The wound care market is one of the major markets in the healthcare sector owing to increasing prevalence of chronic wounds globally. Wound care products and services involves the treatment of both acute and chronic wounds including pressure ulcers, diabetic foot ulcers, venous leg ulcers and surgical wounds. The demand for wound care products such as advanced wound dressings, wound therapy devices and bioactive therapies is increasing significantly due to rising investment by manufacturers in wound healing technologies and increasing applications of biologics in wound management.
The global wound care market is estimated to be valued at US$ 25739.26 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the wound care market are Novozymes (Denmark), UPL (India), Chr. Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc. (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), Kiwa Bio-Tech, product group cooperation (China), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotec Pt Ltd (Australia), Seipasa (Spain), Agrilife (India). The key players are involved in various organic and inorganic strategies such as new product launches, partnerships and collaborations to gain competitive advantage in the market.
The key opportunities in the Wound Care Market include increasing healthcare expenditure of emerging economies, growing demand for advanced wound management products and rising investment of key players in wound healing technologies. Globally, the wound care market is expanding significantly with major players exploring opportunities in emerging markets of Asia Pacific, Latin America, Middle East and Africa.
Market drivers and restraints
The increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers and venous leg ulcers are major drivers for wound care market growth. According to an estimates, the total cost of wound care was $28 billion in 2018 in the US alone. New product innovations and launches in the areas of advanced wound dressings, wound care devices and biologics have also fueled market demand.
However, high cost of advanced wound management products, lack of reimbursement and lack of awareness about available treatment options in developing regions are some of the major factors hindering wider adoption of wound care products and services globally. Additionally, difficulties associated with chronic wound healing process as compared to acute wounds remain a key clinical challenge.
Segment Analysis
The wound care market can be segmented by product type, wound type, end user and region. Within product type, advanced wound care products dominate the market due to the increasing number of surgical procedures that lead to hard-to-heal wounds and ulcers. Advanced wound care products help accelerate wound healing and reduce healing time through technologies such as negative pressure wound therapy, oxygen therapy and more.
Among wound types, surgical and traumatic wounds hold the largest share as they are often the result of various surgical procedures and accidents. The surgical wound segment is expected to continue dominating during the forecast period due to rising volumes of surgeries performed globally each year.
Global Analysis
Regionally, North America is the largest and fastest growing market for wound care due to the high awareness regarding availability of advanced treatment options, growing geriatric population and rising prevalence of chronic diseases. The region is expected to continue leading over the forecast period supported by strong healthcare infrastructure and higher spending on wound care products compared to other regions. Asia Pacific is expected to emerge as the second largest and fastest growing regional market due to rising medical tourism, healthcare infrastructure development and growing incidence of diabetic ulcers and pressure ulcers in nations with large populations like India and China.
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