The global wound care market is projected to reach USD 27.2 billion by 2027 from USD 20.8 billion in 2022, at a CAGR of 5.4%.
How growing prevalence of diseases & health conditions affects the market growth?
Many health conditions affects negatively on wound healing namely. Over decades the cases of acute and chronic wounds have increased significantly maily due to reasons such as increase in number of surgical procedures carried out, rise in traumatic wounds, increased geriatric population and also due to increase in prevalence of health conditions like diabetes and obesity which increases the complexity of the wounds specifically for infections , ulcerations and other chronic wounds.
How is growth potential of emerging countries favouring the market growth?
In many emerging countries there is a significant growth potential for the medical industries like wound care market to expand its business due to low regulatory barriers, better patient potential,improved healthcare infrastructure and rise in partient population and healthcare expenditure. Major emerging countries are India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE.
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The advanced wound care products segment accounted for the largest share of the wound care market, by product segment, in 2021
Based on products, the wound care market is segmented into advanced wound care products, surgical wound care products and traditional wound care products. The advanced wound care products segment accounted for the largest share of the wound care market, mainly due to deteriorating health conditions that directly affects wound healing like diabetes.
Diabetic foot ulcers segment to register the highest growth rate during the forecast period
The wound care market is segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers and burns & other wounds based on wound type. In 2021, the surgical & traumatic segment accounted for the largest share of the wound care market. The large share of this segment can mainly be attributed to the increasing incidence of diabetes.
The hospitals and clinics accounted for the largest share of the wound care market, by end users segment, in 20201
Based on end users, the wound care market has been segmented into hospitals and clinics, long-term patient care, home care settings and other end users. In 2021, the hospitals and clinics segment accounted for the largest share of the wound care market, mainly due to the increase in cases of health conditions and increased and burn injuries.
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North America is the largest regional market for wound care market
The global wound care market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for wound care market in 20201. The large share of North America in this market can be attributed to the rising focus on development of chronic wound management and focus on improving health conditions like diabetes.
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).
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