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Wound Care Market to Reach $24.01 Billion by 2028; Increasing Incidence of Chronic Wounds Globally to Spur Demand

June 21, 2021 | Healthcare

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/wound-care-market-103268


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.


Industry Development:



  • March 2020 – Smith & Nephew introduced the PICO 14 single-use negative pressure wound therapy system in the U.S. The system is equipped with an enhanced pump that reduces user intervention. 


List of the Companies Profiled in the Global Market:



  • Smith & Nephew (London, U.K.)

  • 3M (Minnesota, U.S)

  • ConvaTec Inc. (England, U.K.)

  • Cardinal Health (Dublin, Ohio)

  • Coloplast A/S (Humlebaek, Denmark)

  • Mölnlycke Health Care AB (Gothenburg, Sweden)

  • Medtronic (Dublin, Ireland)

  • PAUL HARTMANN AG (Heidenheim, Germany)

  • BSN medical (Hamburg, Germany)

  • Integra LifeSciences Corporation (New Jersey, United States)

  • Johnson & Johnson Services, Inc. (New Brunswick, United States)

  • Other Players


Further Report Findings:



  • North America stood at USD 6.00 billion in 2020 and is expected to hold the largest global wound care market share in the forthcoming years. This is owing to the presence of developed healthcare infrastructure in countries such as the U.S. Moreover, constant innovation in the technology to develop novel treatment solutions is anticipated to favor the companies present in the region.

  • The market in Europe is expected to showcase exponential growth during the forecast period. This is due to the presence of established healthcare infrastructure and the growing adoption of innovative wound care solutions to treat chronic wounds among patients in the region between 2021 and 2028.

  • Based on the type, the advanced wound dressings segment held a market share of about 42.2% in terms of revenue. The segment is expected to experience significant growth owing to the surging demand for antimicrobial dressings, foam dressings, etc.


Table of Segmentation:











































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



 



By Type



  • Advanced Wound Dressings





    • Antimicrobial Dressings

    • Alginate Dressings

    • Foam Dressings

    • Hydrocolloid Dressings

    • Others





  • Traditional Wound Care Products

  • Negative Pressure Wound Therapy

  • Bioactives

    • Biological skin Equivalents

    • Growth Factors

    • Others



  • Others



By Application



  • Chronic Wounds

    • Diabetic Foot Ulcers

    • Pressure Ulcers

    • Leg Ulcers

    • Others



  • Acute Wounds

    • Surgical wounds

    • Others





By End-User



  • Hospitals

  • Clinics

  • Homecare settings

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)


Global Wound Care Market
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  • 2017-2019
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