Wound Care Market in terms of revenue was estimated to be worth $21.5 billion in 2023 and is poised to reach $28.6 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growing preference for addressing diseases and health conditions that affect wound healing capabilities, along with the increasing prevalence of conditions like diabetes and obesity, are significant factors driving the wound care market. These conditions often lead to chronic wounds, necessitating advanced wound care solutions. Moreover, emerging economies such as India and Japan are presenting lucrative opportunities for companies operating in the wound care market. The rising awareness about advanced wound care products and an expanding healthcare infrastructure in these regions contribute to the market’s growth potential, attracting both local and international players to invest and expand their presence.
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The advanced wound care products segment accounted for the largest share of the wound care market, by product segment, in 2022.
The wound care market is categorized into three main product segments: advanced wound care products, surgical wound care products, and traditional wound care products. In this market, the advanced wound care products segment held the largest share in 2022. The prevalence of deteriorating health conditions, particularly those directly affecting wound healing like diabetes, has significantly contributed to the dominance of this segment. Patients with conditions like diabetes often experience challenges in wound healing, driving the demand for advanced wound care products to effectively manage and treat such wounds.
Diabetic foot ulcers segment to register the highest growth rate during the forecast period.
The wound care market is categorized into various wound types, including surgical & traumatic wounds, burns, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other chronic wounds. Among these, the diabetic foot ulcers segment held the highest growth rate in 2022. The primary factor contributing to the substantial share of this segment was the increasing incidence of diabetes. Diabetes often leads to complications and slower wound healing, necessitating wound care products and treatments, thereby driving the demand within this segment.
The hospitals and clinics accounted for the largest share of the wound care market, by end users segment, in 2022.
The wound care market is segmented based on end users into hospitals and clinics, long-term patient care, home care settings, and other end users. The largest share was attributed to the hospitals and clinics segment in 2022. This dominance can primarily be attributed to the increase in cases of health conditions, surgeries, and burn injuries, necessitating comprehensive wound care and treatments, often administered within hospital and clinic settings. The demand for wound care products and services in these healthcare facilities drove the substantial market share of this segment.
North America is the largest regional market for wound care market.
The wound care market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America held the largest market share in the wound care market in 2022. A significant share in North America can be attributed to the increasing emphasis on the development of chronic wound management solutions and a strong focus on improving health conditions, particularly related to chronic diseases like diabetes. These factors drove the demand for advanced wound care products and propelled the growth of the wound care market in the region.
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Wound Care Market Dynamics:
Drivers:
1. Rise in the prevalence of diseases and conditions that impact wound healing capabilities
Restraints:
1. High costs associated with advanced wound care products
Opportunities:
1. Growth opportunities in emerging economies
Challenge:
1. Dearth of awareness
Key Market Players of Antibody Drug Conjugates Industry:
The major players operating in this market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Mölnlycke Health Care AB (Sweden), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Organogenesis Holdings Inc. (US), MiMedx Group, Inc. (US), Integra Life Sciences Holdings Corporation (US), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Ethicon, Inc. (US), DeRoyal Industries (US), Kerecis (Iceland), Acell (US), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela Ag (Switzerland), Talley Group (UK), Welcare Industries SPA (Italy), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Pensar Medical (US), Haromed BVBA (Belgium), DermaRite Industries LLC (US), Medline Industries, Inc. (US), Advancis Medical LLC (UK) and Mil Laboratories Pvt. Ltd. (India).
Recent Developments:
- In January 2023, Convatec Group (UK) launched ConvaFoam, which can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection.
- In September 2022, MiMedx Group, Inc. (US) launched of AMNIOEFFECT, a tri-layer PURION processed human tissue allograft consisting of the amnion, intermediate, and chorion membrane layers of the placenta.
- In April 2021, 3M Company launched 3M Spunlace Extended Wear Adhesive Tape on Liner, 4576. It has a longer wear time of 21 days that provides user compliance and health and economic benefits.
- In May 2021, Smith & Nephew launched ARIA Home PT, a remote physical therapy product as part of the ARIA suite of solutions.
- In March 2020, Cardinal Health launched surgical drape that features Avery Dennison’s patented BeneHold CHG adhesive technology, which helps reduce the risk of surgical site contamination.
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