Wound Care Market by Product (Dressings, Devices, Grafts, Matrices, Topical Agents, Sutures, and Stapler), by Product Type (Advanced Wound Dressing, Traditional Wound Care, Negative Pressure Wound Therapy, Bioactives, and Others), by Application (Chronic Wounds and Acute Wounds), and by End-Users (Hospitals, Clinics, Homecare Settings, Long-term Care Facilities, and Others) - Global Opportunity Analysis and Industry Forecast 2023-2030

Market Definition

The global Wound Care Market size was valued at USD 18.40 billion in 2022 and is predicted to reach USD 27.9 billion by 2030 with a CAGR of 5.3% from 2023-2030. Wound care refers to the wide range of products or therapies that are required to treat wounds caused due to injury or surgery. It also includes healing of chronic wounds such as diabetic ulcers, venous leg ulcers, pressure ulcers, and others.

Wound healing process may consist of various types of dressings, sutures, bandages, and other supplies while it applies the required pressure to avoid any blood loss and also protects the wound from dirt and other substance which can contaminate the wound and cause infections at the site. 

Advanced wound care (AWC) products are recent developments that are designed to treat acute & chronic wounds efficiently. Traditional wound care products are lately being replaced with advanced wound care products, owing to faster healing and their effectiveness in managing wounds.

Market Dynamics and Trends

With a growing number of elderly individuals requiring specialized wound care, and an increasing frequency of surgical procedures being performed, the need for effective wound care products has experienced a significant upsurge. These products play a vital role in facilitating proper treatment, promoting healing, and ensuring optimal recovery for patients undergoing surgical interventions or managing wounds associated with age-related conditions. 

Also, the wound care market growth is being driven by the increasing prevalence of medical conditions, such as diabetes and obesity, which are associated with infections and ulcerations in the leg or foot, necessitating advanced wound treatments. These conditions are becoming more widespread worldwide, contributing to a greater demand for innovative wound care solutions.

As per the 2021 reports published by the International Diabetes Federation (IDF), a staggering number of approximately 537 million adults (aged 20-79) are currently living with diabetes worldwide. Moreover, the data indicates that the prevalence of diabetes is projected to rise significantly, with approximately 1 in 8 adults, or around 783 million individuals, estimated to be living with diabetes by 2045. 

Furthermore, development of advanced novel wound care products such as bioactive dressings, smart dressings, Negative Pressure Wound Therapy (NPWT) by market players such as ConvaTec Group plc, B. Braun Melsungen AG, and Smith & Nephew is expected to fuel the adoption among patients and healthcare providers. They offer unique features and benefits compared to traditional wound care products, aiming to improve outcomes and patient experiences. For instance, in March 2020, Smith & Nephew announced the launch of the PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT) which has a pump built of 14 days that can be effectively used on high-risk surgical patients.

However, high cost of advanced wound care products especially in cost-sensitive economies such as India, Brazil, Mexico, and others along with a lack of awareness among the people about the benefits of wound care procedures and treatments are expected to restrain the growth of the wound care market.

On the contrary, the development of new biomaterials with enhanced properties, such as improved biocompatibility, controlled drug delivery, and tailored mechanical characteristics, can revolutionize wound care. These materials can promote tissue regeneration, provide sustained release of therapeutic agents, and improve the overall healing process.

Market Segmentation and Scope of Study

The global wound care market share is segmented on the basis of product, product type, application, end users, and geography. Based on product, the market is classified into dressings, devices, grafts, matrices, topical agents, sutures, and stapler. On the basis of product type, the market is categorized into advanced wound dressing, traditional wound care, negative pressure wound therapy, bioactives, and others. The advanced wound dressing segment is sub-categorized into antimicrobial dressings, foam dressings, film dressings, hydrocolloid dressings, collagen, and alginate dressings. The bioactives are further sub-segmented into growth factors, biological skin equivalents, and others.

