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, 2022-2029

The global wound care market size was valued at USD 17.49 billion in 2021 and is projected to grow from USD 18.51 billion in 2022 to USD 28.23 billion by 2029, exhibiting a CAGR of 6.2% during the forecast period. Based on our analysis, the global market had exhibited a slower growth of 3.1% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with wound care experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Increasing number of patients with chronic and acute wounds are resulting in the growing demand for wound care products globally. For instance, according to an article published by Mary Ann Liebert, Inc., in 2021, it was estimated that approximately 2.5% of the U.S. population was suffering from chronic wounds, including diabetic foot ulcers, pressure ulcers and others. Along with that, major key players, operating in this market are constantly focusing on the introduction of advanced wound care products to fulfil the unmet demand. As a result of this, the adoption rate of wound care products including traditional, bioactives and others are increasing.

Besides, the governments of developing countries and other private and non-profit organizations are constantly increasing the focus on various awareness programs with an aim to increase the awareness about advanced product offerings and treatment options for chronic and advanced wounds. These key factors coupled with availability of favorable reimbursement policies in the developed countries are augmenting the adoption rate of wound care products and have been instrumental for the significant growth rate of the wound care market during the forecast period.

COVID-19 IMPACT

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 government of major countries reallocated their healthcare resources in 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.

Several market players witnessed a significant decline in the revenue generated during 2020. For instance, Smith & Nephew plc experienced a drop of 5.1% from their advanced wound management segment. Also, ConvaTec Inc. witnessed a decrease of 4.1% from their advanced wound care segment in 2020 as compared to 2019.

Additionally, several medical organizations provided guidelines regarding handling 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. 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.

LATEST TRENDS

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Increasing Application of Bioactive Therapies for Late-stage Wounds to Aid Growth

Bioactive therapies, including skin substitutes and growth factors 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 November 2021, Sanara MedTech Inc. announced the commercial launch of FORTIFY TRG, a tissue repair graft and FORTIFY FLOWABLE extracellular matrix with an aim to treat chronic wounds, including pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers and others. Also, technological advancements in bioactive therapies, such as reduction in overall duration and cost of 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.

DRIVING FACTORS

Introduction of Technologically Advanced Products to Propel Wound Care Market Growth

Increasing investment in research & development and the launch of advanced products by market players, such as B. Braun Melsungen AG, ConvaTec Group PLC are expected to fuel the demand for these products, especially in developed countries. For instance, in January 2020, ConvaTec Group PLC introduced ConvaMax in the global market. The new ConvaMax was a super absorber wound dressing intended to be used in the management of highly exuding wounds, including leg ulcers, pressure ulcers and diabetic foot ulcers.

Also, distinct clinical benefits offered by negative pressure wound therapy (NPWT), and the introduction of advanced features, such as single-use by market players, are boosting the adoption of NPWT devices among healthcare professionals globally. For instance, in March 2020, Smith & Nephew announced the launch of the 'PICO 14' single use NPWT System in the U.S. market, with an aim of reducing the risk of surgical wound dehiscence and surgical site infection.

Thus, the introduction of such novel products for rapid healing is expected to boost the adoption among patients and healthcare providers. This is expected to favor the global wound care market growth during the foreseeable future.

RESTRAINING FACTORS

Delayed Diagnosis of Advance and Chronic Wounds in Emerging Countries Attributed to Limit Product Adoption

Chronic wounds, such as diabetic foot ulcers, pressure ulcers and leg ulcers can progress from mild to severe due to delayed diagnosis and treatment and lead to foot amputations. The incidence of delayed diagnosis is considerably higher in emerging countries, such as India, China and Brazil 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 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 rate and, subsequently, limiting the adoption of these products in emerging countries.

SEGMENTATION

By Type Analysis

Higher Demand for Advanced Wound Dressings Product Led to its Dominance in 2021

The advanced wound dressings segment held a dominating share in 2021 owing to higher demand and adoption of foam dressings, antimicrobial dressings and alginate dressings.

The bioactive segment is expected to register the highest 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 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 products.

By Application Analysis

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Increasing Prevalence of Chronic Wounds Resulting into its Largest Market Share During Forecast Period

On the basis of application, the chronic wounds segment held a dominating share of the market in 2021. The dominance is attributed to the increasing patient population suffering from diabetic foot ulcers and pressure ulcers, along with 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 a higher incidence of surgical wounds and the launch of advanced products by market players for acute wounds.

By End User Analysis

Higher Number of Hospitals with Dedicated Wound Care Facility led to hold its Dominance in 2021

Based on end-user, the wound care market includes hospitals, clinics, home care settings, and others.

The hospitals segment held a dominating share in 2021 due to an increase in the number of 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.

REGIONAL INSIGHTS

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The wound care market size in North America stood at USD 6.69 billion in 2021. 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 by 3M, it was reported that approximately USD 547.0 million is spent annually for the treatment of diabetic foot ulcers in Canada.

The market in Europe is expected to register a significant CAGR due to well-established infrastructure in the U.K. and Germany and increase in 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 in the region. Besides, the rising focus of market players to expand its operating network in emerging countries of Asia Pacific is further expected to propel the growth of this region.

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Latin America and the Middle East & Africa are anticipated to register a moderate CAGR during the forecast period. This is due to the lack of awareness about available treatment options for chronic and advanced wounds among common people along with lack of favorable reimbursement policies to treat chronic wounds.

KEY INDUSTRY PLAYERS

Wide Operating Network and Focus towards Inorganic Strategies Attributed for Dominance of Mölnlycke Health Care AB in 2021

The wound care market is semi-consolidated, with a few established players in the traditional and a few players dominating the advanced products segment. The global market was dominated by 3M, Smith & Nephew, and Mölnlycke Health Care AB in 2021. 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.

Also, a strong focus on strategic development to increase product awareness among the physician and patient population is expected to provide a strong foothold to the players in the market.

• In June 2020, Mölnlycke Health Care AB announced the launch of new wound care patient educational resources to support patients and healthcare professionals during the coronavirus pandemic.

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.

LIST OF KEY COMPANIES PROFILED:

• Smith & Nephew (U.K.)


• 3M (U.S.)


• ConvaTec Inc. (U.K.)


• Cardinal Health (U.S.)


• Coloplast A/S (Denmark)


• Mölnlycke Health Care AB (Sweden)


• Medtronic (Ireland)


• PAUL HARTMANN AG (Germany)


• Johnson & Johnson Services, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• November 2021 – ConvaTec Group PLC extended its partnership with Vizient, Inc., for advanced wound care products, technologies and services for a further three years up to 2025.


• October 2021 - Essity Aktiebolag (publ) launched a digital solution in Germany, Cutimed Wound Navigator for assessing and documenting wounds. This helps the healthcare professionals in simplifying the wound documentation, workflow and improving the consistency of care. This allowed the company to widen its product portfolio.

REPORT COVERAGE

An Infographic Representation of Wound Care Market

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The global wound care market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, competitive landscape, products, applications, and end-users. Besides this, it offers insights into the wound care 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.

Report Scope & Segmentation