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The global wound care market size was USD 15.68 billion in 2019 and is projected to reach USD 24.55 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period.
In the modern healthcare scenario, one of the most occurring healthcare issues is the increased prevalence of several types of wounds such as chronic, and active wounds. This strong prevalence of wounds is primarily driven by the increased incidence of associated diseases such as diabetic foot ulcers, which are caused due to complications arising from diabetes. Furthermore, the increased incidence of other chronic diseases worldwide, is leading to increased incidence of chronic wounds, which includes pressure ulcers, and venous leg ulcers. These trends coupled with the increasing technological advances in surgical wound care products is anticipated to drive the global market in the forecast period.
Due to the global COVID-19 pandemic, the growing concern associated with the spread of this pandemic has resulted in a significant number of healthcare systems delaying or canceling non-essential medical procedures. Countries globally have reallocated healthcare resources including hospital beds, nurses, essential personnel, and medical devices, for the management of COVID-19 patients. This has led to wound care being exempted from the essential therapy devices and included in the elective procedures list in most countries. In terms of competitive scenario, several organizations have passed resolutions asking the medical procedures under this section to be classified as essential, especially the hospital stays, outpatient-based departments, which have been badly hit.
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Bioactive Therapy for Chronic Wounds Treatment to Surge Demand for Product Offerings
One of the most critical market trends is the increasing usage of bioactive therapy for the treatment of several chronic wounds. In terms of modern trends, an increasing number of patients are seeking urgent and effective treatment for surgical traumatic wounds such as venous leg ulcer, diabetic foot ulcers, and others. Bioactive therapies, including skin substitutes, have proven to be efficient in surgical wound healing, especially for later-stage wounds, as compared to the traditional wound dressings. Currently, there are few players in the market focusing on the introduction of new bioactive products based on regenerative technologies. They are also aiming at reducing the overall cost of chronic wound treatment. For instance, in February 2020, Integra LifeSciences Corporation announced the launch of AminoExcel Plus placental allograft membrane, specially designed to repair soft tissue. Such trends are expected to grow in the coming years, thus adding impetus to the market.
Increasing Prevalence of Chronic and Acute Wounds to Fuel Demand
The most important driver of the global market is the surge in the prevalence of chronic and acute wounds, which resulted in the higher adoption of technologically advanced wound care products. The growing prevalence of chronic wounds such as diabetic foot ulcer, pressure ulcer, and others is expected to increase the adoption of these products during the forecast period. For instance, according to an article published by the Department of Endocrinology of Nanjing University Medical School in 2019, the prevalence of diabetic foot ulcers in North America was an estimated 13.0%, and the annual incidence of diabetic foot ulcers was estimated to be around 2.0 - 5.0%. This has led to the creation of a large patient population especially in the developing regions.
Growing Advancements in Treatment Options to Drive Market
One of the growth factors boosting the global market is the increasing technologically advancements leading to the increasing product launches of sophisticated products. Increasing investment in R&D, and introduction of novel wound healing products by key market players is anticipated to increase the adoption of these products. This will help to heal acute and chronic wounds, especially in the developed countries. For instance, in May 2018, Coloplast A/S launched Biatain Silicone, a complete portfolio of foam dressings with 3D fit technology to give health care professionals the versatility in the management of exuding wounds. Additionally, increasing application areas of active therapies such as skin grafting, and rise in need for urgent treatment of chronic wounds such as diabetic foot ulcers are resulting in high investment in research and development by players. Thus, the rise in adoption rate of advance active wound care products and therapies for quick healing is expected to boost the market in the forecast period.
High Treatment Costs, and Limited Reimbursement Care to Restrain Growth
One of the limiting factors of the global market is high treatment costs attributable to the usage of these products. This, coupled with the limited reimbursement for these products impacts its adoption, thereby hampering the market. For instance, a study published by SAGE Publications Ltd. in 2017 stated an average annual expenditure on diabetic foot was estimated to be about US$ 8,659.0 per patient. Also, the total medical cost for the wound management of diabetic foot ulcer alone in the U.S. ranged in between US$ 9.0 to 13.0 billion annually, in addition to the cost of diabetes management. Furthermore, the absence of reimbursement policies typically in developing countries, has limited the adoption of such products, and devices. Higher out-of-pocket expenditure attributable to wound care devices, and limited reimbursement for skin grafts, and other biologics, have resulted in lower adoption of these products in the wound care industry.
