Increasing funding for wound care research, the rising incidence of road accidents and injuries, and the growing use of regenerative medicine in wound care are driving the growth of the global wound care industry. AI in wound management, increasing research in the field of advanced wound care, and potential applications of stem cell therapy are expected to provide a wide range of growth opportunities for players in the market.
What the Market Looks Like?
Predicted to grow at a CAGR of 4.6% during the forecast period, the global Wound Care market is estimated to reach USD 24.8 Billion by the end of 2024. In 2019, North America commanded the largest share of the wound care market. The large share of this market segment can be attributed majorly to the rising incidence of diabetes, growing geriatric population, the presence of major manufacturers in the region, and easy access & rapid adoption of advanced products and technologies.
Based on the product, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products. In 2019, advanced wound care products are expected to account for the largest market share due to its high efficacy and rising incidences of hard-to-heal wounds. These factors further make this segment to grow at the fastest rate in the wound care market.
Based on wound type, the wound care market is segmented into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, venous leg ulcers, burns, and other wounds. The diabetic foot ulcers segment is expected to account for the largest market share in 2019. This can primarily be attributed to the increased emphasis on aggressive management to prevent diabetic foot ulceration in wound management and foot amputation, using products such as advanced and active wound care products.
Based on end-user, the wound care market is categorized into hospitals & clinics, long-term care facilities, and home care settings. In 2019, hospitals & clinics are expected to account for the largest share of the market. The large share of this segment can be attributed to factors such as better infrastructure in hospitals to address critical cases, increasing incidences of hospital-acquired infections (HAIs) and a growing number of surgical procedures worldwide, among others.
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What Drives the Market?
The growth of the global market for Wound Care is primarily influenced by the following factors:
- Growing Prevalence of Diseases and Conditions Affecting Wound Healing Capabilities
- Increasing Funding for Wound Care Research
- Road Accidents and Trauma Injuries
- Rising Use of Regenerative Medicine in Wound Management
Geographical growth scenario of Wound Care Market
Geographically, the global wound care market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America commanded the largest share of the wound care market. The large share of this market segment can be attributed majorly to the rising incidence of diabetes, growing geriatric population, the presence of major manufacturers in the region, and easy access & rapid adoption of advanced products and technologies.
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Leading market players and strategies adopted
The major players operating in the wound care market are Smith & Nephew plc (UK), , Ethicon, Inc. (A Subsidiary of Johnson & Johnson) (US), Convatec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Paul Hartmann AG (Germany), Medtronic plc (Ireland), 3M Company (US), and Integra LifeSciences Holding Corporation (US).
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