Wound Care Market Analysis and Forecast till 2031: By Product (Wound Dressings {Antimicrobial Dressing, Hydrogel Dressings, Foam Dressings, Film Dressings, Hydrocolloidal Dressings}, Wound Therapy devices {Negative Pressure Wound Therapy Systems, Pressure

Wound Care Market Analysis and Forecast till 2031: By Product (Wound Dressings {Antimicrobial Dressing, Hydrogel Dressings, Foam Dressings, Film Dressings, Hydrocolloidal Dressings}, Wound Therapy devices {Negative Pressure Wound Therapy Systems, Pressure Relief Devices, Electrostimulation Devices, Oxygen and Hyperbaric Oxygen Equipment)), Application (Diabetic Wounds, Skin Burn Wounds, Pressure Wounds, Surgical Wounds, Venous Legs Ulcers), End User (Hospitals, Homecare Settings), and Region

The global wound care market was valued at USD 17.5 billion in 2021 and it is anticipated to grow up to USD 27.7 billion by 2031, at a CAGR of 4.7% during the forecast period.

Wound care is becoming a standard treatment option for chronic wounds. It helps to maintain moist environment, regulating temperature, allowing oxygen to flow, safeguarding the damaged location from external infection, and pain relief associated with dressing changes. The most widely used wound care product include hydrogels, hydrocolloids, alginates, film foam dressings and others.

Market Trends and Drivers

Over the past decade, there has been a noticeable rise in the prevalence of chronic wounds, as a result of the increasing elderly population across the globe along with the rising obesity and diabetes rates. Obesity and diabetes can result in an increased overall complexity and incidence of wounds including ulcerations (foot or leg ulcers), surgical wounds and infections, which require treatments and incur excessive medical costs.

Rising geriatric population worldwide is the major factor augmenting the wound care industry growth. For instance, as per data published by United Nations population, in 2019, the number of people globally who were 65 and above was 703. This number is further projected to increase to 1.5 billion by 2050. The report also estimated that the share of the population who are 65 and above have increased from 6 per cent in 1990 to 9 per cent in 2019 and is further expected to rise to 16 per cent by year 2050. As a result, one in every three people across the globe will be 65 or older. As the population ages, there will be greater opportunities for advanced wound care because older people's wounds heal more slowly. Additionally, due to the high risk of infection, especially in the cases of severe wounds, older individuals find it difficult to take care of their own wounds.

Market Restraints and Challenges

The cost of medical/healthcare treatment has risen dramatically. The rising cost of chronic wound management and wound care products may hampered their adoption, particularly in emerging markets such as Asia and the Rest of the World. In these region, less expensive products are used. Furthermore, chronic wounds, such as leg ulcers and diabetic foot ulcers, can progress from mild to severe due to delayed treatment and diagnosis, resulting in foot amputation. In comparison to developed countries, the incidence of delayed diagnosis is significantly higher in emerging countries such as China, Brazil, and India. This is due to a lack of access to well-developed healthcare facilities, a lack of established guidelines and lack of awareness among individuals about difficult-to-heal wounds. For instance according to the data published by Journal of Foot and Ankle Surgery, the majority of patients in western indies experience a delayed in diagnosis of foot ulcers, particularly neuropathic ulcers, by more than one month up to one year. As a result, the aforementioned factor is limiting the adoption of wound care products, thereby limiting market growth.

Global Wound Care Market Segmental Overview

The report analyses global wound care market based on product, application, end-user, and region.

Global Wound Care Market by Product

Based on product, it is segmented into wound dressings, wound therapy devices and others. The wound dressing segment is likely to account for the majority of the market share during the forecast period. The key factor attributing the growth of the market is rising number of road accidents. For instance, according to NCRB data, in 2019, traffic incidents resulted in around 1,81,113 fatalities and 4,42,996 injuries. Therefore, there is a significant demand for wound dressings. The market will also grow as the prevalence of surgical, traumatic and chronic wounds rises. Furthermore, the market will benefit from technological advancements and the introduction of next-generation advanced wound dressing kits for wound dressing. For instance, Axio Biosolutions launched MaxioCel, a next generation wound care dressing made of chitosan. This next generation wound dressing helps in faster healing of patients suffering from chronic wounds, including diabetic foot ulcers, pressure ulcers, skin abrasions, cavity wounds, post-operative surgical wounds, donor sites etc. Such advancements in wound dressing will positively promote the market growth during the analysis time frame..

