound size and depth, ensuring accurate assessments and treatment planning.
In July 2024, Spectral AI Inc., a US-based AI company, entered into a partnership with PolyNovo to launch the DeepView System in Australia, designed to assess the healing potential of burn wounds. The system will initially be deployed in two major hospitals to enhance patient care and gather clinician feedback before a broader commercial rollout. PolyNovo is an Australia-based medical technology company specializing in developing devices for managing complex wounds.
Major companies operating in the artificial intelligence (AI) in wound care market are Medtronic plc, Stryker Corporation, Smith & Nephew plc, Convatec Group plc, Molnlycke Health Care AB, Medela AG, Derma Sciences Inc., Implicity Inc., Cecelia Health, Swift Medical Inc., Spectral MD Inc., PolarityTE Inc., eKare Inc., KroniKare Pte Ltd, Perceptive Solutions Inc., Tissue Analytics Inc., WoundZoom Inc., Intellicure Inc., WoundMatrix Inc., WoundVision LLC, The Wound Pros LLC, MobileSmith Health
North America was the largest region in the artificial intelligence (AI) in wound care market in 2023. The regions covered in the artificial intelligence (AI) in wound care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the artificial intelligence (AI) in wound care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The artificial intelligence (AI) in wound care market consists of revenues earned by entities by providing services such as wound assessment, treatment recommendation, predictive analytics, and automated monitoring of wound conditions. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in wound care market also includes sales of AI-powered wound assessment tools, smart wound dressings with embedded sensors, AI-driven treatment recommendation systems, and integrated data management platforms. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Artificial Intelligence (AI) In Wound Care Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial intelligence (AI) in wound care market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial intelligence (AI) in wound care ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial intelligence (AI) in wound care market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.