On the basis of application, the market is segmented into chronic wounds and acute wounds. The chronic wounds are further segmented into diabetic ulcers, venous leg ulcers, pressure ulcers, and others. The acute wounds are further bifurcated into traumatic, surgical, burn, and others. On the basis of end users, the market is segmented into hospitals, clinics, homecare settings, and long-term care facilities. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global wound care market and is potently expected to remain dominant in throughout the forecast period. This is attributed to factors such as rising number of patients with chronic conditions such as diabetes and Peripheral Arterial Disease (PAD) that results in chronic wounds along with the increasing incidence of burn injuries in this region that requires advanced wound care treatments.

According to the reports published by American Burn Association in 2021, more than 400,000 people receive treatment for burn injuries each year due to tragic accidents. In addition, the growing demand for wound care is being fueled by the increasing adoption of advanced technologies, including biological therapies, therapeutic devices, and dressings for autolytic debridement, among others. These innovative approaches are revolutionizing the field of wound care by offering more effective and targeted treatment options.

Additionally, the development of small and medium-sized clinics and long-term healthcare centers in the North American region is contributing to the expansion of the wound care market. These facilities provide specialized care for chronic wounds, catering to the needs of a growing population requiring ongoing wound management and treatment.

On the other hand, Asia-Pacific region shows substantial growth in the global wound care market due to the rising healthcare expenditure and government initiatives to improve healthcare infrastructure in countries across the region. Increased investment in healthcare facilities, hospitals, and clinics is expanding access to wound care services in turn driving the wound care market demand. According to Japan's Ministry of Health, Labour, and Welfare's Healthcare Expenditure Trends report, the estimated healthcare expenditures paid to medical institutions in 2021 amounted to approximately 402.7 billion USD, marking a significant increase of 4.6% compared to the previous year.

The Asia Pacific region is also witnessing a rise in the prevalence of chronic diseases such as diabetes, obesity, and cardiovascular diseases. According to the Organisation for Economic Co-operation and Development (OECD), cardiovascular disease (CVD) is a leading cause of death in the Asia-Pacific region, with an estimated 9.4 million deaths in 2020.

In addition, the International Diabetes Federation (IDF) estimates that 114.4 million adults were living with diabetes in the Asia-Pacific region in 2021, which represents a regional prevalence of 9.8%. These conditions often lead to complications like diabetic foot ulcers, pressure ulcers, and venous leg ulcers, which require advanced wound care interventions. There is a growing awareness of the importance of proper wound care management among healthcare professionals and the general population in the Asia Pacific region. Governments, healthcare organizations, and medical societies are actively promoting wound care education and awareness programs, resulting in higher demand for wound care products and services.

Competitive Landscape

Various players operating in the wound care industry such as ConvaTec Group plc, Johnson & Johnson, Medtronic plc., Mölnlycke Health Care AB, Cardinal Health, Coloplast A/S, B. Braun Melsungen AG, Smith & Nephew, Integra Lifesciences, and Medline Industries, Inc. These market players are adopting various strategies such as collaboration and acquisition of business across various regions to maintain their dominance in the global wound care market.

For instance, in March 2022, ConvaTec Group plc announced the strategic acquisition of Triad Life Sciences Inc, to incorporate Triad's product pipeline and portfolio into its own offerings, which will now be recognized as Convatec Advanced Tissue Technologies.

KEY BENEFITS

• The report provides a quantitative analysis and estimations of the wound care market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the wound care market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the wound care market, is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and a Porter's Five Forces model is elaborated on in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

WOUND CARE MARKET KEY SEGMENTS

By Product

• Dressings

• Devices

• Grafts

• Matrices

• Topical Agents

• Sutures

• Stapler

By Product Type

• Advanced Wound Dressing

• Traditional Wound Care

• Negative Pressure Wound Therapy

• Bioactives

• Others

By Application

• Chronic Wounds

  • Diabetic Ulcers

  • Venous Leg Ulcers

  • Pressure Ulcers

  • Others 

• Acute Wounds

  • Traumatic

  • Surgical

  • Burn

  • Others 

By End-Users

• Hospitals

• Clinics

• Homecare Settings

• Long-term Care Facilities

By Region

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

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