Wound Care Market will grow to USD 27.37 billion by 2029 : GreyViews

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Wound Care Market Size By Product (Advanced, Surgical, and Traditional), By Application (Chronic Wounds and Acute Wounds), By End Use (Hospitals and Specialty Clinics), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 21, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Wound care market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the wound care market is present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, end-use, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global wound care market are Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical, Coloplast Corp., Medtronic, 3M, Derma Sciences Inc. (Integra LifeSciences) among others. To achieve a substantial market share in the worldwide wound care market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Diabetic foot ulcers are common in diabetes patients and are managed using wound care and wound healing treatments. For instance, 20% of people with diabetic foot ulcers may require to have their foot amputated, according to ScienceDirect. More than 25% of people with diabetes may develop diabetic foot ulcers. One kind of wound care item is hydrocolloid dressings, which aid in moisture retention and hasten the healing of both internal and external wounds. Additionally, the removal of necrotic tissues with the help of these materials is helpful in treating surgical site infections. As a result, healthcare professionals employ wound care products more frequently, which is anticipated to fuel market growth throughout the course of the forecast period. Advanced wound dressings are anticipated to generate the largest revenue share in 2021. One of the main causes of its dominance is the increase in burn cases. For instance, 486,000 Americans sought medical attention for burn injuries in 2016, according to the American Burn Association (ABA). Furthermore, it noted that people with burns had the highest prevalence of infection-related issues. The growing senior population base is another important aspect driving market expansion. For instance, the United Nations predicts that there will be about 2.1 billion elderly people worldwide by the year 2050, up from an estimated 962.0 million in 2017. Aging people are more likely to sustain injuries, which could propel the market throughout the forecast period.

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Scope of Wound Care Market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit USD Billion
Segments Covered Product, Application, End-Use, and Regions
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical, Coloplast Corp., Medtronic, 3M, Derma Sciences Inc. (Integra LifeSciences) among others.

Segmentation Analysis

The advanced segment is expected to be the fastest-growing segment in 2021. 

The product segment is advanced, surgical, and traditional. The advanced segment is expected to witness the highest growth rate during the forecast period. Treatment of chronic and non-healing wounds is the main use of advanced wound dressings. As a result, it is projected that the market would expand as chronic wounds such as diabetic foot ulcers become more common. For instance, The Independent Diabetes Trust estimates that 115,000 people in the UK are now living with diabetes. While there are 278,000 venous leg ulcers treated each year, diabetic foot ulcers can happen to anyone. These wounds often take 200 days to heal. As a result of the aforementioned factors, it is anticipated that the market for wound care will expand throughout the course of the forecast period.

The chronic wounds segment is expected to be the fastest-growing segment in 2021. 

The application segment includes chronic wounds and acute wounds. The chronic wounds segment is expected to witness the highest growth rate during the forecast period. The population is expected to age, which will also lead to an increase in chronic wounds such as diabetic foot ulcers and venous pressure ulcers. For instance, the Administration for Community Living’s profile on older Americans predicted that in 2019, there will be 54.1 million Americans aged 65 and over, or almost 19% of the entire population. The population is anticipated to increase by about 36% between 2009 and 2019, reaching 80.8 million by 2040 and 94.7 million by 2060. Additionally, more Americans are developing varicose veins every year. The Journal of the American Heart Association estimates that around 23% of Americans, or one in four, have varicose veins.

The hospital segment is expected to be the fastest-growing segment in 2021. 

The end-use segment includes hospitals and specialty clinics. The hospital segment is expected to witness the highest growth rate during the forecast period. The rise in bariatric procedures, which necessitate the use of wound care products to avoid surgical site infections, and the rise in surgical procedures as a result of inactive lifestyles worldwide can both be attributed to this market segment’s expansion. Additionally, NPWT and surgical wound care cloths are impracticable for use at home and are better suited for hospital use. Furthermore, hospitals are recognized as key consumers of wound care who enter into long-term contracts with suppliers. As a result of the aforementioned factors, the category is anticipated to rise over the forecast period.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the wound care include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

  • The North America region witnessed a major share. The market in the region is developing as a result of the sizable population and expanding patient base in countries like the U.S. Additionally, there will be a rise in the need for products that improve wound healing and care in this area because older individuals are more prone to develop wounds. For instance, 54.1 million people, or 16% of the population, were 65 years of age or older in 2019, according to the Administration for Community Living’s report on ageing and health. The increased frequency of traffic accidents and the availability of qualified specialists in this field are also expected to raise the need for wound care products in North America.

Country Analysis

  • Germany

Germany’s wound care market size was valued at USD 0.8 billion in 2021 and is expected to reach USD 0.99 billion by 2029, at a CAGR of 2.7% from 2022 to 2029. The key factors driving the rise in demand in Germany are the country’s fast-growing senior population, rising diabetes rates, technological advancements in wound care products, and funding for wound care research.

  • China

China wound care’s market size was valued at USD 1.7 billion in 2021 and is expected to reach USD 2.23 billion by 2029, at a CAGR of 3.5% from 2022 to 2029. The need for wound treatment is growing in China as a result of the aging population’s impact on chronic wounds and lifestyle-related illnesses. The WHO projects that by 2040, 28% of all people in China would be elderly, due to the country’s rising geriatric population and declining birth rates.

  • India

India’s wound care market size was valued at USD 1.2 billion in 2021 and is expected to reach USD 1.52 billion by 2029, at a CAGR of 3% from 2022 to 2029. Traffic accidents increasingly have a substantial socioeconomic impact in India. The Ministry of State Road Transports & Highways issued statistics showing that there were 449,002 traffic accidents in 2019 with 151,113 fatalities and 451,461 injuries.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to rising accidents.

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