Market Research Report
Wound Care Market Research Report: By Product Type, Wound Type, Age Group, End User -Global Industry Revenue Estimation and Demand Forecast to 2030
|Wound Care Market Research Report: By Product Type, Wound Type, Age Group, End User -Global Industry Revenue Estimation and Demand Forecast to 2030|
Published: June 1, 2021
Prescient & Strategic Intelligence Private Limited
Content info: 325 Pages
Delivery time: 2-3 business days
The rising prevalence of chronic diseases, such as diabetes; increasing cases of burns and other types of injuries, and booming geriatric population are propelling the demand for wound care products. As a result, the global wound care market revenue is predicted to witness a 5.5% CAGR during 2021-2030, to reach $34,459.2 million by 2030.
Manufacturing facilities of wound care market players were shut down in the beginning of 2020 to lessen the spread of the COVID-19 infection among workers. Additionally, lockdowns and movement restrictions forced people inside their homes, which substantially reduced the incidence of chemical burns and road accidents, thereby pushing down the demand for wound care products.
Wound closure, advanced, and traditional are the categories of the wound care market, based on product type. Among these, in 2020, the market was dominated by the advanced category, and the same trend is expected till 2030. Advanced wound care offers faster wound healing and more-effective infection control and leads to fewer drainage issues.
North America was the largest wound care market in 2020 due to the increasing demand for such products among the elderly, technological advancements in such products due to extensive research and development (R&D), and surging spending on healthcare. Asia-Pacific (APAC) will likely grow the fastest till 2030, driven by the booming geriatric population and increasing number of burns and traumatic wounds.
In order to improve their position in the wound care market, the providers of such products are engaging in mergers and acquisitions.
For instance, in February 2020, an agreement was signed by Essity AB for the acquisition of 75% shares of ABIGO Medical AB, a medical solutions firm based in Sweden. ABIGO Medical AB offers a range of advanced wound care solutions, including Sorbact. With the acquisition, Essity AB widened its portfolio of advanced wound care products that prevent bacterial invasion without making the body resistant to antibiotics.
In the same way, in April 2019, Leaf Healthcare Inc., which developed the Leaf Patient Monitoring System for patient mobility monitoring and pressure injury prevention, was acquired by Smith & Nephew PLC. After a two-year exclusive distribution and strategic investment partnership with Leaf Healthcare, Smith & Nephew acquired the latter to improve its advanced wound care portfolio.
The biggest companies in the global wound care market are Hollister Incorporated, ConvaTec Group plc, DeRoyal Industries Inc., Smith & Nephew PLC, 3M Company, Molnlycke Health Care AB, Essity AB, B. Braun Melsungen AG, Paul Hartmann AG, Coloplast A/S, Integra LifeSciences Holdings Corporation, Beiersdorf AG, Johnson & Johnson, and Wright Medical Group N.V.