Wound Care Market Size to Surpass USD 30.04 Billion by 2030, exhibiting a CAGR of 6.3%

As per the report by Fortune Business Insights, the global Wound Care Market size is projected to reach USD 30.04 billion in 2030, at a CAGR of 6.3% during the forecast period, 2023-2030

Pune, India, June 19, 2023 (GLOBE NEWSWIRE) — The global wound care market size was valued at USD 18.51 billion in 2022 and is expected to be worth USD 19.63 billion in 2023. The market is projected to be valued at USD 30.04 billion by 2030, recording a CAGR of 6.3% during the forecast period.

The growing incidence of chronic diseases has also increased patients’ chances of suffering from a wide range of chronic wounds that can sometimes be difficult to heal. This scenario has boosted the demand for advanced wound healing products across the world. Chronic ailments, such as diabetes, can raise a patient’s risk of contracting diabetic foot ulcers, which can also lead to foot amputation to prevent the infection from spreading. Such instances have prompted major market players to introduce innovative wound healing products and technologies, which will boost the wound care market growth.

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Key Industry Development:

• December 2021: Essity Aktiebolag (publ) acquired Hydrofera, a company specializing in innovative wound care solutions and technologies to reduce the overall cost and time required to heal wounds.

Key Takeaways:

• Presently, a number of players are entering the market with a specific emphasis on allograft, xenograft, nanofiber, dermal substitutes, and cell-based therapies.
• The dominance of the market is anticipated to be driven by the high demand for the Advanced Wound Dressings segment.
• During the forecast period, the acute wounds segment is anticipated to demonstrate a notable compound annual growth rate (CAGR)
• In 2022, the market size in North America was recorded at USD 7.07 billion

Discover the Leading Players Featured in the Report:

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.)

Report Scope & Segmentation

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Driving factor:

Launch of Innovative Wound Treatment Products to Boost Market Growth

Investments in medical research and development programs are rising across the world. Many leading companies are launching advanced products to cater to the growing demand for innovative medical products. For example, Healthium Medtech Limited introduced a novel dressing for surgical wounds, called ‘TRUSHIELD NXT’. The product comes with the advantages of preventing infections and offering 3D hydrocellular substrate to protect wounds.

Segmentation:

Advanced Wound Dressings Segment is Expected to Dominate due to High Demand

Based on type, the market is divided into advanced wound dressing, traditional wound care products, negative pressure wound therapy, bioactives, and others. The advanced wound dressing segment captured a leading wound care market share in 2022 as there was a strong demand for foam dressings, alginate dressings, and antimicrobial dressings. Furthermore, the rising prevalence of chronic wounds and the increasing launch of various advanced wound dressing by global and regional players are a few factors contributing to the market growth.

Rising Incidence of Acute Ulcers to Boost the Chronic Wounds Segment Growth

In terms of application, the market is segmented into chronic wounds and acute wounds. The chronic wound segment held a major market share in 2022 as a growing percentage of the patient population is being diagnosed with acute ulcers. These include pressure ulcers, diabetic foot ulcers, and other ulcers.

Growing Number of Multispecialty Hospitals to Boost Patients’ Preference for Hospitals

Based on end-user, the market is segmented into hospitals, clinics, home care settings, and others. The hospitals segment accounted for a leading market share in 2022 as the number of multispecialty hospitals that have departments dedicated to wound management is increasing, especially in emerging economies.

The market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Application

• Chronic Wounds
• Diabetic Foot Ulcers
• Pressure Ulcers
• Venous Leg Ulcers Others
• Acute Wounds
• Surgical Wounds
• Burns

By End User

• Hospitals
• Clinics
• Homecare Settings
• Others

By Region

• North America (By Type, By Application, By End User, By Country)
• Europe (By Type, By Application, By End User, By Country/Sub-Region)
• Asia Pacific (By Type, By Application, By End User, By Country/Sub-Region)
• Latin America (By Type, By Application, By End User, By Country/Sub-Region)
• Middle East & Africa (By Type, By Application, By End User, By Country/Sub-Region)

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Regional insights:

North America to Dominate Market due to Growing Prevalence of People Suffering from Chronic Wounds

North America dominated the global wound care industry in 2022 as the region has a vast presence of leading market players and a large pool of patients suffering from chronic wounds. Governments across North America are also increasing their investments in the healthcare sector, which will further boost the regional market growth.

The Europe market is predicted to record a notable CAGR during the forecast period as the region has a robust healthcare infrastructure and is witnessing a steady rise in the usage of innovative products.

Competitive Landscape

Companies to Adopt Key Strategies to Boost Market Position

The market has a notable presence of leading players that specialize in traditional as well as advanced wound treatment products. The market was dominated by 3M, Mölnlycke Health Care AB ConvaTec Group PLC, and Smith & Nephew in 2022. These companies are using various strategies, such as product launches and expansion of sales channels, to retain their monopolistic position in the market.

FAQs

How big is the wound care market?

The global wound care market size was valued USD 18.51 billion in 2022.

What is the wound care market growth?

The global Wound Care Market size is projected to reach USD 30.04 billion in 2030, at a CAGR of 6.3% during the forecast period.

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Related Links:

Advanced Wound Care Market Size, Share, Growth Industry Report

Advanced Wound Dressings Market Share, Size, Demand and Forecast

Active Wound Care Market Size, Share, Growth Industry Report

Wound Closure Market Share, Size, Demand and Forecast

Chronic Wound Care Market Size, Share, Growth Industry Report

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