Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Global Wound Care Market: Analysis By Product, By Application, By Mode of Purchase, By End User, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global wound care market value in 2023 stood at US$22.06 billion, and is likely to reach US$30.01 billion by 2029. The global wound care market value is projected to grow at a CAGR of 5.26%, during the forecast period of 2024-2029.
The wound care market has experienced significant growth over the years primarily due to advancements in wound care technologies and treatments, which offer more effective management of complex and chronic wounds. The rise in the global elderly population, increased prevalence of chronic conditions like diabetes, and a greater focus on improving patient outcomes have also driven market expansion.
The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in September 2023, MiMedx Group, Inc. launched EPIEFFECT, an advanced wound care solution, to expand its product portfolio. Also, in May 2023, Smith & Nephew received an innovative technology contract from Vizient, Inc. for its PICO Single Use Negative Pressure Wound Therapy Systems.
North America wound care market enjoyed the highest market share in 2023 due to the region's advanced healthcare infrastructure, high prevalence of chronic diseases, and significant investment in medical technologies. The presence of leading wound care companies and a well-established network of healthcare providers contribute to the region's dominance. Additionally, North America benefits from a robust healthcare reimbursement system that supports the adoption of advanced wound care solutions. The growing elderly population and increasing awareness about innovative wound care treatments further drive market growth in this region. The combination of these factors positions North America as a leader in the global wound care market.
While, Asia Pacific region has been experiencing the fastest growth in the global wound care market due to several key factors, including rapid economic development, a large and aging population, and increasing healthcare investments. The region's expanding healthcare infrastructure and rising prevalence of chronic diseases such as diabetes and hypertension have driven demand for advanced wound care solutions. Additionally, growing awareness about wound care and improvements in healthcare access contribute to the market's expansion. The influx of multinational companies investing in the region and local innovations in wound care technologies further accelerate growth, making Asia Pacific a dynamic and rapidly evolving market for wound care products and services.
Additionally, growing awareness about wound care and innovations in advanced wound dressings and therapies have further contributed to the sector's growth. Other significant trends including advancements in wound care products, rising demand for home healthcare, telemedicine and remote monitoring, growth of bioactive wound care products, growth in emerging markets, etc. are expected to drive market growth further.
Market Segmentation Analysis:
By Product: According to the report, the global wound care market is bifurcated into four segments based on the product: advanced wound care, traditional wound care, wound therapy devices and surgical wound care.
Advanced Wound Care segment acquired majority of share in the market in 2023 and is the fastest growing segment as well due to its superior ability to address complex and chronic wounds more effectively than traditional methods. This segment includes innovative products such as advanced dressings, biologics, and skin substitutes that promote faster healing and better outcomes.
The increasing prevalence of chronic conditions like diabetes and obesity, which lead to complex wound types, has driven demand for these advanced solutions. Additionally, the segment benefits from ongoing technological advancements and a focus on personalized wound care, contributing to its rapid growth and dominant market position.
By Application: According to the report, the global wound care market is bifurcated into two applications: chronic and acute.
Chronic segment acquired majority of share in the market in 2023 and is the fastest growing segment as well due to the increasing prevalence of chronic conditions such as diabetes, venous ulcers, and pressure sores, which require ongoing, specialized care. Chronic wounds present persistent challenges and demand advanced and prolonged treatment solutions, driving significant market growth. The aging population and the prevalence of lifestyle-related diseases have further exacerbated the need for effective chronic wound management. Additionally, the continuous advancements in wound care technologies tailored for chronic wounds contribute to this segment's dominant market position and rapid expansion.
By Mode of Purchase: According to the report, the global wound care market is bifurcated into two modes of purchase: Prescribed and non-prescribed.
Prescribed segment acquired majority of share in the market in 2023, and is the fastest growing segment as well due to the increasing reliance on healthcare professionals for wound management. Prescribed wound care products are typically recommended by healthcare providers based on specific patient needs, ensuring more precise and effective treatment.
This segment benefits from the growing prevalence of complex and chronic wounds that require specialized and regulated care, as well as from the expansion of healthcare infrastructure and the emphasis on personalized medicine. The rising demand for high-quality, evidence-based wound care solutions further drives the growth of the prescribed segment, reflecting its critical role in optimal patient outcomes.
By End-user: According to the report, the global wound care market is bifurcated into four end-users: hospitals, specialty clinics, home care settings and others.
Hospitals segment acquired majority of share in the market in 2023 due to the high volume of wound care procedures performed in these settings, including complex surgeries and advanced wound management treatments. Hospitals are equipped with specialized facilities and a range of advanced wound care technologies necessary for addressing severe and intricate wounds. The prevalence of acute and chronic wounds among hospitalized patients, coupled with the need for continuous and comprehensive care, drives significant demand for wound care products and services in hospitals.
However, the home care settings segment is expected to be the fastest-growing due to a shifting preference towards in-home care driven by factors such as cost-effectiveness, patient comfort, and a desire for personalized care. Advances in wound care technologies have made it feasible for complex wound management to be conducted outside of hospital environments, allowing patients to receive high-quality care in the comfort of their homes. Additionally, the rise in home healthcare services and remote monitoring technologies supports effective management of wounds at home, contributing to the segment's rapid growth.
Competitive Landscape and Recent Developments:
The global wound care market is fragmented and competitive catering to domestic and international demand. Players operating in the global wound care market focus on providing high-quality products to fulfill customer demand. These players have a well-established customer base and dominate the market ranking with a high market share in the global wound care market.
Market Dynamics
Growth Drivers
- Surging Geriatric Population
- Rising Healthcare Expenditure
- Increasing Spread of Chronic Diseases
- Rise in Traumatic Injuries
- Increase in Surgical Procedures
- Favorable Government Initiatives
Challenges
- High Costs
- Complexity of Wound Care
Market Trends
- Advancements in Wound Care Products
- Rising Demand for Home Healthcare
- Telemedicine and Remote Monitoring
- Growth of Bioactive Wound Care Products
- Growth in Emerging Markets
Companies Featured
- Smith & Nephew Plc
- Baxter International Inc.
- Integra LifeSciences Holdings Corporation
- Convatec Group Plc
- Coloplast Group
- Molnlycke AB
- Johnson & Johnson (Ethicon Inc.)
- Medtronic plc
- Cardinal Health, Inc.
- 3M Company
- Zimmer Biomet Holdings, Inc.
- PAUL HARTMANN AG
- MiMedx Group, Inc.
- Medline Industries, LP
- DeRoyal Industries, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2wdv0i
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