Global Wound Care Market by Application

Based on application, it is segmented into diabetic wounds, skin burn wounds, pressure wounds, surgical wounds, venous legs ulcers and others. The diabetic wound segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the rising geriatric population and surging prevalence of diabetes among adults. For instance, according to the National Diabetes Statistics Report published in 2020, around 34.2 million people suffered with diabetes and in case of diabetes, incidence of chronic wounds, specifically foot ulcers, is increasing. Furthermore, a significant proportion of the diabetic population is subjected to non-traumatic amputations in some cases. Amputations are performed on approximately 60% of diabetic patients in the U.S. Such scenarios will drive segment growth.

Global Wound Care Market by End-use

Based on end-use, it is segmented into hospitals, homecare settings and others. The hospital segment is likely to dominate the wound care market during the forecast period. Growing healthcare spending to provide better patient care, as well as the large number of treatment procedures performed in hospitals, will drive market growth. For instance, according to The American Burn Association, approximately 450,000 patients receive burn treatment in hospitals and emergency rooms each year. Such scenario augmenting the segmental growth. Furthermore, increasing incidence of hospital-acquired pressure ulcers will spur the business expansion. For instances, as per the Center for Transforming Healthcare organization, in the U.S. over 2.5 million patients in acute-care facilities suffer from pressure ulcer and 60,000 individual die due to their complications. Such factor increased the demand for hospital segment as it necessitates and longer hospital stay proper treatment.

Geographical Analysis of Global Wound Care Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is due to the presence of well-developed healthcare facilities in the U.S. and the availability of several treatment options in the region. A growing desire for improved aesthetics and hygiene raises the demand for timely clinic visits and early detection of such infections. Similarly, presence of major market players coupled with increasing awareness about advanced wound care product availability are expected to propel the North America wound care market growth during the forecast period.

Major Players in the Global Wound Care MarketCOVID-19 Impact

A worldwide emergency has been caused by the COVID-19 pandemic. The impact of COVID-19 on the wound care industry is observed to be negative since a large number of countries adopted lockdown to curb community transmission of the COVID-19 infection. The market experienced a short-term disruption during the early days of the COVID-19 pandemic due to supply chain disruptions and a decline in non-urgent in-person clinic visits, which had a negative impact. Because of the rapid spread of the coronavirus, several manufacturers in the market have been forced to halt their production and manufacturing operations. The risk of patients getting COVID-19 infections in hospitals and other healthcare facilities restrained market expansion. To prevent the COVID-19 pandemic, special care and measures are being implemented for vulnerable patients in a controlled setting, which will substantially regain industry growth.

Recent Developments

• In February 2021, Axio Biosolutions, received CE Certification for next-gen wound-care product MaxioCel.
• In September 2020, Centaur Pharma, introduced WOXHeal, diabetic foot ulcer drug, topical solution that will cost Rs 1850 for a week’s treatment, and can reportedly help prevent amputation.
• June 2019, Mölnlycke Health Care AB announced partnership with Zuellig Pharma to improve the availability of wound care products and solutions across the region. This partnership helped the company to accelerate their business growth and improve territorial coverage.
• May 2018. The Wound and Skin Care Division of Coloplast U.S. launched of Biatain Silicone with 3DFit Technology. The product launch helped the firm to boost their product portfolio growth in advanced wound care market.

Frequently Asked Questions

Q1. How big is the Wound Care market?Ans. The global Wound Care market size was USD 17.5 Billion in 2021 and is anticipated to reach USD 27.7 Billion in 2031, growing at a rate of 4.7% from 2022 to 2031.Q2. What is the Wound Care market growth rate?Ans. The growth rate of the Wound Care market is 4.7%.Q3. Which region holds a major market share for the Wound Care market?Ans. North America holds a major market share of the Wound Care market in 2021.Q4. Which segment accounted for the largest Wound Care market share?Ans. By end user, the hospitals segment accounted for the largest Wound Care market share.Q5. Who are the key players in the Wound Care market?Q6. What are the factors driving the Wound Care market growth?Ans. The major factors driving the growth of the market are the increasing incidence of diabetic foot ulcer leg ulcer among others.Q7. What are the key growth strategies of Wound Care market players?Ans. The key growth strategies of Wound Care market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Wound Care market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Wound Care market during the forecast period.

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