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. 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.
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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.
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.
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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
Key Companies & Market Share Insights
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. For instance, in March 2020, Smith and Nephew launched novel PICO 14 NPWT system that has a pump duration of up to 14 days. This product launch helped the company in expanding its product offerings. Similarly, in September 2019, the company acquired Southlake Medical Supplies for approximately USD 5 million. This helped the company strengthen its presence in the U.S. market. Thus, with various strategies acquired by leading players, the market is expected to impel during the forecast period. 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, 3M, Derma Sciences Inc. (Integra LifeSciences)
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