The chronic wound care market size is predicted to reach USD 19.52 billion by 2029 and exhibit a CAGR of 6.7% during the projected period. Fortune Business Insights has presented this information in its report titled, “Chronic Wound Care Market, 2022-2029”. The market stood at USD 11.61 billion in 2021 and USD 12.36 billion in 2022.
The global healthcare industry has grown and is expected to deliver even more in the future. Healthcare industry is growing at a steady pace and is speculated to ascend on this growth scale in the future. Healthcare industry is made of certain key sectors such as healthcare services and facilities, medical equipment, hospital supplies, pharmaceuticals, and we offer detailed reports on these sectors with accuracy. Healthcare is one of the most vital requirements and thus, is an ever-increasing market.
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June 2021: ConvaTec Group PLC announced a collaboration with RLS Global in June with the goal of distributing Chromasolv, a gentle wound debrider, in the European market first, followed by the U.S. market and the rest of the world.
Drivers & Restraints
Demand for Treatment will Increase due to the Growing Prevalence of Chronic Wounds
- Diabetes, pressure ulcers and other wounds are projected to raise the demand for active therapies, dressings, and devices according to the Centers for Disease Control and Prevention.
- According to a research article published by the National Center for Biotechnology Information in December 2021, pressure injuries to soft tissue and skin affect approximately 1.0 to 3.0 million people each year in the U.S.
- In addition, according to data published by the National Center for Biotechnology Information in 2021, the incidence of diabetic foot ulcers in Japan was 2.9 per 1000 people per year.
- Consequently, the prevalence of various kinds of chronic wounds around the world is fueling the need for treatment products and, as a result, boosting the adoption of devices, wound dressings, and other items.
- However, the high costs of wound care devices, dressings, and bioactive products in developing countries coupled with the lack of refund policies for these products may hinder the chronic wound care market growth.
Quick Buy – Chronic Wound Care Market
North America Dominates the Global Market Owing to the Increasing Prevalence of Chronic Diseases
The North American chronic wound care market share was valued at USD 4.40 billion in 2021. Several factors account for the superiority of this region, including the increasing prevalence of chronic wounds, appropriate refund policies and higher treatment costs in Canada and the U.S. As a result of the large patient pool suffering from chronic wounds, there is a growing demand for and adoption of wound care products, which is responsible for this region’s market dominance.
Europe is expected to grow at a significant CAGR during the projected period, owing to an increase in the patient population with chronic wounds, as well as a high expense on the treatment of pressure ulcers, diabetic ulcers, venous ulcers, and other conditions.
The Asia Pacific chronic wound care market is expected to grow at a faster CAGR because of the region’s constant focus on market players. Lower diagnosis and treatment rates in emerging countries, particularly in China and India, have been critical in explaining the region’s low market share.
Due to a lack of awareness about wound care, lower per capita income, and inadequate reimbursement policies in these regions, Latin America, the Middle East, and Africa accounted for a comparatively smaller share of the market.
List of Key Market Players:
- Smith & Nephew (U.K.)
- mölnlycke Health Care AB (Sweden)
- 3M (U.S.)
- ConvaTec Group PLC (U.K.)
- Tissue Regenix (U.S.)
- Braun Melsungen AG (Germany)
- Integra LifeSciences Corporation (U.S.)
- Coloplast Corp (Denmark)
- Cardinal Health (Ohio)
- MiMedx (U.S.)
- Triad Life Sciences, Inc. (U.S.)
Table Of Content
- 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, Key Countries/Region, 2021
- New Product Launches, By Key Players
- Key Industry Developments (Mergers, Acquisitions, etc.)
- Impact of COVID-19 on the Global Chronic Wound Care Market
- Key Players: Analyzing the Impact of Covid-19
- Global Chronic Wound Care Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Market Analysis, Insights and Forecast – By Product
- Advanced Wound Dressings
- Wound Care Devices
- Active Therapy
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Wound Care Centers
- Homecare Settings & Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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