Patch Based Wound Healing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Patch Based Wound Healing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The patch-based wound healing (PBWH) market is anticipated to grow with a CAGR of nearly 4%, during the forecast period.

COVID-19 had a significant impact on the overall healthcare industry. Road accidents and transportation injuries are responsible for most of the wounds. This served as the market's primary growth factor. There were far fewer accidents and injuries because of the global lockdown imposed during the early stages of the epidemic and the cancellation of public transportation. As per the article published in 2021 under the title “The impact of the SARS-CoV-2 pandemic on the management of chronic limb-threatening ischemia and wound care”, except in critical cases like chronic limb-threatening ischemia, there has been a paradigm change in wound care toward hybrid telemedicine and home healthcare approach to keep patients at home and decrease the amount of in-person clinic visits and hospitalizations. Hence, the factors mentioned above showed that COVID-19 had a notable impact on the patch-based wound healing market.

The major factors attributing to the growth of the market are the rise in the global prevalence of sports injuries, accidents, and physical damages due to unintentional falls among the geriatric population. For instance, According to the Centers for Disease Control and Prevention, in January 2022, unintentional injury accounted for 200,995 in 2020, and the number of deaths due to traffic accidents were reported to be 40,698 in the United States in the same year. According to the same data, 24.8 million physician visits and 97.9 million emergency department visits occurred in 2020 in the United States. Thus, the high cases of various injuries indicate the higher demand for effective and quicker wound healing injuries driving the growth of the global market.

Moreover, as per the 2022 update from the International Diabetic Federation (IDF), approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, as per the IDF 2021 report, diabetic foot ulcers were affected by 40 to 60 million people globally. As a result, the market is likely to grow due to the increased prevalence of diabetic foot ulcers.

Furthermore, government initiatives, awareness programs, and product launches boost the market growth. For instance, Wounds Australia developed the Wound Awareness Week (WAW21) campaign in 2021 to educate people regarding chronic wound complications and raise awareness of risks, warning signs, and treatments. In 2022 the campaign focused on the solutions needed to drive national change for those living with wounds.

As per the factors mentioned above, the path-based wound healing market is anticipated to witness growth over the forecast period. However, highly expensive treatment and procedures, and unfavorable reimbursement policies are expected to restrain the market growth.

Key Market TrendsCollagen Formulation Patches are Expected to Hold the Largest Market Share in the Patch Based Wound Healing Market

Collagen formulation patches are expected to dominate the market throughout the forecast period owing to the huge rise in the adoption of rapid wound healing products due to the rise in diabetes and post-operative infections. Furthermore, the huge demand for these patches can be attributed to their antimicrobial nature which enhances the safety along with certain advantages like the production of fibroblast which induces the growth of newer collagen on the wound promoting quick healing along with maintaining a suitable temperature on wound fueling the growth of global patch-based wound healing market revenue during the forecast period.

As per the 2020 update from International Diabetes Federation (IDF), diabetic foot ulcers affect 40 to 60 million people with diabetes globally. Furthermore, the growing geriatric population, rising number of sports injuries, and associated risk of diabetes are projected to fuel the segment growth over the forecast period. For instance, as per the 2022 update from John Hopkins Sports Injury Statistics, in the United States, about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year. Since sports caused injury leading to increased adoption of collagen formulation patches, leading to market growth.

Hence, as per the facts mentioned above, the collagen formulation patches segment is likely to boost market growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the overall patch-based wound healing market throughout the forecast period. The dominance is due to the rise in the prevalence of diabetes, burns, and accidents leading to surgeries coupled with rising events of Surgical Site Infection (SSI) in the region necessitating effective management of these wounds.

The high number of diabetic populations in the country especially in the United States is indicating that there are chances of rising cases of diabetic ulcers. For instance, as per International Diabetes Federation updates from February 2022, the United States of America is one of the 23 countries in the International Diabetes Federation (IDF) North America and Caribbean (NAC) region. 537 million people have diabetes in the world and more than 51 million people in the NAC Region, this count is expected to rise to 63 million by 2045. Also, several factors such as a rise in diabetic foot ulcers, and venous leg ulcers which require faster healing of the wound along with increased awareness among the patients may favor the market in this region contributing to its outstanding global market share during the forecast period.

According to the National Safety Council (NSC), in July 2021, 526,000 injuries were reported due to personal exercise, 500,000 players were injured due to basketball, 457000 due to bicycling, and 341,000 due to football. NSC also reported that 199,000 swimming injuries were treated in the emergency room. Spine, shoulder, head, and knee injuries accounted for more than 50% of these total injuries.​ Thus, increasing the number of injuries that required medical attention thereby, the market is expected to see a surge over the forecast period.

As per the factors mentioned above, North America is expected to register a high growth rate for the studied market over the forecast period.

Competitive Landscape

The patch-based wound healing market is moderately competitive and consists of several major players. A few of the major players currently dominating the market are making acquisitions with other companies to consolidate their market positions across the globe and while others are launching new products with advanced technologies to enhance the safety and quicker healing of wounds. Some of the companies which are currently dominating the market are ConvaTec Inc, Human BioSciences Inc, Molnlycke Health Care AB, 3M, and Smith & Nephew.

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