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Presence of Technologically Products in Advanced Wound Dressing to Enable the Dominance of Segment
Based on product, the global market is segmented into advanced wound dressing, traditional products, negative pressure wound therapy, bioactives, and others. The advanced wound dressing segment is anticipated to register the highest wound care market share owing to the presence of technologically advanced product offerings. The traditional segment is anticipated to rank second as they comprise of the most commonly used products for simpler wounds. The bioactives, and negative pressure wound therapy segments are anticipated to register strong CAGRs in the forecast period due to the increasing launches of cutting-edge products in these segments, such as Smith & Nephew’s V1STA portable and EZCARE systems.
Increasing Prevalence of Chronic Wounds to Aid Dominance of the Segment
In terms of application, this market is segmented into chronic wounds, and acute wounds. The chronic wounds segment is expected to emerge dominant owing to the fact that chronic wounds often take a longer time to heal, and the expenses are also higher as compared to the healing of acute wounds. Chronic wounds also require a longer administration of these products as compared to the acute wounds. The acute wounds segment is expected to account for a lower market share because these wounds heal fairly quickly, and thus require lesser administration of these products over a comparatively shorter time period.
Higher Administration of These Products at Hospitals to Help this Segment Emerge Dominant
On the basis of end user, the market is segmented into hospitals, clinics, homecare settings, and others. The primary reasons attributable to the dominance of the hospitals segment is that fact that in most regions: developed, and emerging, a significant number of the procedures related to this type of care are conducted at hospitals. This is because they have the necessary infrastructure and requirements for such complex procedures, and a significant number of medical institutions are hospitals. The hospitals segment is expected to account for 40.1% of the global market in the forecast period. The increasing number of clinical setups operating at a smaller scale in rural areas are driving the clinics segment. The homecare settings segment is anticipated to register the highest CAGR because a number of advantages such as ease of care at home settings, is expected to drive the segment. The others segment includes other medical institutions that provides care for wounds and is expected to register a comparatively lesser growth rate in the forecast period.
North America Wound Care Market Size, 2019 (USD Billion)
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North America was the most dominant region and stood at USD 6.09 billion in 2019. Some of the factors attributed to this region’s strong market position include the high prevalence of chronic and acute wounds, and the strong adoption of technologically advanced products by key players. The market in Europe, is estimated to be the second most dominant market due to the high expenditure on these product offerings, coupled with the presence of several key market players. Asia Pacific is anticipated to register the fastest growth rate, attributable to the strong patient population with high prevalence of acute and chronic wounds, and the increasing number of products launches due to its growing adoption. The remaining regions: Latin America, and the Middle East & Africa, are estimated to register comparatively lower CAGRs in the forecast period, but, the increasing awareness regarding these products is expected to enable the market experience a surge in the forecast period, due to increasing adoption of technologically advanced products.
3M, Smith & Nephew, and Mölnlycke Health Care AB holding Significant Position Owing to Diversified Product Portfolio
In terms of competitive scenario, the global market depicts a consolidated nature, with the presence of a few key market players. The competitive landscape comprises of large, mid-size, and small companies targeting manufacturing of products for both chronic and acute wounds. The market is largely dominated by some established key players, such as 3M, Smith & Nephew, and Mölnlycke Health Care AB, which accounts for more than half of the global market share in 2019. The other players are ConvaTec Group Plc, Integra LifeSciences Corporation, Cardinal Health, Tissue Regenix, B. Braun Melsungen AG, and Coloplast Corp.
The wound care market report provides a detailed analysis of the market and focuses on key aspects such as impact of COVID-19 outbreak, key market players analyzing the impact of COVID-19, prevalence of diabetic foot ulcer by key countries - 2019, new product launches - key market players, and key industry developments (mergers, acquisitions, etc.). Besides this, the report offers insights into the market, highlights current trends and other key industry related developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the wound care market growth over the recent years.
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Value (USD billion)
By End User
Fortune Business Insights says that the global market size was USD 15.68 billion in 2019 and is projected to reach USD 24.55 billion by 2027.
In 2019, the market value stood at USD 15.68 billion.
Growing at a CAGR of 6.0%, the market will exhibit a steady growth in the forecast period (2020-2027).
Advanced wound dressing segment is expected to be the leading segment in this market during the forecast period.
Increased prevalence of acute and chronic wounds, coupled with growing treatment options, is augmenting growth in the market.
3M, Smith & Nephew, and Mölnlycke Health Care AB are the leading players in the global market.
North America dominated the market share in 2019.
Growing R&D and clinical trials by market players is leading to the development of advanced and efficient products. This coupled with increase in the occurrences in the number of wounds are expected to drive the global market.
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