MARKET OVERVIEW- GLOBAL WOUND CARE MARKET
Wound care is an essential term as it requires quick and efficient medical attention. There is a rise in demand for wound care as number of chronic disorders and surgeries are increasing across the globe. The increasing use of regenerative medicine for wound management, technological development in wound care products, and the growth potential of emerging nations all contribute to the market’s expansion. Market growth is driven by the rising use of regenerative medicine for wound management, technological advancements in wound care products and growth potential of emerging countries.
The global wound care market is driven by an increase in cases of acute and chronic wounds. This is caused due to multiple reasons, such as a rise in traumatic wounds, an increase in the number of surgical procedures carried out, an increased geriatric population etc. In most of these conditions, there is a rising risk of developing chronic and acute wounds. Also, these conditions need to be treated with high priority and efficiency. Along with this, there is an increase in the prevalence of health conditions like diabetes and obesity, which increases the intensity of the wounds specifically for infectious diseases, ulcerations and other chronic wounds. This is a key driving factor for the growth of the global wound care market. Furthermore, there is a rapid increase in research and development and also the launch of new and advanced quality products which have the ability to treat high-damage-inducing wounds like diabetic foot ulcers, pressure ulcers, etc. This factor is also expected to stimulate market growth in the coming years.
The market is expected to have growing new growth opportunities, especially in the developing nations with low regulatory barriers, a rise in improvement of healthcare infrastructure and improved healthcare spending. Also, investment in R&D activities by manufacturers to develop innovative and safer wound care products will create new growth opportunities during the projection period.
The global wound care market is expected to have market restraints like delayed diagnosis of pressure ulcers, diabetic foot ulcers and venous leg ulcers in developing nations like India, China, Brazil etc. This is due to lack of advanced healthcare infrastructure and also a lack of awareness among the general population with respect to wound healing. This factor is expected to create hurdles for the market growth during the forecast period.
MARKET GROWTH CHALLENGES
The major growth challenge for the market is the high cost of wound management products in developing countries. This is expected to be a major growth challenge for the market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the global wound care market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. An increasing demand for various wound care in various applications has led to the increasing demand for market and is expected to witness growth at a specific CAGR from 2022-2028.
WOUND CARE MARKET SEGMENTAL OVERVIEW
The wound care market comprises of different market segment like type, application, end-user and geography.
WOUND CARE MARKET BY TYPE
By type, the wound care includes key segment of
- Surgical & Traumatic Wounds
- Diabetic Foot Ulcers
- Burns & Other Wounds
- Pressure Ulcers
- Venous Leg Ulcers
Surgical & traumatic wounds are expected to dominate the market over the forecast period. The factors which are responsible for the growth of this segment is rise in demand for regenerative medicines along with an increase in adoption of antimicrobial dressings, foam dressings etc. These are the driving factors for the growth of the surgical & traumatic wounds segment.
WOUND CARE MARKET BY APPLICATION
By application, the wound care includes key segment of
- Chronic Wounds
- Acute Wounds
The chronic wounds are anticipated to lead the market, gaining the majority of the market share in 2021, and are expected to maintain their dominance over the estimated time period. This is due to a rise in cases of diabetic foot ulcers, pressure ulcers, and venous leg ulcers among the general population. Along with this, a rise in healthcare expenditure and improvement in the healthcare infrastructure is expected to propel growth for chronic wound management applications. Also, the acute wounds segment is expected to grow at a higher rate due to increased incidences of surgical wounds. Also, the launch of new advanced products which would be more efficient in treating acute wounds will propel growth for the acute wounds segment.
WOUND CARE MARKET BY END-USER
By end-user, the wound care includes key segment of
- Hospitals & Clinics
- Home Care Settings
The hospitals and clinics are expected to dominate the market over the forecast period. Hospitals and clinics provide advanced care to their patients and offer reimbursements at some point of surgeries, accordingly witnessing exceptional growth. Also, there is a huge rise in the number of multispecialty hospitals which are dedicated towards treatment of wounds. There is a huge rise in investment in the healthcare infrastructure which has led to improvement in services provided by hospitals and clinics. The home-care setting is also expected to improve its growth in the projected period due to a rising geriatric population and a rise in the shift in home-care.
WOUND CARE MARKET BY GEOGRAPHY
By geography, the wound care includes key segment of
- North America
North-America is anticipated to witness an increasing demand for wound care owing to the presence of well-established market players. The region is likely to have the highest growth due to an increase in per-capita healthcare expenditure. Also, there is a rise in cases of diabetic foot ulcers, pressure ulcers, venous leg ulcers in countries like Canada and the US and which has propelled the demand for treatment of these wounds. Europe is expected to grow at a healthy rate due to well-developed healthcare infrastructure along with increased healthcare spending. Asia-Pacific is expected to grow at a higher rate due to a rise in cases of diabetes-related issues like foot ulcers that require efficient wound care. Therefore, Europe followed by Asia-Pacific are contributing healthy growth in the market during the estimated time period.
COVID-19 IMPACT ANALYSIS ON GLOBAL WOUND CARE MARKET
The outbreak of the COVID-19 virus has become a global healthcare emergency that has been spread worldwide, affecting worldwide social and economic development. The COVID-19 pandemic shut-down the production of products in various industries, mainly owing to the lockdown in major countries. The COVID-19 impact analysis report by Axiom MRC provided a 360 degree analysis of micro and macro-economic factors in the wound care market. Due to COVID-19, the wound care market observed a setback in growth, owing to the disruption of the supply chain. Also, the postponement and cancellation of surgery due to stringent lockdown norms resulted in a decline in postoperative wound cases, thus impacting market growth.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the wound care market is majorly focused on expanding the global growth of wound care with new product launches, partnerships/ agreements and merger & acquisitions, which has boosted the market growth at the highest pace. Besides, the presence of a wide range of manufacturers operating in the market offers range of products in different applications to fulfill the required demand has further contributed to healthy growth in the market.
The key players studied in market are
- 3M Company
- Cardinal Health
- ConvaTec Inc.
- Medtronic PLC
- Paul Hartmann AG
- MiMedx Group, Inc.
- Bioventus, Sciences Holdings Corporation
- Coloplast A/S
- Integra Life Sciences Holdings Corporation
- Baxter International,Inc.
- B. Braun Melsungen AG
- Welcare Industries SPA
- Talley Group
- DermaRite Industries LLC
- Mil Laboratories Pvt. Ltd
April 2021: 3M Company launched had 3M Spunlace Extended Wear Adhesive Tape on Liner, 4576. It has a longer wear time of 21 days that intends to provide user compliance and health and economic benefits.
March 2020: Cardinal Health had launched surgical drape that features Avery Dennison's patented BeneHold CHG adhesive technology, which helps to reduce the risk of surgical site contamination.