The global ”chronic wound care“ market size is projected to reach USD 16.36 billion by the end of 2027. The increasing investment in the technological integration will open up a huge potential for the growth of the overall market. According to a report published by Fortune Business Insights, titled “Chronic Wound Care Market Size, Share & COVID-19 Impact Analysis, By Type (Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, and Arterial Ulcers), By Product (Advanced Wound Dressings, Wound Care Devices, Active Therapy, and Others), By End User (Hospitals & Wound Care Centers, and Homecare Settings & Others), and Regional Forecast, 2020-2027,” the market was worth USD 10.12 billion in 2019 and will exhibit a CAGR of 6.2% during the forecast period, 2020-2027.
Chronic wounds are diseases that haven’t been successfully treated during the process of treatment of repair. The costs associated with chronic wounds are much higher than normal disease treatment. According to data published by the US National Library of Medicine, in 2018, around 5.7 million people in the United States suffered from chronic wound diseases. The high prevalence of the disease will create several growth opportunities for the companies operating in the market.
The high emphasis on early detection and treatment of chronic diseases will also contribute to market growth. Chronic wounds can result in severe conditions that can be potentially life-threatening; a factor that has created huge awareness regarding the treatment of the disease. The presence of several large scale healthcare companies, coupled with the massive investments in product R&D, will emerge in favor of growth of the overall chronic wound care market in the coming years.
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Industry Developments:
July 2018: A team of scientists at Tufts University announced the launch of a new smart bandage to monitor chronic wounds and automatically deliver antibiotics at wound site when they are required.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Decrease in Hospital Visits During Covid-19 Pandemic will have an Adverse Effect on Market Growth
The recent coronavirus outbreak has instilled a sense of panic and confusion among people across the globe. The rapid spread of the disease has compelled people to stay indoors. Moreover, governments of several countries across the world have taken several efforts to curb the spread of the disease; lockdown and social distancing being the most effective measures. As a result, the number of hospital visits during the pandemic has gone down significantly. This factor will negatively affect the chronic wound care market in the immediate future.
Constant Product Innovations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the rising prevalence of chronic diseases across the world, several large scale companies are looking to invest more in product innovations with a bid to acquiring a wider consumer base. The increasing investments in product innovations will bode well for the growth of the overall market in the coming years. In February 2019, Axio Biosolutions Pvt. Ltd. announced the launch of a new advanced dressing made from an advanced product. The company announced the launch of ‘MaxioCell,’ a product that is made from chitosan. Through this product, the company will look to strengthen its position in the global market. Axio Bioslolutions’s latest product will not just benefit the company but will also have a direct impact on the growth of the overall chronic wound care market in the foreseeable future.
North America Likely to Emerge Dominant; Presence of Several Health Reimbursement Policies will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The high prevalence of chronic diseases, especially in the Unites States, will create several growth opportunities for the companies operating in this region. Moreover, the presence of adequate health reimbursement policies will lead to a wider adoption of chronic wound care in this region. As of 2019, the market in North America was worth 3.87 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to register a high CAGR in the coming years, driven by the presence of several large scale companies in countries such as India and China.
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List of companies profiled in the report:
- Smith & Nephew (London, U.K.)
- Cardinal Health (Dublin, Ohio)
- Coloplast Corp (Humlebaek, Denmark)
- ConvaTec Inc. (England, U.K.)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Integra LifeSciences Corporation (New Jersey, U.S.)
- 3M (Minnesota, U.S)
- Braun Melsungen AG (Melsungen, Germany)
- Tissue Regenix (West Yorkshire, U.S)
- Other Players
Segmentation of Chronic Wound Care Market :
By Type of Chronic Wound
- Venous Ulcer
- Arterial Ulcer
- Diabetic Ulcer
- Pressure Sore
- Others
By Product
- Wound Dressings
- Wound Treatment Devices
- Cleansing Agents
- Antibiotics
- Others
By End User
- Hospitals and Wound Care Centres
- Ambulatory Surgery Centres
Homecare Settings Regional Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- and Middle East & Africa
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Wounds, By Key Countries/ Regions, 2019
- New Product Launches, By Key Market Players
- Key Industry Developments (Mergers, Acquisitions, etc.)
- Global Chronic Wound Care Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Arterial Ulcers
- Market Analysis, Insights and Forecast – By Product
- Advanced Wound Dressings
- Wound Care Devices
- Active Therapy
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Wound Care Centers
- Homecare Settings & Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Chronic Wound Care Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Arterial Ulcers
- Market Analysis, Insights and Forecast – By Product
- Advanced Wound Dressings
- Wound Care Devices
- Active Therapy
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Wound Care Centers
- Homecare Settings & Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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