Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the chronic wound care market will grow from USD 13.91 billion in 2023 and reach USD 21.18 billion by 2031. In just eight years, chronic wound care has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. The increasing cases of pressure ulcers, diabetic ulcers, and others are anticipated to boost the need for bandages, devices, and different therapies to treat these wounds.
Get more insights from the 230-page market research report @ https://www.thebrainyinsights.com/enquiry/sample-request/13260
Key Insight of Chronic Wound Care Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the chronic wound care market. Key factors favouring the growth of the chronic wound care market in North America is due to increasing chronic wounds, higher treatment fees, and comprehensive reimbursement policies. Also, the availability of qualified specialists, advancement in healthcare infrastructure, and significant market players are anticipated to propel the market over the projection years. The Asia Pacific region is expected to grow fast, pushed by the rising number of market players in countries like India, China, and Japan.
The advanced wound dressing segment accounted for the largest market share of 34% in 2023
The product segment is divided surgical & traditional wound care, wound therapy devices, and advanced wound dressing. The advanced wound dressing segment dominated the market, with a market share of around 34% in 2023. Due to the lower cost of wound dressings and their high efficiency in managing different types of wounds. Moreover, the increasing ageing population worldwide is also anticipated to expand the market growth.
The diabetic ulcers segment accounted for the largest market share of 27% in 2023
The type segment is divided venous ulcers, pressure ulcers, diabetic ulcers, and others. The diabetic ulcers segment dominated the market, with a market share of around 27% in 2023. The increase in the number of diabetic patients worldwide. Regardless, the pressure ulcers segment is expected to notice the fastest growth over the projection years due to the rising prevalence of obesity and related wounds.
The hospitals segment accounted for the largest market share of 28% in 2023
The end-use segment is divided homecare settings, hospitals, wound care centers, and others. The hospitals segment dominated the market, with a market share of around 28% in 2023. The high number of patients in hospitals suffering from chronic wound conditions leads to segment growth.
Custom Requirements can be requested for this report @ https://www.thebrainyinsights.com/enquiry/request-customization/13260
Advancement in market
April 2021: 3M Company founded 3M Spunlace Extended Wear Adhesive Tape on Liner, 4576. It has a more extended wear time of 21 days, providing user compliance and health and economic advantages.
Market Dynamics
Drivers: Increasing Diabetic Cases Lead to Chronic Wounds
Patients with diabetes have a 17% - 27% chance of developing a chronic wound. It is due to diabetes (high blood glucose levels) causes the arteries to harden and the blood vessels to narrow, which can cause poor circulation and restrict the ability of red and white blood cells to travel to wound sites. Diabetes can also cause peripheral neuropathy (nerve damage), particularly in the legs, feet, and ankles, which may generate a lack of sensation and improve a person’s risk of sustaining wounds in the lower extremities. Further, immune system problems and progressive inflammation, both are the common side effects of diabetes, can also contribute to slow recovery.
Restraint: Increased Expense of Treatment Restrict the Market
Even after a considerable number of patients dealing with chronic wound conditions, some limiting elements impact the growth of the market worldwide. The primary reason is the increased expense of products like wound care devices, advanced wound dressings, and bioactive products, associated with the demand for reimbursement for these products in rising countries.
Opportunity: Increasing cases of Chronic Wounds Form a favorable prospect for the market
The increasing cases of pressure ulcers, diabetic ulcers, and others are anticipated to boost the need for bandages, devices, and different therapies to treat these wounds. For example, a research article posted by National Center for Biotechnology Information in December 2021 reported an estimated 1.0 to 3.0 million people in the United States annually suffer from stress wounds of the skin and soft tissues. Furthermore, as per the data published by National Center for Biotechnology Information in 2021, it was reported that the incidence of diabetic foot ulcers in Japan was 2.9 per 1000 people per year. Hence, most different types of chronic wounds worldwide generate a high demand for treatment products and creates an opportunity for market growth.
Some of the major players operating in the chronic wound care market are:
• Smith & Nephew PLC
• Paul Hartmann AG
• Mölnlycke Health Care AB
• Medline Industries, Inc.
• Johnson & Johnson
• Derma Sciences (Integra LifeSciences)
• ConvaTec Group PLC
• Coloplast Corp.
• Baxter International
• 3M
Key Segments cover in the market:
By Product:
• Surgical & Traditional Wound Care
• Wound Therapy Devices
• Advanced Wound Dressing
By Type:
• Venous Ulcers
• Pressure Ulcers
• Diabetic Ulcers
• Others
By End-Use:
• Homecare Settings
• Hospitals
• Wound Care Centers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Have a question? Speak to Research Analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13260
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
