Global Wound Care Market Overview
The Wound Care Market Size was valued at USD 12.9 Billion in 2022 and is projected to grow from USD 13.65 Billion in 2023 to USD 21.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). The rising incidence of new and old wounds and an increasing number of patients seeking wound care in hospitals are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Hydrocolloid dressings, one type of wound care product, aid in retaining moisture and promote both internal and exterior wound healing quickly. Additionally, these items aid in absorbing necrotic tissues, which is useful in managing infections at the surgical site. To treat infections, healthcare professionals strongly prefer wound care products, which is expected to drive the expansion of the wound care business over the forecast period. Healthcare experts are increasingly interested in bioactive therapies such as growth factors and skin replacements, particularly for treating advanced wounds. Several players are joining the market by concentrating on nanofiber, allograft, xenograft, dermal replacements, and cell-based therapies to meet the rising need for prompt and efficient wound management therapies among patients.
The use of regenerative therapies in the treatment of wounds is growing, which stimulates market expansion. Regenerative medicine helps injured tissues and organs heal more quickly and with better shape and function. Regenerative medicine can treat chronic and acute wounds brought on by conditions like wounds and diabetes, leading to quick wound healing and preventing potentially dangerous side effects like infection and limb loss, all of which will help the market grow. Focusing on this market offers a significant possibility for growth for both new entrants and established companies. To meet the increasing demand for them on the global market, they were compelled to introduce new bioactive medicines. Because more surgical procedures are being performed, there is an increase in demand for wound care products.
One of the main drivers of market expansion is the rising prevalence of diabetes brought on by the widespread embrace of a sedentary lifestyle. In addition, governments in developing nations and other for-profit and nonprofit organizations are increasingly focusing on various awareness campaigns to increase public knowledge of cutting-edge product offerings and therapeutic choices for chronic and severe wounds. These considerations are boosting the acceptance rate of wound therapy products and the availability of advantageous reimbursement rules in industrialized nations. These factors are also anticipated to be vital to the market's considerable rise over the projection period.
Wound Care Market Trends
- Growing diabetes prevalence is driving the market growth
Market CAGR for wound care is driven by the rising prevalence of diabetes complications from diabetes include slow healing of wounds, reduced immune system function, and poor circulation. The need for wound care products and services is expected to grow along with the rising prevalence of diabetes. Because of this need, the wound care industry is expanding. The increasing use of regenerative medicine in wound treatment also fuels market expansion. Injured tissues and organs can mend more quickly and with improved shape and function thanks to regenerative medicine. Regenerative medicine can potentially treat acute and chronic wounds caused by causes like burns and diabetes, resulting in rapid wound healing and the prevention of serious complications like infection and amputation, all of which contribute to expanding the market.
Additionally, the wound care industry is expected to grow fast because of the constantly increasing number of hospital visits for wound treatment. Increases in healthcare spending would boost the hospital sector as more therapeutic procedures are carried out there to better care for patients. Furthermore, the rising incidence of hospital-acquired pressure ulcers is fueling the need for better wound care, increasing the business's market potential. Rising healthcare spending and improved healthcare infrastructure will also aid market expansion. Therefore, the increasing prevalence of diseases is fueling the expansion of the international market.
For instance, Axio Biosolutions of Karnataka, India, has had its cutting-edge wound-care product, MaxioCel, approved for sale in Europe. The result was an expanded range of offerings from the business. As a result, demand for wound care is predicted to grow throughout the forecasted time due to rising awareness. Thus, the driving factor is the wound care market revenue.
Wound Care Market Segment Insights
Wound Care Product Type Insights
The Market segments of Wound Care, based on product type, includes advanced wound management products, wound therapy devices, and traditional, and active wound care products. In 2022, the advanced wound management products segment led the market revenue of wound care because rising popularity of foam dressings, the prevalence of burn injuries, and the number of surgical procedures. Modern wound care products are increasingly used because they provide quick relief and definitive therapy.
