Westford, USA, Oct. 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Wound Care Market will attain the value of USD 16.32 Billion by 2031, with a CAGR of 3.1% during the forecast period (2024-2031). The growth of wound care market can be attributed to factors such as increasing aging population, increasing incidence of chronic wounds, advancements in wound care technology. Furthermore, there is growing awareness of its importance that wound management and availability of advanced wound care products drives market growth.
Wound Care Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 13.18 Billion |
| Estimated Value by 2031 | USD 16.32 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End-use, Mode of Purchase, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Demand for Home Healthcare Solutions |
| Key Market Drivers | Growing Prevalence of Chronic Diseases |
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Wound Care Market Segmental Analysis
The Global Wound Care Market is segmented into Product, Application, End Use, and Region.
Based on Product, the market is segmented into Advanced Wound Dressing, Surgical Wound Dressing, and Traditional Wound Dressing.
Based on Application, the market is segmented into Chronic Wound and Acute Wound.
Based on End Use, the market is segmented into Hospitals, Specialty Clinics, Home Healthcare, Physician’s Office, Nursing Homes, and Others.
By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Institutional Sales Segment to Dominate Due to High Volume of Patients in Hospitals and Clinics
The institutional sales segment is dominating in the market. Manufacturers of wound care products can also sell the products directly to healthcare providers, such as hospitals and clinics, or to patients through direct-to-consumer marketing. This approach can provide significant potential on how it is distributed to enable manufacturers to build relationships with their customers. Marketing companies consist of direct distributors and specialists. Hospitals, clinics, wound care centers, and other health care facilities, such as nursing homes, long-term care facilities, research centers, and maternity care centers, often have contracts and relationships that it lasts longer with the distributors and manufacturers.
Home Healthcare Segment to Drive Market Due to Introduction of Single-use NPWT Systems
The home healthcare segment is expected to grow at the fastest pace at a CAGR of 5.51% during the forecast period. During the pandemic outbreak, home healthcare wound care products were more in demand. Wound care in home care centers begins primarily with the introduction of single-use NPWT systems. These devices are small, portable and easy to use. In addition, the cost of such wound healing also encourages patients to opt for home care facilities during their hospital stay.
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Asia Pacific is Growing Due to Increasing Incidence of Chronic Diseases
The Asia Pacific region is estimated to witness the highest growth in the wound care market at a CAGR of 4.8% during the forecast period. The presence of developing countries such as China, India and Japan are expected to drive the market growth in this region. This can be attributed to the increasing lifestyle changes that are contributing to the increased incidence of chronic diseases in the region. Furthermore, technological advancement, increasing age population, increasing incidence of chronic diseases like diabetes & cancer are expected to boost the growth of the regional market. Thus, Asia Pacific is expected to witness the fastest growth during the forecast period due to the aforementioned factors.
Drivers
- Growing Prevalence of Chronic Diseases
- Technological Advancements
- Rise in the Aging Population
Restraints
- Limited Awareness in Developing Regions
- Regulatory Hurdles and Approvals
- High Cost of Advanced Wound Care Products
Prominent Players in Wound Care Market
- Smith & Nephew
- Mölnlycke Health Care AB
- ConvaTec Group PLC
- Ethicon (Johnson & Johnson)
- Baxter International
- URGO Medical
- Coloplast Corp.
- Medtronic
- 3M
- Derma Sciences Inc. (Integra LifeSciences)
- Medline Industries
- Advancis Medical
- B. Braun Melsungen AG
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Key Questions Answered in Wound Care Market Report
- How big is the Global Wound Care Market?
- What are the key drivers of Global Wound Care Market size?
- Which is the fastest growing region in the Global Wound Care Market?
This report provides the following insights:
Analysis of key drivers (growing prevalence of chronic diseases, technological advancements, rise in the aging population), restraints (regulatory hurdles and approvals, high cost of advanced wound care products), opportunities (rising demand for home healthcare solutions), influencing the growth of Wound Care Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Wound Care Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Wound Care Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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