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The global wound care market size was USD 15.25 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with wound care witnessing a negative impact on the adoption rate across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -2.8% in 2020. The market is projected to grow from USD 15.84 billion in 2021 to USD 24.01 billion in 2028 at a CAGR of 6.1% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The increasing number of patients with chronic and acute wounds, the introduction of advanced products, and favorable reimbursement policies in developed countries are expected to boost the market's growth in the forecast period. For instance, according to the data published by Ecronicon in 2020, it was estimated that around 2.5 million individuals in the U.S. develop a pressure ulcer annually, and about 17.2 million hospital visits around the world are due to wounds, including outpatient and inpatient surgical visits.
Exemption of Wound Care from Essential Procedures List due to COVID-19 Led to Decline in Market Growth
The outbreak of COVID-19 has had a negative impact on the market. Few market players reported a decline in their revenues in 2020 due to the pandemic. Also, in the first half of the year, the governments of major countries reallocated their healthcare resources in wound clinics, including beds, nurses, and essential personnel to manage COVID-19 patients. This led to the exemption of wound management from the essential procedures list. Additionally, several medical organizations provided guidelines regarding the handling of patients with hard-to-heal wounds.
For instance, the International Working Group on the Diabetic Foot (IWGDF) recommended using alternatives to hospitals & outpatient clinics. The organization recommended a shift towards telemedicine, setting up clinics in other locations away from the hospital or home visits for patients suffering from less severe chronic wounds. Most of the major countries lifted their lockdown and stay-at-home orders by the end of 2020. However, the recent outbreak of a new strain of COVID-19 is expected to increase the burden on the healthcare system of the affected countries.
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Increasing Application of Bioactive Therapies for Late-stage Wounds to Aid Wound Care Market Growth
Bioactive therapies, including skin substitutes, growth factors, etc., are gaining huge popularity among healthcare professionals for wound healing, especially in the treatment of late-stage wounds. Several players are currently entering the market by focusing on allograft, xenograft, nanofiber, dermal substitutes, and cell-based therapies to cater to the growing demand for urgent and effective wound management patients.
In July 2019, Nanomedic, an Israel-based company, developed a proprietary device, Spincare, a medical gun that sprays nanofibre to treat burns and chronic wounds. Also, distinct benefits offered by bioactive therapies such as reduction in overall duration and cost of wound treatment have been further able to attract the patient population. Thus, it presents a huge growth opportunity for new entrants, established players to focus on this segment, and launched new bioactives to fulfill the growing demand for these therapies in the global market.
Introduction of Technologically Advanced Products to Propel Market Growth
Increasing investment in research & development and the launch of advanced products by market players is expected to fuel the demand for these products, especially in developed countries. For instance, in November 2019, Lake Superior Centre for Regenerative Medicine (RegenMed) launched DermGEN, a novel cellular dermal matrix for wound healing in the market.
Also, distinct clinical benefits offered by negative pressure wound therapy (NPWT), especially by introducing single-use NPWT, are boosting the adoption of these devices globally. For instance, in September 2019, Smith & Nephew announced the launch of the new PICO 7Y single-use NPWT system with AIRLOCK technology in the U.S market.
Thus, the introduction of such novel products for rapid wound healing is expected to boost the adoption among patients and healthcare providers. This is expected to favor the growth of the market during the foreseeable future.
Delayed Diagnosis and Lower Treatment Rates in Emerging Countries to Limit Product Adoption
Chronic wounds such as diabetic foot ulcers, pressure ulcers, leg ulcers, etc., can progress from mild to severe due to delayed diagnosis and treatment and can lead to foot amputations. The incidence of delayed diagnosis is considerably higher in emerging countries such as India, China, Brazil, etc., compared to developed countries. This is due to limited awareness among populations regarding hard-to-heal wounds, limited access to well-developed healthcare infrastructure, and a lack of established guidelines and action plans by governing bodies.
For instance, according to a study published in the Journal of Foot and Ankle Surgery (Asia-Pacific), it was observed that in west India, most patients are delayed by more than one month up to one year in the diagnosis of foot ulcers, including diabetic/neuropathic ulcers. Hence, all the above factors and the lack of favorable reimbursement policies for chronic and acute wounds are primarily responsible for lower diagnosis and treatment rates and, subsequently, limiting the adoption of these products in emerging countries.
