The Global Wound Care Market size is estimated to be USD 19.79 billion in 2019 and is predicted to reach USD 31.78 billion by 2030 with a CAGR of 4.4% from 2020-2030. Wound Care is the range of various products which is required to treat the wounds caused due to injury or surgery and helps them heal. Wound care consist of various types of dressings, sutures, bandages and other supplies and it also 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.
Market Dynamics and Trends
There has been wide development in the infrastructure and healthcare facilities over the period of time. Furthermore, technological advancement and increase in surgical procedures coupled with increasing accidents and trauma cases are expected to fuel the growth of wound care market.
The other factors include increase in the prevalence of various diseases and increased investment in the wound care research is also expected to drive the market growth. However, high cost of advanced wound care products and risk associated are expected to hamper the growth of wound care market. Moreover, increased penetration of AI in the healthcare, increased R&D in advanced wound care and other potential applications are expected to create numerous opportunities in the wound care market over the foreasct period.
Market Segmentations and Scope of the Study:
The global wound care market share is analyzed on the basis of product type, wound type, end user and geography. On the basis of product type, the market is segmented into advanced wound care products, surgical wound care products and traditional wound care products. The advanced wound care products are further segmented into wound therapy devices, active wound care products, and advanced wound dressings. The surgical wound care products are further segmented into Sutures, Staplers, Tissue Adhesives, Sealants, & Glues and anti-infective dressings. The traditional wound care products are further classified into Medical Tapes, Dressings, and Cleansing Agents. Based on wound type the market is categorized into Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Surgical & Traumatic Wounds, Burns, and Other. On the basis of end user, the market is divided into Hospitals & Clinics, Long-term Care Facilities, and Home Care Settings. The hospitals and clinics segmented is further fragmented into inpatient and outpatient settings. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to account for the major market share over the forecast period owing to the increased adoption of wound care with increased prevalence of various disorders. Furthermore, increase in the healthcare infrastructure coupled with presence of advanced technology is expected to support the growth of wound care market.
Asia Pacific is expected to show rapid growth over the forecast period owing to the increased accessibility to the healthcare facilities in the region. Furthermore, increase in disposable income and increase in surgeries and trauma cases coupled with increased research funding are also expected to promote the growth of wound care market over the forecast period.
The wound care market, which is highly competitive, consists of various market players. Some of the major market players include 3M Company, Coloplast Corp., Medline Industries, Smith & Nephew, Medtronic, Convatec Group Plc, Derma Sciences, Ethicon, Baxter International, Molnlycke Health Care Ab
In the recent past there have been various developments taken place in the market over the period of time which are also expected to takes place in the near future to further directs the market growth. For instance, in June 2019, 3M plans to buy Acelity are expected to supplement 3M’s strategy for advanced wound care solutions and accelerate the penetration of NPWT products internationally.