CAGR: 4%Current Market Size: USD 20 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global wound care market is expected to grow from USD 20 billion in 2021 to USD 27.37 billion by 2029, at a CAGR of 4% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the rising accidents.
Diabetes patients frequently develop diabetic foot ulcers, which are treated with wound care and wound healing products. For instance, according to ScienceDirect, 20% of individuals who have diabetic foot ulcers may need to have their foot amputated. Diabetic foot ulcers may impact more than 25% of the diabetic population. Hydrocolloid dressings, one type of wound care product, aid in the retention of moisture and promote both internal and exterior wound healing quickly. Furthermore, these items aid in the removal of necrotic tissues, which is useful when treating surgical site infections. As a result, wound care products are more frequently used by healthcare professionals, which is expected to drive market expansion throughout the Projection period. In 2021, it is projected that advanced wound dressings would account for the biggest revenue share.The rise in burn cases is one of the major factors behind its domination. For instance, according to the American Burn Association (ABA), 486,000 Americans received medical care for burn injuries in 2016. Additionally, it stated that individuals with burns accounted for the highest rate of infection-related problems. A significant factor boosting market expansion is also the rising senior population base. For instance, the United Nations estimates that there were approximately 962.0 million elderly people in 2017 and that figure will rise to almost 2.1 billion by the year 2050. The ageing population is more prone to injuries, which could boost the market throughout the projection period.
Sample Request: - Global Wound Care Market
Market Dynamics:
Drivers:
The demand for wound care will increase even more due to the sharply increased frequency of hospital visits for wound treatment. Growing healthcare spending to provide better patient care and a significant number of therapeutic operations carried out in hospitals will boost the expansion of the hospital industry. Furthermore, the prevalence of pressure ulcers developed in hospitals is rising, increasing the need for better wound care and raising the industry's worth. Additionally, a significant factor impacting the growth rate of the wound care industry will be the increase in government campaigns to raise public awareness. The development of technology is another important aspect contributing to the expansion of the industry. Additionally, rising healthcare spending capacity and improvements in the healthcare infrastructure are the main factors that will accelerate market expansion.
Restraints:
The high cost of wound care systems is one obstacle to the development of the wound care sector. The expansion of the market's revenue is being constrained by subpar healthcare facilities, unfavourable reimbursement procedures, and rigorous government regulations for product manufacture. However, lack of knowledge about the long hard healing of severe wounds among individuals may result in a decrease in the usage of wound care products, which may impede the growth of the market's revenue over the Projection period.
Opportunities:
Government initiatives favouring the expansion of the healthcare infrastructure and an increase in research and development efforts will create favourable conditions for the growth of the wound care market. Additionally, rising government spending on technological innovation and an increase in applications will accelerate the growth rate of the wound care industry in the future.
Challenges
Government initiatives favouring the expansion of the healthcare infrastructure and an increase in research and development efforts will create favourable conditions for the growth of the wound care market. Additionally, rising government spending on technological innovation and an increase in applications will accelerate the growth rate of the wound care industry in the future. Furthermore, people hesitated going to hospitals for wound care as there were high chances of contracting Covid-19 infecion.
Segmentation Analysis:
The global wound care market has been segmented based on product, application, end-user, and regions.
By Product
The product segment includes advanced, surgical, and traditional. The advanced wound dressing segment led the largest share of the wound care market with a market share of around 43% in 2021. The majority of advanced wound dressings are used to treat chronic and non-healing wounds. Thus, the market is anticipated to grow as the prevalence of chronic wounds, such as diabetic foot ulcers, rises. For instance, according to The Independent Diabetes Trust, 115,000 people in the UK have diabetes at any given moment. Whereas 278,000 people are treated for venous leg ulcers each year, anyone who has diabetes may acquire a diabetic foot ulcer. The average healing time for these wounds is 200 days. The market for wound care is therefore anticipated to grow throughout the projected period as a result of the factors as mentioned above.
