Pune, April 11, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Wound Care Market attained a valuation of USD 22.43 billion in 2022 and is projected to achieve a worth of USD 32.89 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.9% during the forecast period spanning from 2023 to 2030.
Market Overview
Wound care is a complex and specialized field that requires collaboration among healthcare professionals such as nurses, physicians, wound care specialists, and pharmacists. Together, they work to develop individualized wound care plans that are tailored to the unique needs of each patient. By addressing wounds with timely and effective care, healthcare professionals can help patients heal more quickly, prevent complications, and ultimately improve their quality of life.
Market Analysis
The drivers of the wound care market include factors such as the increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers, the rising geriatric population, advancements in wound care products and therapies, and the growing awareness regarding wound care management among healthcare professionals and patients. Additionally, the growing incidence of surgical procedures, traumatic injuries, and burns are also contributing to the growth of the market. The increasing healthcare expenditure and favorable reimbursement policies are also expected to drive the growth of the market in the coming years.
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Key Company Profiles Listed in this Report Are:
The key players are 3M Company, Smith & Nephew PLC, Mölnlycke Health Care AB, Acelity, ConvaTec Group PLC, Johnson & Johnson, Baxter, Coloplast Corp., Medtronic, 3M, Integra LifeSciences & Others.
Impact of Recession on Wound Care Market Growth
While a recession can have a negative impact on the wound care market, the critical nature of wound care and the resilience of the market make it likely that demand for wound care products and services will continue, albeit with potential changes in demand for specific types of products and shifts in the market towards more affordable solutions.
Wound Care Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 22.43 Billion |
| Market Size by 2030 | US$ 32.89 Billion |
| CAGR | CAGR of 4.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Wound Care Market: Key Segmentation | • By Product (Advanced Wound Care Products, Surgical Wound Care Products, Traditional Wound Care Products) • By Wound Type (Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous leg Ulcers, Burns, Others) • By End-User (Hospitals & Clinicals, Long-term Patient Care, Home Care Settings, Others) • By Distribution Channel (Institutional Sales, Retail Sales) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The North American wound care market is expected to continue to grow in the coming years, driven by the increasing incidence of chronic diseases, an aging population, and a growing demand for specialized wound care products. As healthcare providers and patients become increasingly aware of the importance of early intervention and specialized care for wounds, the demand for wound care products and therapies is expected to increase.
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Key Takeaway from Wound Care Market Study
- The advanced wound care segment is expected to continue to dominate the market in the coming years, as healthcare providers increasingly recognize the importance of these products in improving patient outcomes and reducing healthcare costs.
- The chronic wound care segment is poised to take the lead in the market, driven by the rising prevalence of chronic diseases and an aging population. As healthcare providers continue to focus on the prevention and management of chronic wounds, the demand for specialized products and therapies is expected to increase.
Recent Developments Related to Wound Care Market
- Vaporox, a medical device company, has received clearance from the US Food and Drug Administration (FDA) for its VHT-200 wound care device. The VHT-200 is a non-invasive medical device that uses a combination of heat and vapor to promote wound healing. This clearance from the FDA means that Vaporox can now market and sell the VHT-200 in the United States.
- Convatec, a leading medical technology company, has received approval from the US Food and Drug Administration (FDA) for its innovative wound management product, InnovaMatrix PD. This cutting-edge product is designed to provide effective wound healing and management, using advanced matrix technology that promotes the growth of new tissue and supports the body's natural healing process.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Wound Care Market Segmentation, By Product
9. Wound Care Market Segmentation, By Wound Type
10. Wound Care Market Segmentation, By End-User
11. Wound Care Market Segmentation, By Distribution Channel
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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