Global Wound Care Market - 2023-2030

Overview

Global Wound Care Market reached US$ 18.5 billion in 2022 and is expected to reach US$ 25.4 billion by 2030, growing with a CAGR of 4.5% during the forecast period 2023-2030.

Wound care has been focussed mainly on treating pressure ulcers, diabetic foot ulcers, skin tears, surgical wounds and burns, and other general wounds. The global wound care market is being driven by the increased number of launches of the products and their approvals. Additionally, there is an increased prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, as well as the rising occurrences of trauma cases, such as those caused by vehicle accidents and natural disasters.

The North America region is expected to hold a significant position in the market share. The diabetic foot ulcers segment holds a significant market share. The approvals of the products in managing the condition and the increase in the prevalence of the disease are holding the segment in a significant position.

Dynamics

Increased Number of Product Launches is Expected to Drive the Market Growth

An increased number of product launches are expected to drive the market growth. For instance, on June 13, 2023, Evonik company JeNaCell launched a wound dressing Epicite balance for chronic wounds, such as venous leg ulcers, arterial leg ulcers, diabetic foot ulcers, pressure ulcers, and soft tissue lesions. Epicite balance comes in three different sizes and will be distributed through the company Coopmed ApS to hospitals and homecare centers.

Additionally, on 10 October 2022, Bengaluru-based Healthium Medtech launched a new wound dressing portfolio Theruptor Novo for the management of chronic wounds like diabetic foot ulcers and leg ulcers. With the launch of Theruptor Novo, Healthium strengthens its existing portfolio of patented products in the advanced wound dressing segment. Thus, an increase in the number of product launches is expected to drive the market growth.

Strategies by the Key Companies are Expected to Drive Market Growth

Strategies such as acquisitions, collaborations, and partnerships strengthen the market growth. The strategies by the companies are expected to drive the market growth. For instance, on May 10, 2023, LifeNet Health expanded its portfolio of wound care solutions, adding revolutionary products such as TheraSkin, with the acquisition of the Bioventus Inc. wound care division. This step strengthens LifeNet Health's position as a global leader in regenerative medicine, offering next-level wound care.

Acquisition of the companies is also expected to accelerate the market growth. For instance, on July 7, 2023, Coloplast came to an agreement to acquire Kerecis, an Icelandic wound care company, for up to $1.3 billion (around DKK 8.9 billion), attracted by the company's assumed growth potential in the United States biologics sector. Thus, the company strategies are expected to drive the market growth.

High Cost of Wound Care Products will Restrict the Market Growth

The rising cost of wound care products is a major hindrance to the market's expansion. This is due to increased raw material and labor prices, which are increasing the cost of wound care items such as dressings, bandages, antiseptics, and other products. High-cost, advanced wound care products cannot be afforded by many individuals, which can hamper the market growth. For instance, ActiGraft had a product cost ranging from $1,710 to $3,780 over 4 weeks.

Segment Analysis

The global wound care market is segmented based on product, wound type, end-user, and region.

Diabetic Foot Ulcers Segment Holds a Significant Position in the Market Share

An increase in the prevalence of diabetic foot ulcers is expected to hold the segment growth. For instance, according to NIH, approximately 18.6 million people worldwide are affected by diabetic foot ulcers each year, including 1.6 million people in the United States. These ulcers precede 80% of lower extremity amputations among people diagnosed with diabetes and are associated with an increased risk of death.

Additionally, diabetic foot ulcers were found in 4.54% of patients newly diagnosed with type 2 diabetes mellitus in India, and the prevalence of DFS at the primary care level in Germany is 2.9%. Thus, these factors are expected to hold the segment growth.

Geographical Penetration

North America Region Holds the Largest Market Share in the Global Wound Care Market

North America is expected to hold a dominant share of the market. The increase in the number of launches is expected to hold the region in a significant position. The presence of major players and an increased number of product launches are expected to drive the region's market share. For instance, on 3 January 2023, Convatec announced the US launch of ConvaFoam, a family of advanced foam dressings designed to address the needs of healthcare providers and their patients. ConvaFoam 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.

Additionally, on July 18, 2023, RedDress Medical launched ActiGraft PRO with G-Code reimbursement status for the US wound Care market. Thus, the high number of approvals and launches of the products is holding the region in a significant position.

Competitive Landscape

The global wound care market is fragmented, with the presence of many local and international players. Smith & Nephew PLC., Molnlycke Health Care Ab, Baxter International Inc., Acelity L.P. Inc., Integra Lifesciences, Holding Corporation, Coloplast A/S, Ethicon Inc, 3 M, Medline Industries, LP., and Convatec Group. are the leading Companies with a significant market share.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic in late 2019 created unprecedented challenges for industries worldwide, including the global wound care market. COVID-19 pandemic caused disruption in the manufacturing of wound care products. The availability of wound care products has been reduced due to the outbreak of the pandemic.

As the coronavirus rapidly spread, medical attention shifted to treating COVID-affected patients while protecting others from infection. Patients became apprehensive about seeking wound care due to shelter-in-place orders and concerns about contracting the coronavirus. Thus, COVID-19 has impacted the market growth negatively.

Key Developments

• On MARCH 3, 2023, Bactiguard released a broad range of infection prevention solutions, from a unique coating technology to a portfolio of coated medical devices. The portfolio also includes biocompatible and effective wound care products, which are now launched in the UK and Ireland.

By Product

• Advanced Wound Dressings
• Surgical Wound Dressings
• Traditional Wound Dressings
• Film Dressings
• Alginate Dressings
• Hydrogel Dressings
• Others

By Wound Type

• Diabetic Foot Ulcers
• Pressure Ulcers
• Surgical & Traumatic Wounds
• Venous Leg Ulcers
• Burns
• Other Wounds

By End-User

• Hospitals
• Specialty Clinics
• Home Care Settings
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Why Purchase the Report?

• To visualize the global wound care market segmentation based on product, wound type, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wound care market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global wound care market report would provide approximately 61 tables, 58 figures, and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies