Wound Care Market Size To Reach $29.57 Billion By 2030, Driven By Increasing Number Of Surgical Cases, Rapidly Ageing Population And Rising Number Of Diabetic Patients | Grand View Research, Inc.

May 23 05:38 2022
Wound Care Market Size To Reach $29.57 Billion By 2030, Driven By Increasing Number Of Surgical Cases, Rapidly Ageing Population And Rising Number Of Diabetic Patients | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, The demand for wound care products is increasing owing to increasing number of surgical cases, and rising prevalence of chronic diseases across the globe.

Wound Care Market Overview

The global wound care market size was valued at USD 20.59 billion in 2021 and is anticipated to reach USD 29.57 billion by 2030, at a CAGR of 4.12% from 2022 to 2030.

The demand for wound care products is increasing owing to increasing number of surgical cases, and rising prevalence of chronic diseases across the globe. Furthermore, increasing incidence of diabetes due to sedentary lifestyle is one of the leading factors contributing to market growth. For instance, according to American Diabetes Association, in 2018, an estimated 34.2 million people, i.e., 10.5% of the total U.S. population, had diabetes. Moreover, nearly 1.6 million U.S. residents had type 1 diabetes, which includes about 187,000 adolescents and children.

Gather more insights about the market drivers, restrains and growth of the Global Wound Care Market

Wound care products help to cure diabetic foot ulcers, which are prevalent in diabetic patients. For instance, according to ScienceDirect, diabetic foot ulcers may affect more than 25% of the diabetic population and may lead to amputation of foot in 20% of patients. Wound care products such as hydrocolloid dressings helps in moisture retention, and allow rapid healing of wound internally as well as externally. Moreover, these products help in absorption of necrotic tissues, which are effective in cases of surgical site infections. Thus, healthcare professionals prefer to use wound care products which is anticipated to propel the wound care market growth over the forecast period. 

                               North America Wound Care Market Size, By Product, 2020 - 2030 (USD Billion)

Advanced wound dressings is anticipated to have the largest revenue share in 2021. One of the key factors responsible for its dominance is increase in number of burn cases. For instance, as per the American Burn Association (ABA) in 2016, around 486,000 people were given medical treatment due to burn injuries in the U.S. It also reported that complications of infection have accounted to be highest in burn patients. Additionally, increasing geriatric population base is another major factor accelerating the wound care market growth. For instance, as per the United Nation Organization, geriatric population numbered over 962.0 million in 2017 and is projected to reach around 2.1 billion by 2050. Geriatric population is more susceptible towards wounds, and therefore, may help the wound care market propel during the forecast period.

Moreover, increasing number of Ambulatory Surgical Centers (ASCs) are expected to drive the wound care market. ASCs offer a variety of services such as surgical care, diagnostics, and preventive procedures. Surgeries for pain management, urology, orthopedics, restorative, reconstructive, or alterative plastic surgeries and Gastro Intestinal (GI) related surgeries are also performed in ambulatory surgery centers. In addition, ASCs are increasing in number and thus offer cost-effective services. For instance, according to Advancing Surgical Care, as of March 2021, the number of ASCs in the U.S. is estimated to be 6,023. Thus, with increasing number of ASCs the wound care market is expected to propel during the forecast period.

Furthermore, increasing number of traumatic injuries across the globe is expected to propel the of wound care market. For instance, as per WHO (2018), around 1,000,000 people are severely or moderately burnt in India per year. In addition, as per NCBI, in 2017, countries such as Bulgaria, Finland, the Netherlands, China, Australia, and the UK reported a rise in the incidence of burn wounds. Furthermore, as per WHO each year, an estimated 22,941 individuals die in Thailand as a result of traffic-related incidents, accounting for roughly 33% of all deaths in the country. Collagenase-based enzymatic wound debridement products are majorly used for treatment of such acute wounds. Thus, such cases are expected to increase the demand for wound care products.

COVID-19 considerably decreased the need for wound care products around the globe. However, with development of vaccine, countries have opened their international borders, as a result, the wound care market is expected to impel post COVID-19 period. The earlier postponed elective surgeries are expected to be completed during the post-pandemic time, thereby increasing the use of wound care products. Many companies are incorporating various strategies such as product launch, merger & acquisition, collaboration, and expansion to meet the demand.  For instance, in October 2021, Medline Industries launched Post-Acute Infection Prevention Program. This will be a consultative program, which was focused on post-acute infection prevention. This helped the company to penetrate its products among the population. Similarly, in 2021, Mölnlycke announced the launch of a new UK distribution center. This helped the company strengthen customer access to quality Mölnlycke products.

Wound Care Market Segmentation

Based on the Product Insights, the market is segmented into Advanced Wound Dressing, Surgical Wound Care, Traditional Wound Care and Wound Therapy Devices.

  • The advanced wound dressing segment held the maximum share of 34.65% in 2021 in the product segment and is expected to register highest CAGR during the forecast period.
  • The surgical wound care segment is anticipated to grow at a considerable growth rate of 4.25% during the forecast period. This can be attributed to rising surgical cases and surgical site infections worldwide. 

Based on the Application Insights, the market is segmented into Chronic Wounds and Acute Wounds.

  • Acute wounds segment held the largest share of 60.00% in 2021 and is anticipated to witness considerable growth rate over the forecast period.
  • Chronic wounds segment is expected to grow at the fastest CAGR of 4.24% during the forecast period.

Based on the End-use Insights, the market is segmented into Hospitals, Clinics, Home healthcare and Others.

  • The hospital segment held the largest share of 45.12% in 2021. The growth of this segment can be attributed to upsurge in surgical procedures globally because of sedentary lifestyle, and rising bariatric surgeries which require the use of wound care products to contain surgical site infections.
  • Home healthcare segment is expected to grow at the fastest CAGR of 4.78% during the forecast period.

Based on the Wound Care Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

  • The North America region accounted for the largest volume-based share of 28.3% in 2021.
  • Governments across the Europe region have been making significant efforts to promote the use of concentrated solar power. There are 59 operational concentrating solar power projects across Europe, out of which, 52 are located in Spain.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

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Market Share Insights:

  • March 2020: Smith & Nephew launched novel PICO 14 NPWT system that has a pump duration of up to 14 days. This product launch helped the company in expanding its product offerings. 
  • September 2019: ConvaTec Group PLC acquired Southlake Medical Supplies for approximately USD 5 million. This helped the company strengthen its presence in the U.S. market. 

Key Companies Profile:

The wound care market is highly fragmented in nature with the presence of several small and large manufacturers. Competitive rivalry and degree of competition in the wound market is expected to intensify over the forecast period due to the presence of many players in the market.

Some prominent players in the global Wound Care market include

  • Smith & Nephew
  • Mölnlycke Health Care AB
  • ConvaTec Group PLC
  • Ethicon (Johnson & Johnson)
  • Baxter International
  • URGO Medical
  • Coloplast Corp.
  • Medtronic
  • 3M
  • Derma Sciences Inc. (Integra LifeSciences)

Order a free sample PDF of the Wound Care Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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