Wound Care Market

Updated on : June 26, 2024

Wound Care Market Overview and Growth Insights

The global wound care market, projected to grow from $21.5 billion in 2023 to $28.6 billion by 2028 at a CAGR of 5.9%, is characterized by rising adoption of regenerative medicine and advancements in products like dressings (foam, hydrocolloid, collagen), devices (NPWT, debridement), biological skin substitutes, sutures, and staplers. Emerging markets in India, South Korea, and the Middle East offer significant growth opportunities, despite challenges such as high costs and limited awareness of wound care practices. North America leads the market due to its high incidence of chronic diseases and surgical procedures. Key players such as 3M Company, Smith & Nephew PLC, and Cardinal Health dominate with extensive product offerings and global presence.

Wound Care Market Key Takeaways

• Drivers: Rising chronic diseases and surgical procedures boost demand for advanced wound solutions.
• Challenges: High costs limit adoption of advanced products in healthcare.
• Opportunities: Emerging markets like India, South Korea offer growth potentials.
• Segments: Includes advanced, surgical, and traditional wound care products.
• Leadership: Market led by 3M, Smith & Nephew, Cardinal Health.
• Outlook: Innovation crucial for sustained growth and better patient outcomes.

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Attractive Opportunities in the Wound Care Market

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Wound Care Market Dynamics

Driver: Rise in the prevalence of diseases and conditions that impact wound healing capabilities

The escalating global elderly population, a rise in traumatic injuries, a surge in surgical procedures, and an increasing prevalence of conditions like obesity and diabetes have collectively led to a higher occurrence of acute, chronic, and surgical wounds in the past decade. Conditions like diabetes and obesity significantly amplify both the frequency and complexity of wounds, encompassing infections, ulcerations (leg or foot ulcers), and chronic wounds. Addressing these wounds requires advanced wound management and leads to elevated medical expenditures.

Restraint: High costs associated with advanced wound care products

The high cost of advanced wound care products is anticipated to pose a significant hindrance to market growth. Affordability and accessibility are pivotal factors affecting the adoption and utilization of these innovative products. The elevated prices of advanced wound care products may deter both healthcare facilities and patients from opting for these solutions, potentially limiting their widespread use and overall market expansion. Addressing the cost concerns associated with advanced wound care products is crucial to ensure equitable access and foster sustained market growth.

Opportunity: Growth opportunities in emerging economies

The wound care market presents substantial growth opportunities in emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE. Rapid urbanization, improving healthcare infrastructure, and a burgeoning population with a rising awareness of healthcare needs are driving the demand for wound care products and services. Additionally, the prevalence of chronic conditions and an increase in surgical procedures contribute to the expanding market. Moreover, government initiatives focusing on enhancing healthcare accessibility and affordability are bolstering the wound care market in these regions. As economies grow, there is an increasing capacity to invest in advanced wound care technologies, offering a promising landscape for market growth in emerging countries.

Challenge: Dearth of awareness

Lack of awareness regarding wound care is a critical challenge in the market. Many individuals, especially in developing regions, have limited knowledge about proper wound management, which includes recognizing signs of infection, appropriate dressing techniques, and timely medical intervention. Insufficient awareness often leads to neglected or improperly treated wounds, resulting in complications and prolonged healing times. Healthcare education campaigns and initiatives are essential to bridge this gap and enhance public understanding of wound care best practices. Increased awareness can drive early intervention, better compliance with medical advice, and ultimately improve outcomes for individual s dealing with various types of wounds.

Wound Care Market Ecosystem

In 2022, advanced wound care products segment accounted for the largest share of the wound care industry, by product.

The wound care market is divided into three segments: advanced wound care products, surgical wound care products, and traditional wound care products. The segment that held the majority market share during this period is the advanced wound care products segment. This significant share can be attributed primarily to the continual advancements in wound care technology, driving the demand for more sophisticated wound care products.

In 2021, surgical & traumatic wounds segment of acute wound type accounted for the largest share of the wound care industry, by wound type.

The acute wound care market is segmented into surgical & traumatic wounds, and burns based on wound type. In 2022, the surgical & traumatic wounds segment accounted for the largest share. Factors such as the increased number of road accidents globally, as well as rise in related injuries. Factors such as the increased numbers of road accidents, as well as rise in related injuries. Both surgical and traumatic wounds require proper assessment, timely intervention, infection prevention, and a tailored wound care plan to support optimal healing and minimize complications.

In 2022, hospitals and clinics segment accounted for the largest share in the wound care industry, by end users.

The wound care market is segmented into hospitals and clinics, long-term patient care, home care settings and other end users. In 2022, the hospitals and clinics segment accounted for the largest share of the wound care market. The increase in the hospital admissions owing to the conditions and rising prevalence of hospitals acquired ulcers is driving the growth of this segment.

North America is the largest regional market for wound care industry.

The global wound care market is segmented into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the global wound care market. Factors contributing to the growth of the wound care market in North America include a large patient population with chronic conditions like diabetes, a high incidence of surgical procedures, a proactive approach to wound care, and a strong focus on improving healthcare outcomes.

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The major players in wound care market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland). These players lead the market because of their extensive product portfolios and wide geographic presence. These dominant market players also have numerous advantages, such as more robust marketing and distribution networks, larger budgets for R&D, and better brand recognition.

Scope of the Wound Care Industry:

This report categorizes the wound care market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Advanced Wound Care Products
• Surgical Wound Care Products
• Traditional Wound Care Products

By Wound Type

• Acute Wound
  • Surgical & Traumatic Wounds
  • Burns
• Chronic Wound
  • Diabetic Foot Ulcers
  • Pressure Ulcers
  • Venous Leg Ulcers
  • Other Chronic Wounds

By End User

• Hospitals and Clinics
• Long-term patient care
• Home care settings
• Other end users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Singapore
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Recent Developments of Wound Care Industry

• 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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