By Application
The application segment includes chronic wounds and acute wounds. The chronic wound segment led the wound care market with a market share of around 64.38% in 2021. The category is anticipated to rise as a result of an ageing population as well as an increase in venous pressure ulcers, diabetic foot ulcers, and other chronic wounds. For instance, the number of Americans 65 and over, or around 19% of the country's population, was projected to reach 54.1 million in 2019 according to the Administration for Community Living's profile on older Americans. The population is expected to reach 80.8 million by 2040 and 94.7 million by 2060, having grown by nearly 36% between 2009 and 2019. Additionally, the number of Americans who have varicose veins is rising year over year. One in four Americans, or about 23%, have varicose veins, according to the Journal of the American Heart Association.
By End-Use
The end-use segment includes hospitals and specialty clinics. The hospital segment led the wound care market with a market share of around 62.66% in 2021. The increase in surgical operations due to sedentary lifestyles throughout the world and the rise in bariatric treatments, which call for the usage of wound care products to prevent surgical site infections, can be contributed to this market segment's growth. Additionally, NPWT and surgical wound care dressings are more appropriate for hospital use and impractical for homecare. Additionally, hospitals are regarded as significant purchasers of wound care who have long-term agreements with providers. The segment is therefore expected to grow during the Projection period as a result of the aforementioned causes.
Global Corporate wellness Market- Sales Analysis.
The sale of wound care expanded at a CAGR of 4.2% from 2015 to 2021.
Diabetes patients frequently develop diabetic foot ulcers, which can be treated using advanced wound care solutions. For instance, according to ScienceDirect, 20% of individuals who have diabetic foot ulcers may require amputation of the foot. Diabetic foot ulcers may impact more than 25% of the diabetic population. As a result, it is predicted that more diabetic people would adopt sophisticated wound care solutions. These goods aid in the retention of moisture and enable both internal and exterior wounds to heal quickly. Additionally, these medications aid in the removal of necrotic tissues, which is useful when treating surgical site infections. Since sophisticated wound care products are preferred by healthcare professionals, the market is expected to rise rapidly throughout the Projection period.
Furthermore, the market for advanced wound care is anticipated to be significantly impacted by technological developments in advanced wound care products. It is anticipated that some of the most cutting-edge technological goods in this area will soon enter the market. For instance, bioactive molecules across the treated area, which maintain the drug release and specifically enhance the therapeutic effects of pharmaceuticals, are used in nanoparticle-based wound healing and skin regeneration. Similar to this, it is anticipated that gene therapy, which promotes wound healing by infusing healthy normal genes into cells, will go on sale. The market for advanced wound care is thus anticipated to grow throughout the projected period as a result of these developments in advanced wound care products.
Thus, owing to the aforementioned factors, the global Corporate Wellness Market is expected to grow at a CAGR of 23.4% during the Projection period from 2022 to 2032.
By Regional Analysis:
The regions analyzed for the wound care market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the wound care market and held the 36% share of the market revenue in 2021.
Global Wound Care Market- Country Analysis:
Germany's wound care market size was valued at USD 0.8 billion in 2021 and is expected to reach USD 0.99 billion by 2029, at a CAGR of 2.7% from 2022 to 2029. The rapidly expanding senior population, rising diabetes rates, technological developments in wound care products, and funding for wound care research are the main causes of the increase in demand throughout Germany.
China wound care’s market size was valued at USD 1.7 billion in 2021 and is expected to reach USD 2.23 billion by 2029, at a CAGR of 3.5% from 2022 to 2029. In China, the ageing population is leading to an increase in chronic wounds and lifestyle-related health conditions, necessitating the provision of wound care. Longer life expectancy and dropping birth rates in China are anticipated to increase the country's geriatric population, which the WHO predicts will make up 28% of all people by 2040.
