by The Wound Care Market is estimated to be valued at US$ 22,343.1 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The wound care market offers a wide range of products such as traditional wound care products, advanced wound care products, and wound therapy devices. Traditional wound care products include bandages, gauzes, tapes, and dressings which are used to protect the wound from external environment. Advanced wound care products help in faster healing of chronic and acute wounds. They include active wound care products such as collagen products, antimicrobial dressings, foam dressings, hydrocolloids, film dressings, alginates, and hydrogels.
Market Dynamics:
The surge in the prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and surgical and traumatic wounds are primarily driving the growth of the wound care market. According to the report published by National Pressure Ulcer Advisory Panel (NPUAP) in 2019, the prevalence of pressure ulcers in the US ranges from 2.5% to 28% depending on the healthcare setting. Furthermore, growing geriatric population who are more prone to developing chronic wounds is also expected to accelerate the demand for wound care products during the forecast period.
An increasing focus toward developing advanced wound care products is also boosting the market growth. Major players are engaged inR&D activities to launch innovative wound care solutions including skin substitutes, growth factors, and negative pressure wound therapy devices. For instance, in February 2021, Baxter introduced MaxioCel Structural Skin Tissue for complex wounds in Europe and other countries. Moreover, rising awareness regarding wound care management and availability of reimbursement of wound care therapies are some other factors projected to positively influence the market growth over the forecast period.
Segment Analysis:
The wound care market can be segmented into traditional wound dressings and advanced wound care products. Advanced wound care products dominate the market and account for over 60% share due to their advantages over traditional methods like increased absorption capacity, maintaining a moist environment to aid healing and lowering risk of infection.
PEST Analysis:
- Political: Recent regulatory changes to boost reimbursement and emphasis on cost-effective treatments are fueling market growth.
- Economic: Rising economic prosperity in developing nations is enabling higher healthcare spending and access to advanced wound care options.
- Social: Growing geriatric population and lifestyle diseases leading to chronic wounds are key drivers.
- Technological: New product innovations centered around therapies such as negative pressure wound therapy and anti-microbial dressings will expand market opportunities.
Key Takeaways:
The Global Wound Care Market Demand is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of chronic diseases and the growing elderly population who are more prone to wounds.
North America dominates the global wound care market accounting for over 35% of the total share due to the rising incidence of diabetic foot ulcers and implementation of favorable reimbursement policies. Asia Pacific is expected to grow at the fastest pace during the forecast period attributable to large patient base, increasing healthcare expenditures and rising awareness.
Key players operating in the wound care market are 3M, Baxter, Coloplast A/S, Acelity L.P. Inc., Integra LifeSciences, Johnson & Johnson Services, Inc., Axio Biosolutions Pvt Ltd., Omeza, Smith & Nephew Plc., Cardinal Health, Schulke & Mayr GmbH, Bactiguard AB, Wound Care Advantage, LLC, Noventure, EO2 Concepts, Essity, Hydrofera, Advance Medical, Inc., CutisCare, Convatec Group PLC, and Organogenesis Inc. The market is highly competitive with these companies investing in new product developments for advanced wound care solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
