Wound Care Market: Current Analysis and Forecast (2021-2027)

Wound Care Market: Current Analysis and Forecast (2021-2027)

The Global Wound care Market is anticipated to grow with an elevated CAGR of 6.8% over the forecast period (2021-2027). Wound care refers to specific types of treatment for pressure sores, skin ulcers, and other wounds that break the skin. Wounds have a significant impact on patient health and on the resource costs of healthcare providers. Ensuring wounds are appropriately diagnosed and treated is essential in order to prevent unnecessary suffering for patients, and excess costs to the healthcare system brought about by avoidable events such as surgical infections and hospital-acquired pressure ulcers. Proper wound care prevents infection and other complications and also helps speed up the healing process with less scarring.

The wound care market is anticipated to grow on account of the growing geriatric population, increasing prevalence of diabetes, high rate of injuries and trauma cases, surging prevalence of chronic wounds, and rising cases of burns. Further, advanced wound care solutions are innovative products, which are introduced for the welfare of patients suffering from wound-related concerns such as ulcers and diabetes. The rise in diseases, which take a long time for healing requires advanced wound care solutions for better treatment. According to the International Diabetes Federation (IDF), presently, more than 460 million people between 20 and 79 years of age are living with diabetes worldwide and by 2045 this number is expected to rise to 700 million. Diabetes is a chronic disease, which is known to give rise to complex conditions, which usually do not heal on their own and require surgery. For instance, diabetic foot ulcers usually turn out to be infectious and at times patients may end up with amputations. In such cases, advanced wound care dressings and devices are beneficial to ease the suffering of patients.

3M Company, Smith & Nephew plc, Mölnlycke Health Care AB, ConvaTec Group plc, B. Braun Melsungen AG, Cardinal Health, Integra LifeSciences Holdings Corporation, Johnson & Johnson, Medtronic Plc, and Paul Hartmann AG., are some of the prominent players operating in the wound care market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with wound care.

Insights Presented in the Report

“Amongst Product Type, advanced wound care products segment holds the major share”

Based on polymer type, the wound care market is segmented into advanced wound care products, surgical wound care products, and traditional wound care products. In 2020, the advanced wound care products segment accounted for the largest market share. Advanced wound care products are increasingly being used as the first line of therapy, making it likely that they will cannibalize the share of the traditional wound care products market. Furthermore, market growth is driven by the increasing spending on chronic wounds, technological advancements, and the growing prevalence of diseases & conditions affecting wound healing capabilities.

“Amongst Wound Type, chronic wounds segment holds the major share”

Based on wound type, the wound care market is divided into chronic wounds and acute wounds. The chronic wound segment occupied the major share of the wound care market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The increasing number of geriatric populations, along with the rising prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth. For instance, according to the Administration for Community Living’s profile on older Americans, the U.S. population aged 65 and above was expected to be 54.1 million in 2019, which is about 19% of the U.S. population.

“Amongst End-Users, hospital & clinics segment holds the major share”

Based on end-users, the market is fragmented into hospital & clinics, home care settings, and others. In 2020, hospital & clinics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is due to the large number of treatment procedures conducted in hospitals and the easy availability of reimbursements.

“North America represents one of the largest markets of wound care market”

For a better understanding of the market dynamics of the wound care market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the wound care market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and increasing healthcare expenditure in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Deep dive regional level analysis of the industry