Pune, India, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The global wound care market size was valued at USD 17.49 billion in 2021. The market is projected to rise from USD 18.51 billion in 2022 to USD 28.23 billion by 2029 at a 6.2% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, "Wound Care Market, 2022-2029."
According to an analysis, the launch of sophisticated products and a surge in the number of patients with chronic wounds have augured well for the industry outlook. Leading companies are likely to expand their penetration amidst rising cases of diabetic foot ulcers and pressure ulcers.
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Key Industry Development
- June 2021 - ConvaTec Group PLC announced a collaboration with RLS Global with an aim to distribute Chlorasolv, a gentle wound debrider, in the European market.
Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.2% |
| 2029 Value Projection | USD 28.23 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 17.49 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 176 |
| Key Players | Smith & Nephew (U.K.), 3M (U.S.), ConvaTec Inc. (U.K.) |
| Wound Care Market Growth Drivers | Upticks in Penetration of Advanced Products to Usher in Innovations |
| Presence of Key Players in the U.S. to Foster North America Market | |
| Presence of Key Players in the U.S. to Foster North America Market |
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Drivers and Restraints
Upticks in Penetration of Advanced Products to Usher in Innovations
Stakeholders expect wound care market share to gain traction from the rising footfall of technologically advanced products. For instance, investments in research and development activities have encouraged leading companies to up their penetration in wound care solutions. To illustrate, in January 2020, ConvaTec Group PLC rolled out ConvaMax in the global market, while Smith & Nephew announced the launch of the 'PICO 14' single use NPWT System in the U.S. market in March. Robust strategic moves amidst stiff competition could bolster the growth prospect.
Meanwhile, rising cases of delayed diagnosis across emerging economies could dent the industry forecast in the ensuing period.
COVID-19 Impact
Healthcare Resource Reallocations Disrupted Industry Growth
Supply chain disruptions became pronounced following the uptick in the COVID-19 patients across advanced and emerging economies. Prominently, reallocation of healthcare resources had a major toll on the industry. For instance, ConvaTec Inc., witnessed a decrease of 4.1% from their advanced wound care segment in 2020 compared to 2019. Besides, several companies have shifted their attention toward telemedicine.
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Report Coverage
The report highlights quantitative and qualitative assessments to provide a holistic view of the global market. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping.
Segmentation
In terms of type, the market is segmented into traditional wound care products, advanced wound dressing, negative pressure wound therapy, bioactive and others.
Based on application, the industry is segregated into acute wounds and chronic wounds.
With respect to end-user, the market is segmented into homecare settings, clinics, hospitals and others.
On the basis of region, the market includes North America, Asia Pacific, Europe, the Middle East & Africa and Latin America.
| Segmentation | By Type
|
By Usage
| |
By Application
|
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Regional Insights
Presence of Key Players in the U.S. to Foster North America Market
A notable rise in the patient population suffering from acute wounds across the U.S. has prompted stakeholders to up their investments. North America market size was valued at USD 6.69 billion in 2021 and will grow with the presence of leading companies and a rise in diabetic foot ulcers. Prominently, 3M claims that around USD 547.0 million is spent for diabetic foot ulcers treatment in Canada annually.
Asia Pacific could emerge as a lucrative region on the back of strong investments in the healthcare sector. Moreover, the rise in comorbidities has compelled governments and other stakeholders to bolster their healthcare portfolios. Asia Pacific wound care market growth will observe an appreciable gain during the forecast period, largely due to the cases of diabetic foot ulcers.
Leading companies envisage Europe to provide promising growth opportunities in the ensuing period. The bullish projection is mainly attributed to the presence of advanced infrastructure across the U.K. and Germany. Besides, developed economies have exhibited increased traction for innovative products to tap markets.
Competitive Landscape
Stakeholders to Prioritize Collaboration to Expand Footprint
Leading companies are slated to inject funds into mergers & acquisitions, product launches, R&D activities and geographical expansion. Current trends indicate major players could emphasize technological advancements in the ensuing period.
Major Players Profiled in the Market Report:
- Smith & Nephew (U.K.)
- 3M (U.S.)
- ConvaTec Inc. (U.K.)
- Cardinal Health (U.S.)
- Coloplast A/S (Denmark)
- Mölnlycke Health Care AB (Sweden)
- Medtronic (Ireland)
- PAUL HARTMANN AG (Germany)
- Johnson & Johnson Services, Inc. (U.S.)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Impact of COVID-19 Outbreak on Wound Care Market
- Key Market Players – Analyzing the Impact of COVID-19
- Prevalence of Chronic Wounds, By Key Countries, 2020/2021
- New Product Launches, Key Market Players
- Key Industry Developments (Mergers, Acquisitions, etc.)
- Global Wound Care Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Advanced Wound Dressings
- Antimicrobial Dressings
- Alginate Dressings
- Foam Dressings
- Hydrocolloid Dressings
- Others
- Traditional Wound Care Products
- Negative Pressure Wound Therapy
- Bio actives
- Biological skin Equivalents
- Growth Factors
- Others
- Others
- Advanced Wound Dressings
- Market Analysis, Insights and Forecast – By Application
- Chronic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Leg Ulcers
- Others
- Acute Wounds
- Surgical Wounds
- Others (Burns)
- Chronic Wounds
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Homecare Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
ToC Continue…!
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