Wound Care Wound Type Insights
The Wound Care Market segmentation, based on wound type, includes chronic and acute. The chronic segment is anticipated to grow at a CAGR of 5.80% over the projected period, making up the largest market share due to the ever-increasing diabetic population and the rising cost of caring for those with diabetic foot ulcers and pressure ulcers.
Wound Care Application Insights
The Market segmentation of Wound Care, based on the application, includes surgical, ulcers, burns, and trauma wounds. The surgical segment is expected to grow fastest at a CAGR of 5.80% in the coming years due to so many crashes and vehicles, and the number of people hurt in these incidents is steadily rising.
Wound Care End-Users Insights
The Wound Care Market segmentation, based on end-users, includes hospitals, clinics, home healthcare, and trauma center. The hospitals segment held the largest market share is expected to expand fastest at a CAGR of 5.80% over the next several years because more general hospitals have wound care units, especially in developing nations.
Figure 1: Wound Care Market by End-Users, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Global Open Wound Care, a mobile wound care clinic that specializes in advanced wound therapies and point-of-care treatment decision-making, has chosen the eClinicalWorks EHR to improve patient care, movement, and practice efficiency, according to the largest ambulatory cloud EHR, eClinicalWorks®. With cutting-edge skin graft technology, Global Open Wound Care delivers extremely effective non-invasive therapy to repair chronic open wounds. Global Open Wound Care can continue to offer thorough home care, increase productivity, and simplify patient record retrieval using eClinicalWorks' unified cloud-based solutions and cutting-edge technology. Global Open Wound Care has direct access to patient medical records from urgent care facilities, fields, and primary care doctors using PRISMA, the eClinicalWorks medical data search engine, without requiring any bespoke connection. PRISMA provides quicker and more precise decision-making, crucial for offering patients in Texas and the neighboring rural towns top-notch mobile care.
Wound Care Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American wound care market will dominate because of the region's advanced medical infrastructure and the overall rise in population. In addition, because of the greater susceptibility of the elderly population to wounds, the market for wound care products is expected to experience rapid growth in the coming years.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: WOUND CARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s wound care market accounts for the second-largest market share due to demographic growth and the accompanying increase in the elderly population because of the region's advanced infrastructure and the widespread uptake of cutting-edge goods. Further, the German market of wound care held the largest market share, and the UK market of wound care was the fastest-growing market in the European region.
The Asia-Pacific wound care market is expected to grow at the fastest CAGR from 2023 to 2032 because of the rising prevalence of diabetes-related complications such as diabetic foot ulcers. Further fueling this region's growth is the increasing attention of market players to enlarge their operating network in developing countries of the Asia-Pacific. Moreover, China’s market of wound care held the largest market share, and the Indian market of wound care was the most rapidly expanding market in the Asia-Pacific region.
Wound Care Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the market of wound care grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the wound care industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global wound care industry to benefit clients and increase the market sector. In recent years, the wound care industry has offered some of the most significant technological advancements. Major players in the wound care market, including B. Braun Melsungen AG (Germany), 3M (US), Baxter International Inc. (US), Johnson & Johnson Services Inc. (U.S.), Smith & Nephew (UK), ConvaTec Group Plc (UK), Cardinal HealthInc. (U.S.), Medtronic Plc (Ireland), Coloplast Corp. (Europe), Avery Dennison Corporation (US), and others are attempting to grow market pressure by investing in research and development operations.
3M use research to enhance lives every day collaboratively. Please find out more about our business, our employees, and the difference make. Our company's five founders' single objective when 3M was founded in 1902 was to dig for corundum, a mineral perfect for creating sandpaper and grinding wheels. It turned out that what they had believed to be corundum was anorthosite, a low-grade mineral. Over the years, advancements in science, technology, and marketing led to successive successes, making 3M a dependable brand on the Fortune 500 list. They are dedicated to developing the technology and solutions that progress every business, enhance every home, and better every life. It have corporate operations in 70 countries and sales in 200. In May 2023, ST. PAUL, MN—through collaboration with Svante Technologies, Inc. (Svante), 3M is extending its continuous commitment to materials science-based climate tech solutions. The objective is to create a material that can capture and permanently remove atmospheric carbon dioxide (CO2).
