Global Market Overview:
The global wound care market is projected to reach USD 27.8 billion by 2026 from USD 19.3 billion in 2021, at a CAGR of 7.6% during the forecast period. Market growth is largely driven by factors such as the growing prevalence of chronic conditions resulting in chronic, surgical, acute, and traumatic wounds; increasing spending on chronic wounds; rising use of regenerative medicine in wound management; and technological advancements. The high growth potential of emerging economies and the growing number of acquisitions by key players have also opened an array of opportunities for the growth of the wound care marketD
COVID-19 Impact on Global Wound care market
The COVID-19 outbreak will impact the wound care market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, canceled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers; the wound care market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for wound care products is expected to rise drastically.
Driver: Growing prevalence of diseases & conditions affecting wound healing capabilities
Physical health conditions, such as acute wounds, chronic wounds, and surgical wounds, have a negative effect on the wound healing process. The prevalence of acute, chronic, and surgical wounds has increased significantly over the past decade, primarily due to the growing global geriatric population, rising traumatic wounds, increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes. Diabetes and obesity can result in an increased overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (wound management) and incur exorbitant medical expenses.
Restraint: High cost of advanced wound care products
The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive wound care products. Although there are many bioengineered dressings available in these markets, physicians and patients tend to opt for traditional and basic wound care products due to their low costs.
Opportunity: Growth potential in emerging economies
Compared to Europe and North America, the Asia Pacific and Latin America are relatively untapped markets for wound management and have huge growth potential. Owing to this, various players are focusing on increasing their presence in these regions. The large patient pool and the rising geriatric population in emerging countries offer significant growth opportunities for players in the wound care market.
North America is the largest regional market for wound care market
The global wound care market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. The wound care market is dominated by developed countries across North America and Europe in the global market in 2020. In 2020, North America accounted for the largest market share, in 2020. The large share of this regional segment can be attributed to the growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds; the increasing incidence of burn injuries; increasing spending on surgical and chronic wounds; and technological advancements in this region.
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Leading Key Players: Wound Care Market
The major players operating in this market are Smith & Nephew Plc (UK), Mölnlycke Health Care AB (Sweden), Baxter International (US), 3M Company (US), Integra LifeSciences Holdings Corporation (US), ConvaTec Group Plc (UK), Coloplast A/S (Denmark), Medtronic Plc (Ireland), Ethicon Inc. (US), PAUL HARTMANN AG (Germany), MiMedx Group (US), DeRoyal Industries (US), Organogenesis Holdings (US), Kerecis (Iceland), ACell (US), Lohmann & Rauscher International GmbH & Co. (Germany), Medela AG (Switzerland), Talley Group (England), Pensar Medical (US), B. Braun Melsungen AG (Germany), Cardinal Health Inc. (US), Misonix (US), Zimmer Biomet Holdings (US), DermaRite Industries (US), Medline Industries (US), Advancis Medical LLC (UK), MilLaboratories Pvt. Ltd. (India), Welcare Industries Spa. (Italy), Wuhan VSD Medical Science & Technology (China), and Haromed BVBA (Belgium).