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Advanced Wound Dressings to Hold a Dominant Position During 2021-2028
The advanced wound dressings segment held a dominating share in 2020 owing to higher demand and adoption of foam dressings, antimicrobial dressings, alginate dressings, etc.
The bioactive segment is expected to register a higher CAGR owing to the increasing application of tissue-engineered products derived from artificial or natural sources to treat hard-to-heal wounds.
The negative pressure wound therapy (NPWT) is expected to grow at a significant CAGR due to the introduction of technologically advanced NPWT devices by market players.
The traditional wound care products and others segments are expected to register a comparatively moderate CAGR during the forecast period owing to the increasing shift of healthcare professionals and patients towards advanced wound care products.
Chronic Wounds Segment Held a Dominant Share
On the basis of application, the chronic wounds segment held a dominating share of the market in 2020. The dominance is attributed to the increasing patient population suffering from diabetic foot ulcers, pressure ulcers, etc., and the increasing expenditure on treating these conditions.
The acute segment is expected to register a significant CAGR during the forecast period due to an increasing number of surgeries, resulting in the higher incidence of surgical wounds and the launch of advanced products by market players for acute wounds.
Hospitals to Held a Dominant Share in 2020
Based on the end-user, the market includes hospitals, clinics, home care settings, and others.
The hospitals segment held a dominating share in 2020 due to an increase in multispecialty hospitals with departments dedicated to wound management, especially in emerging countries.
The homecare segment is expected to grow at a higher CAGR during the forecast period. This is due to the increasing incidence of chronic wounds among the geriatric population and the rising shift of patients towards homecare.
The clinics and others segment are anticipated to project significant CAGR due to increasing investment by public and private players in small and medium-sized clinics and long-term care centers worldwide to improve healthcare infrastructure.
North America Wound Care Market Size, 2020 (USD Billion)
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The wound care market size in North America stood at USD 6.00 billion in 2020. The strong direct presence of key players in the region, large patient population suffering from chronic and acute wounds, and higher per capita healthcare expenditure are some of the major factors responsible for the dominance of North America. For instance, according to data published in the U.S National Library of Medicine in 2018, it was estimated that 5.7 million patients in the country were suffering from chronic wounds. The U.S healthcare spends an estimated USD 20 billion for the treatment of chronic wounds each year.
The market in Europe is expected to register a significant CAGR due to well-established infrastructure in countries such as the U.K, Germany, etc., and increase the adoption of innovative products in these countries.
Asia Pacific is expected to grow at a higher CAGR due to the increasing incidence of diabetes-related comorbidities such as diabetic foot ulcers, etc., in the region. Besides, the increasing focus of market players to expand their operating network in emerging countries of Asia Pacific is further expected to propel the regional growth.
Latin America and the Middle East & Africa are anticipated to register a moderate CAGR during the forecast period. This is due to the developing healthcare infrastructure in these regions and a lack of favorable reimbursement policies to treat chronic wounds.
Wide Operating Network and Focus towards Inorganic Strategies to Attribute for Dominance of 3M in 2020
The global market is semi-consolidated, with few established players in the traditional and few players dominating the advanced wound care products segment. The global market is dominated by a few key players, including 3M, Smith & Nephew, and Mölnlycke Health Care AB in 2020. Introducing innovative treatment options for wounds and expansion of sales channels are key strategies adopted by leading players to maintain their dominant position in the market.
Moreover, a strong focus on the strategic expansion of their product portfolio through acquisitions & partnerships is expected to provide a strong foothold to the players in the market.
The other key market players operating in the market are ConvaTec Group Plc, Cardinal Health, Medtronic, Johnson & Johnson Services, Inc., Coloplast Corp, PAUL HARTMANN AG, Integra LifeSciences Corporation, and BSN medical.
An Infographic Representation of Wound Care Market
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The global wound care market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, applications, and end-users. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD Billion)
Fortune Business Insights says that the global market stood at USD 15.25 billion in 2020 and is projected to reach USD 24.01 billion by 2028.
In 2020, North America stood at USD 6.00 billion.
The market will exhibit steady growth at a CAGR of 6.1% during the forecast period (2021-2028).
Based on type, the advanced wound dressings segment will lead the market.
The rising prevalence of chronic and acute wounds and the introduction of advanced products for wound healing are the key drivers of the market.
3M, Smith & Nephew, and Molnlycke Health Care AB are the top players in the market.
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