Wound care market Size, Share, Trends, Industry Groweth,Research Report, Top Leaders and Information by Product (Wound Therapy Devices, Traditional and Active Wound Care Products), Type (Chronic, Acute), Application (Ulcers, Burn, Trauma Wounds), End Users (Hospitals, Clinics, Trauma Center) – Global forecast till 2027
Wound Care Market Overview:
The wound care market is growing exponentially, mainly due to improved care services and growth in the healthcare sector. There have been many breakthrough researches in the field over recent years, which have brought forward various novel therapies, devices, and medicines as well as improved the existing wound management products. Certainly, these innovations have increased the market value drastically.
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Also, substantial investments made by hospitals & healthcare organizations to purchase advanced wound care products and thereby to improve healthcare services, have favored the wound care market excellently. Market Research Future (MRFR) asserts that the global wound care market valuation is poised to escalate to USD 29,900 MN by 2027, from USD 15,456.2 MN in 2016.
Drivers & Restraints
Augmenting market demand primarily attributes to the rising cases of accident & trauma and surgical & non-surgical wounds. Besides, the increasing prevalence of chronic diseases influences market growth. Also, the availability of various novel wound management systems drives the growth of the market. Manufacturers invest significantly to improve their product efficiency, which in turn substantiates the market growth.
With innovative advances in the devices, the wound care sector has garnered substantial market prominence over the past few years. Continuous R&D efforts and funding by private as well as public organizations, have been driving innovations in the field of wound management. Resultantly, the wound care market has been witnessing a constant rise in revenues.
Wound care refers to the approaches of treating surgical and non-surgical wounds through both invasive and non-invasive applications. Rising awareness among people, which is associated with the trust that these specifically designed and technologically advanced approaches are focused on value & quality outcomes and are surely going to help patients, is prompting the market.
Global Wound Care Market – Segments
The report has been segmented into five major dynamics.
By Product : Advanced Wound Management Products, Traditional Wound Care Products, Wound Therapy Devices, Wound Care Products, Active Wound Care Products, and others.
By Type : Chronic wound and Acute wound
By Application : Surgical Wound, Ulcer, Burn, Trauma Wounds, and others.
By End User : Hospitals, Clinics, Home Healthcare, Trauma Centers, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Wound Care Market – Regional Analysis
North America holds the largest share in the global wound care market. Rising rate of accident and trauma cases is a major driving force behind the growth of the regional market. Besides, the increasing number of surgeries and the increasing prevalence of chronic diseases influence regional market growth. Also, the presence of a considerable diabetic patient population impacts market growth positively.
Additionally, high expenditures for health & wellness among the population in the regions foster the growth of the market. Furthermore, substantial investments by hospitals & healthcare organizations in advanced wound care products provide impetus to the regional market growth, bringing about improved healthcare services. The North American wound care market is estimated to retain its dominance throughout the assessment period.
Europe stands second in the global wound care market with the rise in diabetes cases and advances in care systems. Besides, favorable government initiatives and the emergence of technologically advanced treatments to heal wounds faster support the growth of the regional market.
In addition, various non-profit & government organizations such as the European Wound Management Association (EWMA) spur the regional market growth, promoting the best practices in the wound management industry. The U.K. and Germany are the key contributors to the European market. The wound care market in Europe is estimated to exhibit significant growth over the forecast period.
Asia Pacific is a substantially large market for wound care, growing at a relatively faster rate. Rise in occurrences of chronic wounds and diseases, alongside the growing geriatric population in the region create lucrative opportunities for the wound care market. Besides, improving healthcare services led by an increase in the economy in the region propel the growth of the market. The APAC wound care market is expected to grow at approximately 6% CAGR over the review period.
Global Wound Care Market – Competitive Landscape
Highly competitive, the wound closure market appears to be well established due to the presence of several matured players. With their comprehensive range of topical, unequally designed wound care products, market players strive to gain a larger competitive share and increase their footprints in international markets. Mergers & acquisitions, brand reinforcement, innovation remain the key trends for leading players operating in the wound care industry.
Major Players:
Players leading the wound care market include 3M, B. Braun Melsungen AG, Baxter, Smith & Nephew, Ethican, Inc., and CanvaTec, Kinetic Concepts, Inc., among others.
Industry/ Innovation/ Related News:
February 24, 2020 — RLS Global AB (Sweden), a medical technology company involved in the development and selling of wound care products, announced that it had sold its dental care portfolio so as to concentrate on the development area of its wound care business. RLS’s strategy is to ensure a strong regional and global market penetration for its unique wound treatment – Chlorasolv. During 2020, RLS would initiate pre-clinical activities to broaden its product portfolio within new clinical areas such as burns and other clinical indications outside wound care.
February 04, 2020 — Bactiguard AB (Sweden), a leading manufacturer of hospital equipment and infection control medical devices, announced the acquisition of two Malaysia-based companies – Vigilenz Medical Devices SDN. BHD. and Vigilenz Medical Supplies. The acquisition strengthens Bactiguard’s position in infection control & wound management and innovation and product development capability & capacity.
Vigilenz’s product portfolio includes surgical sutures, mesh, and wound wash & dressings, to orthopedic trauma implants and HYDROCYN aqua, advanced wound management of acute & chronic wounds. Also, Vigilenz has a strong regional distribution network in South East Asia. With this addition, Bactiguard will have a much stronger offer for infection control and access to the advanced wound care market, which has a global potential of over USD 5 billion.
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