The global wound care market size is anticipated to reach USD 29.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2022 to 2030. The increasing number of surgical cases, rapidly aging population, as well as rising number of diabetic patients, are among the major factors driving this market’s growth. For instance, according to Ageing Asia, as of 2019, more than 139 million people i.e., about 10% of the total population in India were over the age of 60. This is expected to increase up to 19.5% in 2050.
Wound Care Market Report Highlights
- Based on product, the advanced wound dressing segment dominated the market and accounted for a revenue share of 34.6% in 2021, owing to an increase in the number of diabetic pressure ulcer patients
- Based on application, the chronic wound segment dominated the market and accounted for a revenue share of 59.9% in 2021, owing to the rising incidences of traumatic injuries around the world
- On the basis of end-use, the hospital segment dominated the market owing to an increasing number of surgical site infections among patients in hospitals. On the other hand, the home healthcare segment is anticipated to witness the fastest growth in the forecast period
- North America dominated the market and accounted for the highest revenue share of 45.4% in 2021, owing to the increasing number of surgical procedures and technological advancements in the region
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The geriatric population is more susceptible to wounds, and thus, the increasing elderly population is anticipated to propel the market growth during the forecast period. Obesity and overweight are major health concerns that lead to a number of associated diseases or complications such as diabetes and cardiovascular diseases. As per the WHO, in 2016, over 1.9 billion adults were overweight, out of which around 650 million people were obese, and around 2.8 million people die each year being overweight/obese. Such instances are expected to increase the demand for bariatric procedures and other related surgeries, thereby propelling the market growth during the forecast period.
The outbreak of COVID-19 has had a negative impact as key players reported a decline in their revenues in 2020 due to the medical attention shifted to treating coronavirus affected patients while protecting others from infection. Furthermore, with the introduction of the COVID-19 vaccine, and the lifting of lockdown impositions, the market is expected to impel in the coming years. Many elective surgeries which were postponed are expected to take place. In addition to this, many leading manufacturers are undergoing strategic initiatives such as product launches, partnerships, and geographic expansions, which may help them to capitalize on the increasing demand for wound care products during the forecast period. For instance, Human Biosciences is planning to launch two new wound care products in the Indian market. The launch of these products in the Indian market is expected to help the company to capture the post-pandemic market in India. Thus, similar initiatives by other market players are anticipated to boost market growth during the post-pandemic time.
Wound Care Market Insights By Geographical Regions:
North America dominated the wound care market and accounted for revenue share of 45.4% and is expected to witness considerable growth rate over the forecast period. Presence of large population base, rising patient pool in countries such as the U.S. are major factors driving market growth of market in this region. In Asia Pacific, the market is estimated to witness the highest CAGR of 4.8% over the forecast period. This can be attributed to rising changing lifestyle leading to increase in incidence of chronic diseases in this region. Furthermore, medical tourism in this region is increasing which is increasing the number of surgeries performed.
Industry Analysis By Major Players:
The market is highly fragmented in nature with the presence of several small and large manufacturers. Competitive rivalry and degree of competition in the wound market is expected to intensify over the forecast period due to the presence of many players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers and acquisitions to strengthen their product portfolios. Some of the prominent players in the wound care market include:
- Smith & Nephew
- Mölnlycke Health Care AB
- ConvaTec Group PLC
- Ethicon (Johnson & Johnson)
- Baxter International
- URGO Medical
- Coloplast Corp.
- Medtronic
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Wound Care Market Segmentation
Grand View Research has segmented the wound care market on the basis of product, application, end-use, and region:
Product Outlook
- Advanced wound dressing
- Foam dressings; Hydrocolloid dressings; Film dressings; Alginate dressings; Hydrogel dressings; Collagen dressings; Other advanced dressings
- Surgical wound care
- Sutures & staples; Tissue adhesive and sealants; Anti-infective dressing
- Traditional wound care
- Medical tapes; Cleansing agents
- Wound therapy devices
- Negative pressure wound therapy; Oxygen and hyperbaric oxygen equipment; Electric stimulation devices; Pressure Relief Devices; Others
Application Outlook
- Chronic wounds
- Diabetic foot ulcers; Pressure ulcers; Venous leg ulcers; Other chronic wounds
- Acute wounds
- Surgical & traumatic wounds; Burns
End-use Outlook
- Hospitals
- Specialty Clinics
- Home healthcare
- Others
Regional Outlook
- North America
- U.S.; Canada
- Europe
- U.K.; Germany; France; Italy; Netherlands; Spain; Sweden
- Asia Pacific
- Japan; China; India; South Korea; Taiwan; Australia; Vietnam; Thailand; Malaysia; Singapore; Indonesia; Philippines
- Latin America
- Mexico; Brazil; Argentina
- Middle East and Africa (MEA)
- South Africa; Turkey; Egypt; Iran; Israel; Saudi Arabia; UAE
Research Methodology
We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. We utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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