Wound Care Market

Market Overview

The global wound care market size was valued at USD 19.90 billion in 2021. It is projected to reach USD 31.81 billion by 2030, growing at a CAGR of 5.35% during the forecast period (2022–2030). Factors such as increasing number of ambulatory surgery centres (ASCs) and increasing investment in R&D, significantly drives the wound care market demand by 2030.

Global demand for wound care products is rising due to an increasing number of patients with chronic and acute wounds. According to a 2021 article by Mary Ann Liebert, Inc., the prevalence of chronic wounds, such as diabetic foot ulcers, pressure ulcers, and other types, was estimated to be 2.5% in the United States. In addition, major market players are constantly concentrating on introducing cutting-edge wound care products to meet the unmet demand. As a result, more people are using wound care products, including conventional, bioactive, and other types.

Additionally, governments in developing nations and other for-profit and nonprofit organizations are increasingly focusing on various awareness campaigns to raise public awareness of cutting-edge product offerings and therapeutic options for chronic and advanced wounds. In addition to the favorable reimbursement and practices available in developed nations, these crucial elements increase the rate at which wound care products are adopted.

Market Dynamics

Global Wound Care Market Drivers

Increasing Number of Ambulatory Surgery Centres (ASCs)

The market for wound care is also likely to be driven by the growing number of Ambulatory Surgical Centers (ASCs). ASCs offer a wide range of services, such as surgery, testing, and preventive care. In ambulatory surgery centers, there are surgeries for pain management, urology, orthopedics, restorative, reconstructive, alternative plastic surgery, and Gastrointestinal (GI) surgery. Also, ASCs are growing, so their services are getting better and cheaper. Since there are more and more ASCs, the market will likely grow during the forecast period.

Increasing Investment in Research and Development

The introduction of cutting-edge products by market players like B. Braun Melsungen AG and ConvaTec Group PLC and increased investment in research and development are expected to increase demand for these products, particularly in developed countries. Additionally, negative pressure wound therapy's distinct clinical advantages and market players' introduction of cutting-edge features like single-use encourage medical professionals worldwide to use NPWT devices. Thus, it is anticipated that introducing such innovative products for quick healing will increase their uptake among patients and healthcare professionals.

Global Wound Care Market Restraint

Delayed Diagnosis of Advanced and Chronic Wounds

Delay in diagnosis and treatment can cause chronic wounds, such as leg ulcers, pressure sores, and diabetic foot ulcers, to worsen to the point where foot amputation is necessary. The prevalence of delayed diagnosis is significantly higher in emerging nations compared to developed nations. This is caused by a lack of established rules and plans of action by governing bodies, a lack of accessibility to an advanced healthcare system, and a lack of public awareness of wounds that are challenging to heal. Therefore, the lower diagnosis rate and the unfavorable reimbursement policies for chronic and acute wounds are the leading causes that negatively impact the uptake of these products in developing nations.

Global Wound Care Market Opportunities

Demand for High-Quality Products

Numerous manufacturers attempt to expand the market primarily through acquisitions in developing regions. In addition, market participants are anticipated to adopt mergers or acquisitions with regional players and other expansion strategies to expand their market offerings. In addition, the growth of the markets for sealants and glues has been strong enough to captivate market participants. Increased funding for research and development and the commercialization of products has paved the way for new market entrants. In addition, the increasing prevalence of chronic wounds has increased the demand for faster wound-healing products.

Regional Analysis

The global wound care market share is segmented into four regions, namely North America, Europe, Asia Pacific, and LAMEA.

North America Dominates the Global Market

North America has dominated the wound care market with the highest revenue share and is expected to increase during the forecast period. Significant factors influencing the wound care market growth in this region include a sizable population base and an expanding patient pool in nations like the U.S. Additionally, the higher risk of wounds among the elderly population will increase the need for wound care products in this area. In the Asia Pacific, the market is estimated to witness the highest CAGR due to the rise in chronic diseases due to the changing lifestyle.

Segmental Analysis

The global wound care market is segmented into product, application, and end-user.

Based on the product, the market is divided into advanced wound dressing, surgical wound care, traditional wound care, and wound therapy devices.

The market for wound care is dominated by the advanced wound dressing segment, which also holds the largest revenue share and is anticipated to experience the highest CAGR during the forecast period. Most advanced wound dressings are used to treat chronic and non-healing wounds. Therefore, an increase in chronic wounds, such as diabetic foot ulcers, is anticipated to help the market grow.

Based on application, the market is bifurcated into chronic and acute wounds.

The chronic wounds segment dominated the wound care market, held the largest revenue share, and is anticipated to undergo considerable growth during the forecast period. The rising geriatric population and the prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds are anticipated to drive the segment's growth. The acute wound segment is expected to witness the fastest CAGR forecast period. The increasing number of cases of different traumatic wounds and burns is the primary factor driving the segment's growth.

Based on end-use, the wound care market is categorized into hospitals, specialty clinics, and home healthcare.

During the forecast period, the segment for acute wounds is anticipated to experience the fastest CAGR. The primary factor fueling the segment's growth is the rise in cases of various traumatic injuries and burns. Additionally, it is anticipated that the number of hospital admissions related to surgeries will rise during the forecast period. Patients typically need wound care products after surgery to treat wounds at the surgical site.

Recent Developments

• In June 2022: Smith & Nephew announced a new UK R&D and manufacturing facility for Advanced Wound Management with a USD 100m+ investment near Hull. Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announced that it would build a new R&D and manufacturing facility for its Advanced Wound Management franchise on the outskirts of Hull, UK.
• In March 2022: Smith & Nephew announced a new study showing GRAFIX™ Membrane cut the diabetic foot ulcer recurrence rate in half compared to leading competitors. Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announced the publication of a peer-reviewed study in the Advances in Wound Care Journal reporting outcomes for Medicare patients with a diabetic foot ulcer (DFU) that shows GRAFIX Cryopreserved Placental Membrane cut DFU recurrence rates in half compared to leading cellular and tissue-based product (CTP) competitors.
• In March 2022: Convatec Group completed the acquisition of Triad Life Sciences Inc as it enters the attractive wound biologics segment. The Triad team, current portfolio, and product pipeline will now transition to Convatec's Advanced Wound Care (AWC) business and be known as Convatec Advanced Tissue Technologies.