Global Wound Care Market Size to Reach USD 30.2 Billion by 2032
Page Contents
Published Via 11Press: The wound care market encompasses all types of wounds. This sector includes wound dressings, therapy devices, and other related supplies.
Global Wound Care Market size is expected to be worth around USD 30.2 Bn by 2032 from USD 18.4 Bn in 2022, growing at a CAGR of 5.2% during the forecast period from 2022 to 2032, according to a new study by Market.us.
In the coming years, numerous factors will propel growth in the global wound care market. An aging population and rising prevalence of chronic conditions like pressure ulcers and diabetic foot ulcers will be major drivers for growth in chronic wounds; additionally, increased surgeries will boost demand for advanced wound-care products as well.
The global wound care market is expected to experience rapid growth over the coming years, driven by several factors. One major driver is an increasing prevalence of chronic diseases such as diabetes and obesity which may cause chronic wounds. Furthermore, an aging population has further added fuel to this growth by making people more prone to chronic wounds and other age-related health issues.
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Key Takeaways
- The wound care market consists of products and devices used to treat acute and chronic wounds, such as pressure ulcers, diabetic foot ulcers, surgical wounds, and burns.
- The global wound care market grew to USD 18.4 billion in 2022.
- Forecasted compound annual growth rates between 2022 and 2032 is 5.2%.
- By 2032, the global wound care market is projected to reach USD 30.2 Billion.
- Introduction of Technology Advance to Drive Market Growth.
- Increasing Incidence of Diabetes that Affects Wound Healing.
- The global wound care market is expected to experience rapid growth over the coming years, driven by factors such as an increasing prevalence of chronic diseases like diabetes and obesity, along with an aging global population.
- Advanced wound care products are projected to experience the fastest growth in the market, as these items provide better outcomes compared to traditional wound care solutions.
- The wound care products market is fiercely competitive, with several major players dominating it such as 3M Company, Smith & Nephew, and Coolest.
- The market is witnessing an uptick in mergers and acquisitions as companies look to expand their product portfolios and global reach.
Regional Snapshot
- North America was the leading market in wound care in 2022, with a share of ~45%. Forecasted growth rates will be significant throughout this forecast period due to factors such as an expansive patient base in the U.S. and an aging population that poses higher risks for developing wounds; further fuelling demand within this region.
- According to the Administration for Community Living's 2019 report on aging, health and well-being, ~54 million people were 65 or older – that's 16% of America's total population. North American demand for wound care products will likely continue to increase due to an increasing number of road accidents as well as lack of skilled professionals in this sector.
- Over the forecast period, Asia Pacific will experience the fastest compound annual growth rate of 4.7%. This is due to lifestyle changes that have resulted in an increase in chronic illnesses. According to Down to Earth, India had 74.2 million diabetics between 20 and 79 years old as of December 2021.
- By 2045, this number is expected to grow exponentially to 124.8 millions. Furthermore, medical tourism in Asia Pacific continues to experience strong growth due to an array of factors, including an increase in surgery volumes and quality. With all these factors combined, Asia Pacific should see some of the fastest growth rates over this period.
Report Highlights
- Due to their efficiency in treating chronic wounds and speeding up recovery, advanced wound care products are anticipated to expand at the quickest rate during the projected period.
- The need for wound care products is anticipated to be driven by chronic wounds such as venous leg ulcers, pressure ulcers, and diabetic foot ulcers.
- Due to the enormous prevalence of chronic diseases and the aging population, the US and EU are the two largest markets for wound care products.
- Due to supply chain interruptions and a decrease in elective procedures, the COVID-19 pandemic has had a severe negative impact on the wound care sector.
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Drivers
To fuel market expansion, introduce technologically advanced products.
- Due to increased investment in research and development, these products will be in high demand across the developed world. ConvaTec Group PLC released ConvaMax onto the global market in January 2020; a super absorber wound dressing designed specifically for treating high-exuding wounds such as leg ulcers, pressure ulcers, and diabetic foot ulcers.
- Negative pressure wound therapy (NPWT) offers many clinical advantages and is becoming more widely adopted among healthcare professionals around the world, thanks to advances such as single-use market players. Smith & Nephew announced in March 2020 that their single-use NPWT system ‘PICO14' would be available on U.S. shores to reduce surgical site infection risk and dehiscence. Furthermore, novel products designed for rapid healing are likely to gain acceptance among both patients and healthcare professionals, potentially fuelling growth within this sector in near future.
Restraints
Delays in Diagnosis for Advance Wounds and Chronic Wounds in Emerging Countries Can Be attributed to Product Adoption Limitations
- Due to the delay in diagnosis and treatment, chronic wounds such as pressure ulcers, diabetic foot ulcers, and leg ulcers can become more severe and even lead to amputations. In emerging countries like India, China, and Brazil, the rate of delayed diagnosis is significantly higher than in developed countries. This is due to a lack of awareness in the populace about hard-to-heal wounds, limited access and development to healthcare infrastructure, and a lack of established guidelines and action plans from governing bodies.
