Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the wound care market value stood at USD 15.68 billion in 2019 and is likely to exhibit a CAGR of 6.0% between 2020 & 2027.
The global market size is projected to showcase significant progress and earn USD 24.55 billion by 2027. This is accountable to the increasing prevalence of chronic diseases such as diabetes, blood pressure, and the wounds that result from them, such as diabetic foot ulcers and pressure ulcers. Wound care is used for injuries that are unable to heal by themselves. If untreated, they may result in severe consequences, such as mobility issues, decreased elasticity of blood vessels, and others.
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Drivers & Restraints
Increasing Popularity of Bioactive Therapy to Add Impetus to Market
The rising prevalence of acute and chronic diseases such as diabetic foot ulcers, pressure ulcers, and others are some of the key factors promoting this market growth. This, coupled with the advent and adoption of technologically advanced wound care products, will also add impetus to the market. Additionally, continuous research and development, as well as increasing investments in the launch of advanced wound care products are likely to bolster growth in the coming years.
On the contrary, high treatment costs and the presence of limited or no reimbursement policies, especially in the underdeveloped nations, may challenge the growth of the market. Nevertheless, the advent of bioactive therapy for treating chronic wounds is expected to create a lucrative growth opportunity for the market in the coming years.
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The report is based on the following questions:
- What is the nature of the market?
- Which is the leading segment?
- Who is the leading player of the wound care market?
- How is the prevalence of diabetes aiding in the expansion of the market?
- What are the key developments of the market?
Advanced Wound Dressing Segment to earn Largest Share Owing to Better Product Offering
Based on segmentation by type, the advanced wound dressing segment earned 42.6% wound care market share in 2019 and emerged dominant. This is owing to the presence of a diverse product portfolio.
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Regional Analysis
North America is Holding Dominance on Account of Well-established Healthcare Infrastructure
North America earned a revenue of USD 6.09 billion in 2019 and emerged dominant, followed by Europe. This is on account of the increasing prevalence of acute and chronic wounds. This coupled with the presence of well-established healthcare infrastructure and facilities, as well as favorable reimbursement policies by the governments of developed nations are likely to aid in the expansion of the regional market.
On the other side, the market in Asia Pacific is likely to exhibit rapid growth in the coming years on account of the increasing prevalence of acute and chronic diseases as a result of the rising patient population and improving healthcare and medical infrastructure.
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Competitive Landscape
Companies Investing in Launch of Technologically Advanced Products for Gaining Competitive Edge
The nature of the market is fragmented due to the presence of key players of all sizes. The key players functioning in this global market are investing heavily in the research, development, and launch of technologically advanced products that will help them to gain a strategic position. Others are engaging in mergers and acquisitions, contracts and agreements, and joint ventures to hold a vital position in the market and gather high revenue.
Major Industry Developments of the Market Include:
November 2019 – DermGEN was launched for regenerative medicine (RegenMed) by Lake Superior Centre. This is an acellular dermal matrix for the healing of wounds.
February 2019 – MaxioCel, a dressing for wound care made of chitosan, was launched by Axio Biosolutions, offering quick healing and comfort to patients with chronic wounds such as diabetic foot ulcers, pressure ulcers, and others.
As per a report by Fortune Business Insights™, some of the significant players in the market are as follows:
- Johnson & Johnson Services, Inc.
- Smith & Nephew
- Coloplast Corp
- Cardinal Health
- ConvaTec Inc.
- Medtronic
- 3M
- BSN Medical (Essity)
- PAUL HARTMANN AG
- Other players
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