by The wound care market is estimated to be valued at US$ 22,343.1 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wound care products include dressings, wound healing agents, wound evaluation and assessment devices among others. Dressings include films, foams, hydrocolloids, alginates, silicone wound dressings and composite dressings. They provide protection against bacterial infection, absorption of exudate and maintain a moist environment to accelerate healing. Wound healing agents such as growth factors promote faster healing of chronic and complicated wounds. Wound assessment devices aid in evaluation of wound progression and management of care.
Market Dynamics:
The increasing prevalence of diabetes, obesity and associated chronic wounds is a key driver of demand for advanced wound care products. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally. Poorly controlled diabetes increases the risk of foot and lower limb ulcers. Additionally, rapid growth in geriatric population prone to age-related wounds and injuries further boost the market growth. However, high cost of advanced wound dressings compared to traditional products remains a challenge. Product innovation with advanced materials to facilitate faster healing while reducing cost burden on patients and healthcare systems provide opportunities for manufacturers in this market.
Segment Analysis
The wound care market can be segmented into traditional wound care products and advanced wound care products. The advanced wound care products segment dominated the market, accounting for around 60% share in 2023. Advanced wound care products help manage wounds in a better way by maintaining a moist environment and preventing infections. Products such as hydrocolloids, hydrogels, alginates, and film and foam dressings are widely used for effective wound management.
PEST Analysis
Political: Governments in many countries have implemented various regulations to ensure availability of effective and affordable wound care products. For instance, provisions in the US Affordable Care Act aim to expand health insurance coverage.
Economic: The growing geriatric population prone to chronic wounds and rising healthcare spending are driving the wound care market. However, high costs associated may hinder market growth.
Social: Increasing incidence of chronic diseases and road accidents leading to complex injuries is creating demand for advanced wound management. Also, growing awareness about available treatment options is supporting market growth.
Technological: Companies are focusing on developing innovative wound dressings loaded with antimicrobials and growth factors for faster healing. Also, artificial skin and smart wound dressing using sensors are gaining popularity.
Key Takeaways
The Global Wound Care Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing incidence of chronic wounds worldwide.
The market size for wound care was US$ 22,343.1 Mn in 2023.
Regional analysis: North America dominated the market, accounting for around 40% share in 2023 owing to rapid adoption of advanced technologies and aging population prone to chronic conditions in the US and Canada. However, Asia Pacific is poised to be the fastest growing market due to improving access to healthcare facilities and rise in purchasing power.
Key players operating in the wound care market are 3M, Baxter, Coloplast A/S, Acelity L.P. Inc., Integra LifeSciences, Johnson & Johnson Services, Inc., Axio Biosolutions Pvt Ltd., Omeza, Smith & Nephew Plc., Cardinal Health, Schulke & Mayr GmbH, Bactiguard AB, Wound Care Advantage, LLC, Noventure, EO2 Concepts, Essity, Hydrofera, Â Advance Medical, Inc., CutisCare, Convatec Group PLC, and Organogenesis Inc. Companies are developing novel dressings such as antimicrobial and smart dressings for effective wound healing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