- According to an article published in the Journal of Foot and Ankle Surgery Asia-Pacific, it was found that most foot ulcer patients in West India are delayed for more than one month to up to one full year. This includes diabetic/neuropathic ones. All of the above and the lack of favorable reimbursement policies are responsible for a lower diagnosis rate, which in turn, limits the adoption of these products by emerging countries.
Opportunities
- Increasing Demand for Advanced Wound Care Products: The growing need for advanced wound care products, such as bioengineered skin substitutes, negative pressure wound therapy devices, and growth factors, presents an opportunity for market expansion.
- Emerging Markets: The emerging markets, particularly Asia-Pacific, Latin America and the Middle East and Africa, present significant growth prospects due to increasing healthcare expenditure and rising chronic wound prevalence.
- Telemedicine and E-commerce: The growing adoption of telemedicine and e-commerce platforms for wound care products is expected to propel market growth through improved patient access and convenience.
- Increased Focus on Home Healthcare: The growing attention paid to home healthcare is expected to spur demand for wound care products that are easy to use and require minimal supervision.
Challenges
- High Cost of Advanced Wound Care Products: The cost of advanced wound care products such as growth factors, bioengineered skin substitutes and negative pressure wound therapy devices can be quite high; this may prevent their adoption in certain markets.
- Lack of reimbursement policies: In certain countries, reimbursement policies for wound care products may be inadequate or nonexistent, which could restrict demand for these items.
- Regulatory Challenges: The regulatory requirements for wound care products can be extensive and time-consuming, which could delay the introduction of new products into the market.
- Lack of Skilled Personnel: For effective management of chronic wounds, skilled healthcare professionals such as nurses, wound care specialists and physicians are necessary. This may prevent the adoption of advanced wound care products.
- Inadequate Healthcare Infrastructure: In some developing countries, the healthcare infrastructure may not be sufficient to support wound care products, thus restricting their availability and adoption.
- Patient Compliance: The success of wound care treatment depends on patient compliance with dressing changes, infection control measures, and lifestyle modifications – which may prove challenging for some patients.
Recent Developments
- On January 28, 2022, Triad Life Sciences Inc., a U.S.-based medical device company developing biologically-derived advanced products that address unmet healthcare needs in chronic wounds, surgical wounds, and burns, announced that it had signed a comprehensive agreement to be acquired by Convatec Group Plc., a global medical solutions company focused on chronic condition management.
- Hydrofera was purchased by the hygiene and wellness company Essity on December 29, 2021. The business offers cutting-edge technologies and goods for wound treatment. The purchase price is USD 116 million on a cash and debt-free basis, with a possible additional earnout value of USD 15 million. This deal advances Essity's strategic objective of growing through acquisitions in the medical solutions sector.
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Market Segmentation
Based on Type
- Advanced
- Traditional
- Surgical
Based on Application
- Chronic
- Acute
Based on End-User
- Hospitals
- Clinics
- Home Healthcare
- Trauma Centers
- Ambulatory Surgical Centers
Market Key Players
- Smith & Nephew Plc.
- 3M Company
- Medtronic Plc.
- Coloplast A/S
- Cardinal Health
- PAUL HARTMAN AG
- Molnlycke Health Care AB
- Johnson & Johnson Services
- Conva Tech, Inc.
- B Braun Melsungen AG
- Bactiguard AB
- Paul Heartman AG
- MiMedx Group, Inc.
- Investor AB
- Baxter International Inc.
- Derma Science Inc.
- BSN Medical GmbH
- Other Key Players
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 18.4 Bn |
| Revenue forecast by 2032 | USD 30.2 Bn |
| Growth Rate | CAGR Of 05.02% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
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FAQ.
Global Wound Care Market size is expected to be worth around USD 30.2 Bn by 2032 from USD 18.4 Bn in 2022, growing at a CAGR of 5.2% during the forecast period from 2022 to 2032.
Wound care products can be broadly classified into two categories - traditional wound care products and advanced wound care products and Surgical wound care products.
The key players in the wound care market include Smith & Nephew Plc., 3M Company, Medtronic Plc., Coloplast A/S, Cardinal Health, PAUL HARTMAN AG, Molnlycke Health Care AB, Johnson & Johnson Services, Conva Tech, Inc., B Braun Melsungen AG, Bactiguard AB, Paul Heartman AG, MiMedx Group, Inc., Investor AB, Baxter International Inc., Derma Science Inc., BSN Medical GmbH, Other Key Players
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