Global wound care market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 6.8% during 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.
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Chronic wounds are diseases that haven’t been successfully treated during the process of treatment. The costs associated with chronic wounds are much higher than normal disease treatment. For instance, according to the National Institute of Health in U.S., over 1.25 million burn cases and 6.5 million chronic skin ulcer cases were registered in 2020, accounting for an estimated US$ 15 billion in U.S. health care costs for chronic wound treatments. The high emphasis on early detection and treatment of chronic diseases will also contribute to market growth. Chronic wounds can result in severe conditions that can be potentially life-threatening; a factor that has created huge awareness regarding the treatment of the disease. The presence of several large-scale healthcare companies, coupled with the massive investments in product R&D, will emerge in favor of the growth of the overall chronic wound care market in the coming years.
Furthermore, The increasing cases of burns are a key factor propelling the growth of the market, globally. According to the statistics published by the World Health Organization (WHO) in 2018, an estimated 180,000 deaths due to burns were being reported every year, the majority in low- and middle-income countries (LMICs).
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Based on product type, the market is segmented into advanced wound care products, surgical wound care products, and traditional wound care products. The advanced wound care products segment grabbed an XX% share of the global wound care market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as these 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.
Based on the wound type, the global wound care market is segmented into chronic wounds and acute wounds. The chronic wounds segment occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the increasing number of geriatric populations, along with the rising prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds.
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Additionally, the report provides detailed report also provides insights into the global wound care market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the well-established market players and increasing geriatric population.
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 key players operating in the global wound care market. Several M&As along with partnerships have been undertaken by these players to develop new wound care products.
Global Wound Care Market Segmentation
Market Insight, by Product Type
· Advanced Wound Care Products
o Advanced Dressings
o Wound Therapy Devices
o Grafts & Matrices
o Topical Agents
· Traditional Wound Care
· Surgical Wound Care
Market Insight, by Wound Type
· Chronic Wounds
o Diabetic Foot Ulcers
o Pressure Ulcers
o Venous Leg Ulcers
o Others
· Acute Wounds
o Surgical & Traumatic Wounds
o Burns & Other Wounds
Market Insight, by End-Users
· Hospital & Clinics
· Homecare Settings
· Others
Market Insight, by Region
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø France
Ø Germany
Ø Italy
Ø Spain
Ø United Kingdom
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø India
Ø Japan
Ø Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· 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
· Paul Hartmann AG
