by The global 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:
Wound care products aid in healing and protecting wounds from external contaminants. Advanced wound care products such as foam dressings, hydrocolloid dressings, film dressings, alginate dressings and hydrogel dressings facilitate in wound healing by maintaining a moist environment. They not only protect the wound from external infections but also remove excess exudate from the wound bed, promoting healing. With increasing prevalence of chronic wounds and diabetic foot ulcers, demand for advanced wound dressings is growing.
Market key trends:
Bioactive wound care products containing antimicrobial agents are gaining popularity due to their ability to treat complex and infected wounds. Companies are focusing on developing wound dressings containing bioactive agents that aid in autolytic debridement and healing. Foam dressings containing silver or hydrogel dressings containing hyaluronic acid supports healing through antimicrobial and hydrating properties. With technological advancements, smart wound care dressings embedded with sensors to monitor healing process is an emerging trend. They help healthcare professionals track wound progression remotely and optimize treatment plans accordingly.
Porter’s Analysis
Threat of new entrants: The wound care market requires high investment and expertise making threat of new entrants moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to availability of alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many suppliers for raw materials.
Threat of new substitutes: Threat of substitutes is low as wound care products have less alternatives.
Competitive rivalry: Competitive rivalry is high due to presence of many global players offering innovative products.
Key Takeaways
The Global Wound Care Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of chronic wounds worldwide. North America dominates the wound care market owing to rising geriatric population vulnerable to injuries and diseases.
Regional analysis
Asia Pacific is projected to be the fastest growing region in the wound care market driven by rising healthcare expenditure, increasing awareness and growing incidence of chronic diseases. China and India are expected to showcase high potential owing to developing healthcare infrastructure and enhancing patient access to advanced wound care products.
Key players
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, Â Advance Medical, Inc., CutisCare, Convatec Group PLC, and Organogenesis Inc.
*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.