India's wound care market size was valued at USD 1.2 billion in 2021 and is expected to reach USD 1.52 billion by 2029, at a CAGR of 3% from 2022 to 2029. In India, traffic accidents are now a significant socioeconomic cost. According to statistics provided by the Ministry of State Road Transports & Highways, there were 449,002 traffic accidents in 2019 that resulted in 151,113 fatalities and 451,461 injuries.
Key Industry Players Analysis:
To increase their market position in the global wound care business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
4% |
Market Size |
20 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Application, By End-Use, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical, Coloplast Corp., Medtronic, 3M, and Derma Sciences Inc. (Integra LifeSciences). |
By Product |
|
By Application |
|
By End-Use |
|
Regional scope |
|
Scope of the Report
Global Wound Care Market by Product:
Global Wound Care Market by Application:
Global Wound Care Market by Technique:
Global Wound Care Market by Region:
Global wound care market is expected to reach USD 27.37 billion by 2029, at a CAGR of 4% from 2022 to 2029.
Asia Pacific is likely to expand at high CAGR in global wound care market.
High cost of wound care poses a threat to the market.
Growing number of accidents around the globe is projected to influence the market in the upcoming years.
Political Factors- The primary factor that is anticipated to impede the expansion of the global wound care market is the rising number of product recalls by regulatory agencies like the U.S. Food and Drug Administration. For instance, the U.S. Food and Drug Administration recalled the Class 2 device 3M Durapore advanced surgical tape in November 2019. This healthcare company's advanced surgical tape was exposed to continuous high moisture clinical applications over an extended period of time, which could result in tape bond failure.
Economical Factors- Several healthcare facilities were compelled to use critical resources, such as nurses, to care for patients who had tested positive for the virus during the COVID-19 outbreak. Due to the absence of essential resources, patients who arrived at these clinics with wounds did not always receive the best care. Because hospitals no longer needed as many wound care supplies, this had an adverse effect on the market for such products. Leading market players' presence in nations like the U.S. and Canada, higher per capita health spending, and a sizable population suffering from chronic diseases could be the wound care market's main growth drivers.
Social Factor- The rise in burn cases is one of the major factors behind its domination. For instance, according to the American Burn Association (ABA), 486,000 Americans received medical care for burn injuries in 2016. Additionally, it stated that individuals with burns accounted for the highest rate of infection-related problems. A significant factor boosting market expansion is also the rising senior population base. For instance, the United Nations estimates that there were over 962.0 million elderly people in 2017 and that number will rise to about 2.1 billion by the year 2050. The aging population is more prone to injuries, which could boost the market during the Projection period.
Technological Factors- Examples of technological aspects include R&D work, automation, technology incentives, and the rate of technological advancement. They can set up entrance barriers, determine the minimal effective level of output, and influence outsourcing decisions. Prices, quality, and innovation may also be impacted by technological advancements. A business should assess the technological state of the sector and the speed of technological disruption. Rapid technological disruption may give a firm little time to adapt and be profitable, whereas slow technological disruption will give more time.
Environmental Factors- Diabetes, along with other chronic disorders, is discovered to be the primary cause of wounds. Among diabetics, the prevalence of persistent lesions, particularly foot ulcers, is rising. Around 537 million people worldwide have diabetes, according to research from the International Diabetes Federation (IDF) published in 2021. The same reports imply that the high frequency of diabetic ulcers is a result of the fact that the number of persons with diabetes is rising sharply each year. The demand for wound care treatment is anticipated to increase due to an increase in ulcers, which will fuel market expansion in the ensuing years. Additionally, an aging population is driving up the need for wound care.
Legal Factors- The global wound care market is anticipated to grow as more products are approved by regulatory agencies including the U.S. Food and Drug Administration. For instance, the healthcare company Omeza announced in September 2021 that their Omeza collagen matrix, a wound care matrix made of hydrolyzed fish collagen, had been approved by the U.S. Food and Drug Administration for the management of chronic wound care, including the management of partial and full-thickness wounds, diabetic ulcers, chronic vascular ulcers, surgical wounds, and draining wounds.
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