Growth Factors Driving the Market: The Wound Care 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 market.
MarketsandMarkets™ View on Revenue: The global wound care market is projected to reach USD 27.8 billion by 2026, at a CAGR of 7.6% during the forecast period
Industry Segmentation in Detailed:
The Surgical & traumatic wounds segment accounted for the largest share of the wound care market.
The wound care market, by wound type, is segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns & other wounds. In 2020, the surgical & traumatic wounds segment accounted for the largest share in the wound care market. The increasing number of traumatic & surgical wounds is expected to drive the demand for wound care products. The market growth is also largely driven by the rising incidence of diabetes and diabetic foot ulcers due to the high prevalence of pressure ulcers and venous leg ulcers in the geriatric population.
Hospitals & Clinics segment to register the largest share during the forecast period
Based on end users, the wound care market is segmented into hospitals & clinics, long-term care facilities, home care settings, and other end users. In 2020, the hospitals & clinics segment accounted for the largest share of the global wound care market. The large share of this segment can be attributed to factors such as the growing prevalence of surgical and chronic wounds; rising incidence of associated SSIs and HAIs; and the increasing incidence of burn injuries.
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Leading Key Players Analysis:
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).
Geographical Trends in Detailed:
The global wound care market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America accounted for the largest market share. 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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