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The global wound care market size is expected to showcase considerable growth by reaching USD 24.01 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Wound Care Market Size, Share & COVID-19 Impact Analysis, By Type (Advanced Wound Dressing (Antimicrobial dressings, Alginate Dressings, Foam Dressings, Hydrocolloid Dressings, and Others), Traditional Wound Care Products, Negative Pressure Wound Therapy, Bioactives (Biological Skin Equivalents, Growth Factors, and Others), and Others); By Application (Chronic Wounds (Diabetic Foot Ulcers, Pressure Ulcers, Leg Ulcers, and Others), and Acute Wounds (Surgical Wounds, and Others)); By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast 2021-2028.” The report further observes that the market stood at USD 15.25 billion in 2020 and is likely to exhibit a CAGR of 6.1% between 2021 and 2028.
ConvaMax Superabsorber Wound Dressing Launched by ConvaTec
In January 2020, ConvaTec Group, one of the leading medical technology companies globally, announced the launch of ConvaMax, a novel superabsorber wound dressing. According to the company, the product can be widely adopted to effectively manage highly exuding wounds such as pressure ulcers, dehisced surgical wounds, leg ulcers, and diabetic foot ulcers, among others. Besides, the product aids in the optimization of excessive moisture that protects the integrity of the skin. Available in both silicone adhesive and non-adhesive forms, ConvaMax provides total flexibility to manage acute and chronic wounds.
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Increasing Incidence of Chronic Wound to Promote Growth
According to the data by D-Foot International, 1 in 7 patients suffering from diabetes develop a foot ulcer. The increasing prevalence of chronic wounds has led to the high medical expenditure cost incurred by patients worldwide. This presents a lucrative opportunity for the market players to strengthen their position by introducing advanced bioactive therapies. These therapies aid in effective wound healing, even in late-stage wounds. Therefore, they are gaining prominence across healthcare settings. For instance, in July 2019, Israel-based company, Nanomedic announced the launch of a device, Spincare. The device is a medical gun that helps to spray nanofiber to treat chronic wounds and burns. Such factors are expected to bode well for the global wound care market growth in the forthcoming years.
Product Innovation by Key Players to Widen Their Business Horizons
The market is segmented into several major companies striving to maintain their dominance by introducing advanced wound care solutions to cater to the growing demand from patients worldwide. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)