CHICAGO, Oct. 11, 2023 /PRNewswire/ -- The wound care industry is poised for significant advancements in the near future, driven by a combination of innovative technologies, increased awareness of wound management, and an aging population. Anticipated breakthroughs in wound healing products and therapies, such as smart dressings with embedded sensors for real-time monitoring, tissue engineering, and personalized wound care plans tailored to patients' genetic profiles, promise to enhance treatment outcomes. Furthermore, telemedicine and digital healthcare platforms are likely to streamline remote wound assessment and follow-up, making care more accessible and efficient. With an ever-growing demand for effective wound care solutions, the industry is on the cusp of a transformative era, where patient-centric, technology-driven approaches will redefine the standard of care.
Wound Care Market in terms of revenue was estimated to be worth $21.5 billion in 2023 and is poised to reach $28.6 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growing preference for addressing diseases and health conditions that affect wound healing capabilities, along with the increasing prevalence of conditions like diabetes and obesity, are significant factors driving the wound care market. These conditions often lead to chronic wounds, necessitating advanced wound care solutions. Moreover, emerging economies such as India and Japan are presenting lucrative opportunities for companies operating in the wound care market. The rising awareness about advanced wound care products and an expanding healthcare infrastructure in these regions contribute to the market's growth potential, attracting both local and international players to invest and expand their presence.
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Wound Care Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $21.5 billion |
Estimated Value by 2028 | $28.6 billion |
Growth Rate | Poised to grow at a CAGR of 5.9% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, wound type, end user and region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging economies |
Key Market Drivers | Rise in the prevalence of diseases and conditions that impact wound healing capabilities |
The advanced wound care products segment accounted for the largest share of the wound care market, by product segment, in 2022.
The wound care market is categorized into three main product segments: advanced wound care products, surgical wound care products, and traditional wound care products. In this market, the advanced wound care products segment held the largest share in 2022. The prevalence of deteriorating health conditions, particularly those directly affecting wound healing like diabetes, has significantly contributed to the dominance of this segment. Patients with conditions like diabetes often experience challenges in wound healing, driving the demand for advanced wound care products to effectively manage and treat such wounds.
Diabetic foot ulcers segment to register the highest growth rate during the forecast period.
The wound care market is categorized into various wound types, including surgical & traumatic wounds, burns, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other chronic wounds. Among these, the diabetic foot ulcers segment held the highest growth rate in 2022. The primary factor contributing to the substantial share of this segment was the increasing incidence of diabetes. Diabetes often leads to complications and slower wound healing, necessitating wound care products and treatments, thereby driving the demand within this segment.
The hospitals and clinics accounted for the largest share of the wound care market, by end users segment, in 2022.
The wound care market is segmented based on end users into hospitals and clinics, long-term patient care, home care settings, and other end users. The largest share was attributed to the hospitals and clinics segment in 2022. This dominance can primarily be attributed to the increase in cases of health conditions, surgeries, and burn injuries, necessitating comprehensive wound care and treatments, often administered within hospital and clinic settings. The demand for wound care products and services in these healthcare facilities drove the substantial market share of this segment.
North America is the largest regional market for wound care market.
The wound care market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America held the largest market share in the wound care market in 2022. A significant share in North America can be attributed to the increasing emphasis on the development of chronic wound management solutions and a strong focus on improving health conditions, particularly related to chronic diseases like diabetes. These factors drove the demand for advanced wound care products and propelled the growth of the wound care market in the region.
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Wound Care Market Dynamics:
Drivers:
1. Rise in the prevalence of diseases and conditions that impact wound healing capabilities
Restraints:
1. High costs associated with advanced wound care products
Opportunities:
1. Growth opportunities in emerging economies
Challenge:
1. Dearth of awareness
Key Market Players of Antibody Drug Conjugates Industry:
The major players operating in this market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Mölnlycke Health Care AB (Sweden), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Organogenesis Holdings Inc. (US), MiMedx Group, Inc. (US), Integra Life Sciences Holdings Corporation (US), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Ethicon, Inc. (US), DeRoyal Industries (US), Kerecis (Iceland), Acell (US), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela Ag (Switzerland), Talley Group (UK), Welcare Industries SPA (Italy), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Pensar Medical (US), Haromed BVBA (Belgium), DermaRite Industries LLC (US), Medline Industries, Inc. (US), Advancis Medical LLC (UK) and Mil Laboratories Pvt. Ltd. (India).
Recent Developments:
- In January 2023, Convatec Group (UK) launched ConvaFoam, which can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection.
- In September 2022, MiMedx Group, Inc. (US) launched of AMNIOEFFECT, a tri-layer PURION processed human tissue allograft consisting of the amnion, intermediate, and chorion membrane layers of the placenta.
- In April 2021, 3M Company launched 3M Spunlace Extended Wear Adhesive Tape on Liner, 4576. It has a longer wear time of 21 days that provides user compliance and health and economic benefits.
- In May 2021, Smith & Nephew launched ARIA Home PT, a remote physical therapy product as part of the ARIA suite of solutions.
- In March 2020, Cardinal Health launched surgical drape that features Avery Dennison's patented BeneHold CHG adhesive technology, which helps reduce the risk of surgical site contamination.
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Wound Care Market Advantages:
- Growing Demand: An aging population, an increase in chronic diseases, and rising cases of diabetes have led to a surge in the number of chronic wounds, creating a sustained demand for wound care products and services.
- Technological Advancements: Ongoing research and innovation have yielded advanced wound care products, including smart dressings, bioactive materials, and regenerative therapies, enhancing the effectiveness of wound management.
- Cost-Effective Solutions: Advanced wound care products and techniques can accelerate the healing process, reducing hospitalization and healthcare costs, making them cost-effective in the long run.
- Personalized Care: Tailored wound care plans, often guided by genetic profiling and patient-specific factors, can lead to more precise and effective treatments.
- Telemedicine Integration: Telehealth and remote wound monitoring technologies allow for improved patient access and reduced healthcare disparities, particularly in underserved areas.
- Patient Comfort: Modern wound care products are designed to maximize patient comfort, minimize pain, and simplify self-care for some wounds, improving overall patient satisfaction.
- Regulatory Support: Stringent regulations ensure the safety and efficacy of wound care products, bolstering confidence in the market and safeguarding patients.
- Global Expansion: The wound care market is expanding internationally, offering opportunities for companies to tap into emerging markets and diversify their customer base.
- Sustainability: The industry is increasingly focusing on environmentally friendly wound care solutions, aligning with the growing demand for sustainable healthcare practices.
- Investment Opportunities: The evolving wound care market presents attractive opportunities for investors, fostering growth and competition that can drive further innovation and product development.
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