Wound care products include dressings and bandages and play an imperative role in assisting in medical cases in hospitals and clinics. They offer the first line of treatment to patients and have induced a massive demand due to increase in chronic and acute disorders. The global wound care market report prepared by analysts at Market Research Future (MRFR) contains insightful trends and drivers which can make industry leaders in making sizeable decisions for the future.
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Market Overview
The global wound care market size is touted to exceed a value of USD 29,900 million by 2027. It stood at USD 15,456.2 million in 2016. It is expected to experience an enjoyable run over the period of 2017 to 2027 (forecast period) due to high prevalence of chronic injuries. Emphasis on patient care is likely to trigger the development of new variants of existing products and bolster the market demand till the end of the forecast period. Rise of the general populace and favorable reimbursement policies can work in favor of the market.
Rise in the number of surgeries, increase in accident rates, and high number of burn cases are factors which can drive market growth. The increase in the numbers of the geriatric populace is one of the biggest drivers of the global wound care market. The use of wound care products for expediting the healing of scars and small injuries can bode well for the market revenue. Inclination of patients towards these products can boost the global market volume till 2027.
Segment Analysis
The global wound care market is mainly segmented into product type, wound type, application and end user. On the basis of product type, the wound care market has been sub-segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products and active wound care products. On the basis of wound type, the wound care market has been segmented into chronic wound and acute wound. On the basis of application, the wound care market has been segmented into surgical wound, ulcer, burn and trauma wounds. On the basis of end user, the wound care market has been segmented into hospitals, clinics, home healthcare and trauma centers.
Regional Analysis
The global wound care market has been segmented on the basis of region into Americas, Europe, Asia-Pacific, and the Rest of the World. The North American market is further divided into the US and Canada. The European wound care market has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The wound care market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World wound care market includes the Middle East, Africa, and Latin America.
The Americas wound care market accounted for USD 19,895.90 million in 2020 and is projected to grow at a CAGR of 6.99% during the forecast period. The Americas is divided into North America and South America. North America is further segmented into the US and Canada. The increasing patient pool with acute or chronic wounds and rising diabetic population prone to wounds are driving the growth of the market in this region. According to Scientific Electronic Library Online, in Brazil, an increase in the aging population affects health care systems since it is accompanied by an increase in the prevalence of diseases and chronic diseases. Pressure injuries, diabetic ulcers, and chronic vasculogenic ulcers are more frequent and tend to be associated with common diseases in the geriatric population. Thus, the increasing prevalence of wounds, rising geriatric population, and increasing diabetes patients with wounds are the key factors driving the growth of the wound care products market in the region.
The wound care market in Europe is expected to propel during the forecast period, owing to rising government initiatives, increasing awareness among healthcare providers regarding wound care, and the rising prevalence of wounds. The market in Europe is segmented into Western Europe and Eastern Europe. Western Europe is further segmented into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. According to the Journal of Community Medicine, in 2018, approximately 4.5% or 22 million people in the UK are expected to have a wound per year. There were an estimated 3.8 million patients with a wound managed by the National Health Service, the UK, in 2017/2018. An increasing geriatric population is anticipated to increase the number of patients prone to wounds. According to The Office for National Statistics, between 2018 and 2028, the number of people aged 75 to 84 years in England is projected to increase by 33.9%, and aged 85 years and over by 22.8%.
Key Players
MRFR recognizes the following wound care companies as the key players in the global wound care market— B. Braun Melsungen AG (Germany), 3M (US), Baxter International Inc. (US), Johnson & Johnson Services, Inc. (US), Smith & Nephew (UK), ConvaTec Group Plc (UK), Cardinal Health, Inc. (US), Medtronic Plc (Ireland), Coloplast Corp. (Europe) and Avery Dennison Corporation (US)
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