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Wound Care Market Growing at a CAGR of 5.4% – Research Provides Detailed Analysis of Trends, Growth and Forecast

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Wound Care Market Growing at a CAGR of 5.4% – Research Provides Detailed Analysis of Trends, Growth and Forecast

August 01
18:33 2022
Wound Care Market Growing at a CAGR of 5.4% - Research Provides Detailed Analysis of Trends, Growth and Forecast
3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US) are leading key players.
In March 2020, Cardinal Health launched surgical drape that features Avery Dennison’s patented BeneHold CHG adhesive technology, which helps reduce the risk of surgical site contamination.

The Wound Care Market is projected to reach USD 27.2 billion by 2027 from USD 20.8 billion in 2022, at a CAGR of 5.4%.

How growing prevalence of diseases & health conditions affects the market growth;

Many health conditions affects negatively on wound healing namely. Over decades the cases of acute and chronic wounds have increased significantly maily due to reasons such as increase in number of surgical procedures carried out, rise in traumatic wounds, increased geriatric population and also due to increase in prevalence of health conditions like diabetes and obesity which increases the complexity of the wounds specifically for infections , ulcerations and other chronic wounds.

Acquisitions by leading companies in the market;

The advanced wound care market is dynamic and has witnessed several developments in recent years. The major trend in this market is acquiring small players by prominent players. Small companies possess strong R&D capabilities but lack the financial strength to seek approvals and launch products in the market. Large players with strong financial positions tend to acquire these small players and use their innovative technologies for developing advanced products.

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The Growing preference disease and health conditions that affects wound healing capabilities, increasing prevalence of diabetes and obesity are among the other factors. Emerging economies such as India and Japan are providing lucrative opportunities for the players operating in the market.

The advanced wound care products segment accounted for the largest share of the wound care market, by product segment, in 2021

Based on products, the market is segmented into advanced wound care products, surgical wound care products and traditional wound care products. The advanced wound care products segment accounted for the largest share of the market, mainly due to deteriorating health conditions that directly affects wound healing like diabetes.

Diabetic foot ulcers segment to register the highest growth rate during the forecast period

The wound care market is segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers and burns & other wounds based on wound type. In 2021, the surgical & traumatic segment accounted for the largest share of the market. The large share of this segment can mainly be attributed to the increasing incidence of diabetes.

The hospitals and clinics accounted for the largest share of the market, by end users segment, in 20201

Based on end users, the wound care market has been segmented into hospitals and clinics, long-term patient care, home care settings and other end users. In 2021, the hospitals and clinics segment accounted for the largest share of the market, mainly due to the increase in cases of health conditions and increased and burn injuries.

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North America is the largest regional market for wound care market

The global market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for market in 20201. The large share of North America in this market can be attributed to the rising focus on development of chronic wound management and focus on improving health conditions like diabetes.

The major players operating in this wound care market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Mölnlycke Health Care AB (Sweden), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Organogenesis Holdings Inc. (US), MiMedx Group, Inc. (US), Integra Life Sciences Holdings Corporation (US), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Ethicon, Inc. (US), DeRoyal Industries (US), Kerecis (Iceland), Acell (US), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela Ag (Switzerland), Talley Group (UK), Welcare Industries SPA (Italy), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Pensar Medical (US), Haromed BVBA (Belgium), DermaRite Industries LLC (US), Medline Industries, Inc. (US), Advancis Medical LLC (UK) and Mil Laboratories Pvt. Ltd. (India).

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