Market Scenario
The global wound care market 2020, according to MRFR, is touted to secure a value of USD 29.95 billion by the end of 2027, from USD 15.46 billion in 2016.
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Market Highlights
Increasing the prevalence of acute and chronic wound in patients, rising global geriatric population, and a favorable reimbursement scenario sustain the growth of the global wound care market. Other macroeconomic trends, such as expanded investment on healthcare on a global scale, have also provided an affirming boost to business growth. The development of the global wound care market is the result of a steep increase in the prevalence of chronic and acute wound due to a growing number of surgeries and high incidences of severe burns, as well as an increase in a number of road accident injuries, resulting in high demand for wound closure. Another factor that substantiates the growth of the global wound care market is the rise in global geriatric population. Geriatric demographic is expected to support the wound care goods market, since elderly patients are at greater risk of surgical complications.
Favorable reimbursement situation has become a benefit for business development in developing countries, as reimbursement facilities for wound closure in hospitals have improved the affordability quotient of wound care goods, which generates strong demand for wound treatment. Although the outlook for the global market for wound care products looks promising, few restraining factors could meet market growth, high costs associated with wound care products being one of them.
Market Segmentation
The global market in wound care was segmented based on product, form, application and end user.
The market was segmented by product into traditional wound care products, wound therapy devices, wound care products, advanced wound control products, and active wound care products.
The global wound treatment industry is segmented by type into chronic wound and acute wound.
The global wound care market was segmented by application into surgical wound, burn, ulcer, trauma wound and others. Application-wise, the surgical wounds segment is the largest market share, as wound care products are often used to treat surgical wounds.
By end user, the wound care market has been segmented into trauma centers, hospitals, home healthcare, clinics, and others.
Regional Analysis
The regional demand for wound care includes North America, Europe , Asia-Pacific and the rest of the world. Owing to the prevalence of a large diabetic patient population, North America holds the largest share of the world’s wound care market. Patients with diabetes need extended healing time which generates additional demand for wound closure products. Moreover, hospitals and healthcare organisations are investing a large amount in innovative wound care devices to provide better healthcare facilities due to rising healthcare spending in the area. The U.S. is a big contributor to the wound care market in North America.
Europe is the second largest wound care sector, which is projected to rise rapidly over the forecast period. The increase in diabetes incidences, technical advancements and supportive policy policies are driving business development in Europe. The K.U. And Germany is a significant competitor to the European economy.
Asia Pacific is a lucrative region and over the projected period it is expected to rise at a comparatively faster rate of about more than 6 per cent. The increase in geriatric population, the rise in chronic wounds and the prevalence of other damaging diseases in the area create a favorable environment for the growth of the Asia Pac wound care market.
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Competitive Landscape
The eminent players operating in the global wound care market comprise to top wound care companies – ConvaTec, B. Braun Melsungen AG, Baxter, 3M, Ethicon, Inc., Smith & Nephew, and Kinetic Concepts, Inc.
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