Dublin, June 20, 2023 (GLOBE NEWSWIRE) -- The "Wound Care Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Wound Type, and End User" report has been added to ResearchAndMarkets.com's offering.
The wound care market is expected to reach US$ 26,994.01 million by 2028 from US$ 19,350.76 million in 2022; it is estimated to record a CAGR of 5.7% from 2022 to 2028.
Increase in the number of wounds and surgical procedures and rise in new product launches and strategic collaborations are among the key factors driving the wound care market growth. However, surge in product recalls & high cost of wound care hinder the wound care market growth.
The significantly growing incidence of road traffic injuries and the rising prevalence of chronic diseases and related wounds compelled medical device manufacturers to develop and launch new products and obtain regulatory approvals for them. Major companies in the wound care market allocate significant resources to research and development activities to come up with new offerings. A few recent product launches and developments in the wound care market are mentioned below:
In July 2022, Smith+Nephew announced the launch of the WOUND COMPASS Clinical Support App. The WOUND COMPASS, Clinical Support App, is a comprehensive digital support tool for healthcare professionals that aids wound assessment and decision-making to help reduce practice variation.
In June 2022, Ethicon announced the launch of ECHELON 3000 Stapler in the US. This digitally enabled device provides surgeons with simple, one-handed powered articulation to help address the unique needs of their patients. It is designed with 39% greater jaw aperture and a 27% greater articulation span. ECHELON 3000 gives surgeons better access and control over each transection, even in tight spaces and on challenging tissue.
Combined with software that provides real-time haptic and audible device feedback, these features enable surgeons to make critical adjustments during procedures. In March 2022, WoundGenex announced a strategic partnership with MiMedx Group, Inc. to launch an exclusive version of WoundGenex's Premier Graft Program to its clients across the country, providing clinicians access to industry-leading allograft products through a convenient purchasing option.
The partnership adds the portfolio of MIMEDX advanced wound care products to the list of treatment options available to clinicians who rely on WoundGenex's expertise in clinical documentation requirements, wound care revenue cycle, and reimbursement policies. In March 2022, Convatec Group Plc announced the complete acquisition of Triad Life Sciences Inc ('Triad').
The Triad team's current portfolio and product pipeline will transition to Convatec's Advanced Wound Care (AWC) business. In November 2021, Convatec extended its contract for Advanced Wound Care Products with Vizient, Inc. The agreement is effective beginning February 1, 2022 and will extend until January 31, 2025.An increase in the number of developments and launches of such innovative products, along with business acquisitions and collaborations, boosts the growth of the wound care market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $19350.76 million |
| Forecasted Market Value (USD) by 2028 | $26994.01 million |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Cases of Road Traffic Injuries
- Rising Prevalence of Chronic Diseases and Related Wounds
Restraints
- Challenges in Wound Care Management and Increase in Product Recalls
Opportunities
- Increasing Number of Product Launches, Approvals, Collaborations, and Research Activities
Future Trends
- Growing Adoption of Advanced Wound Dressings
Companies Mentioned
- Smith & Nephew
- Ethicon USA LLC
- Convatec Group Plc
- BAXTER International Inc.
- COLOPLAST AS
- Paul HARTMANN AG
- MEDTRONIC PLC
- 3M COMPANY
- MIMEDX
- Integra LifeSciences Holdings Corporation
For more information about this report visit https://www.researchandmarkets.com/r/35mvvn
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