As per Market Research Future (MRFR) analysis, the global wound care market held a valuation of USD 15,456.2 million in 2016. It is expected to surpass an estimate of USD 29,900 million from 2016 to 2027 (forecast value). The report provides in-depth primary research and a comprehensive review of qualitative and quantitative aspects by various industry analysts and key opinion leaders in order to provide useful insight into market demand and industry performance.
A type of injury caused by a blow, cut, forceful impact, which breaks the skin and tissues, is referred to as a wound. In medical terms, wounds are distinguished by their types, such as abrasion, contusion, and laceration. Several methods are used to cure wounds in order to avoid future hazards. Wound infection is a huge safety concern for patients as well as healthcare professionals worldwide, making wound care vital to reduce infections and promote the well-being of patients. Over the years, the ranges of wound care products have continued to grow with the constant introduction of innovative and advanced products.
Market Highlights
The global wound care market is expected to register a CAGR of6.99% during the forecast period and is expected to hit USD 31,657.06 million by 2027.
The key factors that drive the global wound care market are the rising number of patients suffering from acute and chronic wounds. An increasing geriatric population susceptible to chronic wounds is supporting the growth of this market. Moreover, favorable reimbursement scenario and increasing number of product launches are anticipated to increase the global wound care market size. However, side-effects associated with products and complications associated with surgical wounds are anticipated to hamper the market growth.
Segment Analysis
The global wound care market is mainly segmented into product type, wound type, application and end user. On the basis of product type, the wound care market has been sub-segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products and active wound care products. On the basis of wound type, the wound care market has been segmented into chronic wound and acute wound. On the basis of application, the wound care market has been segmented into surgical wound, ulcer, burn and trauma wounds. On the basis of end user, the wound care market has been segmented into hospitals, clinics, home healthcare and trauma centers.
Regional Analysis
The global wound care market has been segmented on the basis of region into Americas, Europe, Asia-Pacific, and the Rest of the World. The North American market is further divided into the US and Canada. The European wound care market has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The wound care market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World wound care market includes the Middle East, Africa, and Latin America.
The Americas wound care market accounted for USD 19,895.90 million in 2020 and is projected to grow at a CAGR of 6.99% during the forecast period. The Americas is divided into North America and South America. North America is further segmented into the US and Canada. The increasing patient pool with acute or chronic wounds and rising diabetic population prone to wounds are driving the growth of the market in this region. According to Scientific Electronic Library Online, in Brazil, an increase in the aging population affects health care systems since it is accompanied by an increase in the prevalence of diseases and chronic diseases. Pressure injuries, diabetic ulcers, and chronic vasculogenic ulcers are more frequent and tend to be associated with common diseases in the geriatric population. Thus, the increasing prevalence of wounds, rising geriatric population, and increasing diabetes patients with wounds are the key factors driving the growth of the wound care products market in the region.
The wound care market in Europe is expected to propel during the forecast period, owing to rising government initiatives, increasing awareness among healthcare providers regarding wound care, and the rising prevalence of wounds. The market in Europe is segmented into Western Europe and Eastern Europe. Western Europe is further segmented into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. According to the Journal of Community Medicine, in 2018, approximately 4.5% or 22 million people in the UK are expected to have a wound per year. There were an estimated 3.8 million patients with a wound managed by the National Health Service, the UK, in 2017/2018. An increasing geriatric population is anticipated to increase the number of patients prone to wounds. According to The Office for National Statistics, between 2018 and 2028, the number of people aged 75 to 84 years in England is projected to increase by 33.9%, and aged 85 years and over by 22.8%.
Key Players
MRFR recognizes the following wound care companies as the key players in the global wound care market— B. Braun Melsungen AG (Germany), 3M (US), Baxter International Inc. (US), Johnson Johnson Services, Inc. (US), Smith Nephew (UK), ConvaTec Group Plc (UK), Cardinal Health, Inc. (US), Medtronic Plc (Ireland), Coloplast Corp. (Europe) and Avery Dennison Corporation (US)
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