Wound Care Market Is Expected To Propel During The Forecast Period
Wound Care Industry Overview
The global wound care market size is anticipated to reach USD 29.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2022 to 2030. The increasing number of surgical cases, rapidly aging population, as well as rising number of diabetic patients, are among the major factors driving this market’s growth. For instance, according to Ageing Asia, as of 2019, more than 139 million people i.e., about 10% of the total population in India were over the age of 60. This is expected to increase up to 19.5% in 2050. The geriatric population is more susceptible to wounds, and thus, the increasing elderly population is anticipated to propel the market growth during the forecast period.
Obesity and overweight are major health concerns that lead to a number of associated diseases or complications such as diabetes and cardiovascular diseases. As per the WHO, in 2016, over 1.9 billion adults were overweight, out of which around 650 million people were obese, and around 2.8 million people die each year being overweight/obese. Such instances are expected to increase the demand for bariatric procedures and other related surgeries, thereby propelling the market growth during the forecast period.
Wound Care Market Segmentation
Grand View Research has segmented the wound care market on the basis of product, application, end-use, and region:
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 dominated the market for wound care and held the maximum revenue share of 34.6% in 2021 and is expected to register highest CAGR during the forecast period. Advanced wound dressing is majorly used for the treatment of chronic and non-healing wounds. Thus, increasing in number of chronic wounds such as diabetic foot ulcers is expected to help the market propel.
- The surgical wound care segment is anticipated to witness a considerable growth rate of 4.3% during the forecast period. This can be attributed to rising surgical cases and surgical site infections worldwide. For instance, as per the National Healthcare Safety Network (NHSN) Surgical Site Infection Surveillance in 2018, around 157,500 cases of SSIs are reported every year in the U.S. Thus, impelling the segment growth.
Based on the Application Insights, the market is segmented into Chronic wounds, and Acute wounds.
- The chronic wounds segment dominated the market for wound care and held the largest revenue share of 59.9% in 2021 and is anticipated to witness considerable growth rate over the forecast period. Increasing number of geriatric populations, along with rising prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth.
- The acute wound segment is expected to witness the fastest CAGR of 4.24% during the forecast period. The increasing cases of different traumatic wounds, and burns is the major factor driving the segment growth. The multiple benefits of acute wound products include reduced surgical site infections, improved results and patient satisfaction, and reduced hospital stays.
Based on the End-use Insights, the market is segmented into Hospitals, Specialty Clinics, Home healthcare, and others.
- The hospital segment dominated the market for wound care and held the largest revenue share of 45.3% 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. Furthermore, surgical wound care dressings and NPWT are predominantly suitable for hospital use and are not feasible for homecare.
- The home healthcare segment is expected to witness the fastest CAGR of 4.9% during the forecast period. During the pandemic outbreak, home healthcare wound care products were more in demand. Wound care in homecare settings is majorly initiated with the introduction of single-use NPWT systems. These devices are lightweight, portable, canister-free, and are easy to use.
- Geriatric population tend to opt for homecare setting or nursing home care. Furthermore, presence of several organizations offering home care services in North America and Europe is promoting home care services market. Thus, with increase in number of geriatric population and nursing home care, the segment is anticipated to impel during the forecast period.
Wound Care Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The 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. Furthermore, leading players are involved in collaborations, product launches, mergers and acquisitions to strengthen their product portfolios. For instance, in March 2020, Smith and 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. Similarly, in September 2019, the company acquired Southlake Medical Supplies for approximately USD 5 million. This helped the company strengthen its presence in the U.S. market. Thus, with various strategies acquired by leading players, the market is expected to impel during the forecast period. Some of the prominent players in the 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, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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