Baxter's market-leading portfolio of diagnostic, critical care, kidney care, nutrition, hospital, and surgical products are relied upon daily by millions of patients, carers, and healthcare professionals at patient homes, hospitals, doctor's offices, and other care sites. Baxter's employees globally are building upon the company's long history of medical accomplishments to develop the next generation of revolutionary healthcare technologies, with products, digital health solutions, and therapies accessible in more than 100 countries. In April 2023, Baxter International Inc., a top global MedTech company, announced that it had signed a binding contract to sell its BioPharma Solutions ("BPS") business to Advent International, one of the biggest and most seasoned global private equity investors, and Warburg Pincus, a top global growth investor.
Key Companies in the market of wound care include
- Braun Melsungen AG (Germany)
- 3M (US)
- Baxter International Inc. (US)
- Johnson & Johnson Services Inc. ( US)
- Smith & Nephew (UK)
- ConvaTec Group Plc (UK)
- Cardinal HealthInc. (US)
- Medtronic Plc (Ireland)
- Coloplast Corp. (Europe)
- Avery Dennison Corporation (US)
Wound Care Industry Developments
May 2023 3M disclosed that it has agreements to sell specific assets associated with its dental local anesthetic portfolio, based in Seefeld, Germany, to Pierrel S.p.A. ("Pierrel"), a global provider of services for the pharmaceutical industry, for a purchase price of $70 million, subject to closing and other adjustments.
January 2023 Smith & Nephew, a preeminent supplier of global medical technology, has received a contract for new technology from Vizient, Inc., the largest member-driven provider of healthcare performance improvement in the nation. Negative pressure wound therapy with the PICO single-use device Systems was suggested for the contract, according to hospital professionals that sit on one of Vizient’s member-led councils, and it symbolizes to Vizient members specific features that might benefit the healthcare industry.
Wound Care Market Segmentation
Wound Care Product Type Outlook
- Advanced Wound Management Products
- Wound Therapy Devices
- Active Wound Care Products
Wound Care Wound Type Outlook
Wound Care Mode of Application Outlook
- Trauma Wounds
Wound Care End-Users Outlook
- Home Healthcare
- Trauma Center
Wound Care Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Market Size 2022
USD 12.9 Billion
Market Size 2023
USD 13.65 Billion
Market Size 2032
USD 21.43 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Product Type, Wound Type, Application, End-Users, and Region
North America, Europe, Asia Pacific, Aircraft Type, and the Rest of the World
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
B. Braun Melsungen AG (Germany), 3M (US), Baxter International Inc. (US), Johnson & Johnson Services Inc. ( US), Smith & Nephew (UK), ConvaTec Group Plc (UK), Cardinal HealthInc. (US), Medtronic Plc (Ireland), Coloplast Corp. (Europe), and Avery Dennison Corporation (US)
Key Market Opportunities
· Technological progress
Key Market Dynamics
· Increase in the elderly population
· Launches of new products and financial compensation
Wound Care Market Highlights:
Frequently Asked Questions (FAQ) :
The Wound Care Market was valued at USD 12.9 Billion in 2022.
The global market is projected to grow at a CAGR of 5.80% during the forecast period, 2023-2032.
North America had the largest share of the global market.
The key players in the market are B. Braun Melsungen AG (Germany), 3M (US), Baxter International Inc. (US), Johnson & Johnson Services Inc. (US), Smith & Nephew (UK), ConvaTec Group Plc (UK), cardinal HealthInc. (US), Medtronic Plc (Ireland), Coloplast Corp. (Europe), and Avery Dennison Corporation (US).
The chronic type category dominated the market in 2022.
The hospitals had the largest share of the global market.
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