Chicago, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The wound care industry is poised for remarkable advancements in the near future. With a growing aging population, rising instances of chronic diseases, and an increased focus on healthcare quality, the industry is expected to witness innovative technologies and treatments. Personalized wound care solutions, including smart dressings and 3D-printed tissue scaffolds, will become more accessible, enhancing patient outcomes. Furthermore, telemedicine and remote monitoring will play a pivotal role in delivering timely wound care, reducing healthcare costs and improving patient convenience. Overall, the wound care industry in the near future promises to revolutionize the way wounds are managed, offering more effective, patient-centric, and efficient solutions.
Wound Care market in terms of revenue was estimated to be worth $21.5 billion in 2023 and is poised to reach $28.6 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™.
Growing preference for addressing diseases and health conditions that affect wound healing capabilities, along with the increasing prevalence of conditions like diabetes and obesity, are significant factors driving the wound care market. These conditions often lead to chronic wounds, necessitating advanced wound care solutions. Moreover, emerging economies such as India and Japan are presenting lucrative opportunities for companies operating in the wound care market. The rising awareness about advanced wound care products and an expanding healthcare infrastructure in these regions contribute to the market's growth potential, attracting both local and international players to invest and expand their presence.
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Wound Care Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $21.5 billion |
| Estimated Value by 2028 | $28.6 billion |
| Growth Rate | Poised to grow at a CAGR of 5.9% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, wound type, end user and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growth opportunities in emerging economies |
| Key Market Drivers | Rise in the prevalence of diseases and conditions that impact wound healing capabilities |
Wound Care market major players covered in the report, such as:
- 3M Company (US)
- Smith & Nephew PLC (UK)
- Cardinal Health (US)
- Medtronic PLC (Ireland)
- B. Braun Melsungen AG (Germany)
- Baxter International, Inc. (US)
- Mölnlycke Health Care AB (Sweden)
- Convatec Group (UK)
- Paul Hartmann AG (Germany)
- Coloplast A/S (Denmark)
- Organogenesis Holdings Inc. (US)
- MiMedx Group, Inc. (US)
- Integra Life Sciences Holdings Corporation (US)
- Bioventus (US)
- Zimmer Biomet Holdings, Inc. (US)
- Ethicon, Inc. (US)
- DeRoyal Industries (US)
- Kerecis (Iceland)
- Acell (US)
- Lohmann & Rauscher GmbH & Co. KG (Germany)
- Medela Ag (Switzerland)
- Talley Group (UK)
- Welcare Industries SPA (Italy)
- Wuhan VSD Medical Science & Technology Co. Ltd. (China)
- Pensar Medical (US)
- Haromed BVBA (Belgium)
- DermaRite Industries LLC (US)
- Medline Industries, Inc. (US)
- Advancis Medical LLC (UK)
- Mil Laboratories Pvt. Ltd. (India)
- and Among Others
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This report categorizes the wound care market into the following segments and subsegments:
By Product
- Advanced Wound Care Products
- Surgical Wound Care Products
- Traditional Wound Care Products
By Wound Type
- Acute Wound
- Surgical & Traumatic Wounds
- Burns
- Chronic Wound
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Other Chronic Wounds
By End User
- Hospitals and Clinics
- Long-term patient care
- Home care settings
- Other end users
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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The key stakeholders in the Wound Care market include:
- Wound care product manufacturers
- Wound care associations
- Research and consulting firms
- Distributors of wound care devices
- Contract manufacturers of wound care products
- Healthcare institutes (hospitals, medical schools, diagnostic centers, and outpatient clinics)
- Research institutes
- Venture capitalists
Recent Developments:
- In January 2023, Convatec Group (UK) launched ConvaFoam, which can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection.
- In September 2022, MiMedx Group, Inc. (US) launched of AMNIOEFFECT, a tri-layer PURION processed human tissue allograft consisting of the amnion, intermediate, and chorion membrane layers of the placenta.
- In April 2021, 3M Company launched 3M Spunlace Extended Wear Adhesive Tape on Liner, 4576. It has a longer wear time of 21 days that provides user compliance and health and economic benefits.
- In May 2021, Smith & Nephew launched ARIA Home PT, a remote physical therapy product as part of the ARIA suite of solutions.
- In March 2020, Cardinal Health launched surgical drape that features Avery Dennison's patented BeneHold CHG adhesive technology, which helps reduce the risk of surgical site contamination.
Frequently Asked Questions (FAQs) of Wound Care Market:
What are the recent trends affecting the wound care market?
The cost associated with advanced wound care products and treatments can be a significant restraint, limiting accessibility for some patients and healthcare systems, particularly in developing regions and shortage of healthcare professionals with specialized wound care training and expertise can limit the effective use of advanced wound care products and techniques, affecting patient outcomes.
What are the major products of wound care market?
The wound care market is categorized into three product segments: advanced wound care products, surgical wound care products, and traditional wound care products. During 2022, the segment with the largest market share was advanced wound care products. The growth in this segment is propelled by the escalating use of regenerative medicine for effective wound management.
Who are the key players in the wound care market?
The key players in this market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Mölnlycke Health Care AB (Sweden), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Organogenesis Holdings Inc. (US), MiMedx Group, Inc. (US), Integra Life Sciences Holdings Corporation (US), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Ethicon, Inc. (US), DeRoyal Industries (US), Kerecis (Iceland), Acell (US), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela Ag (Switzerland), Talley Group (UK), Welcare Industries SPA (Italy), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Pensar Medical (US), Haromed BVBA (Belgium), DermaRite Industries LLC (US), Medline Industries, Inc. (US), Advancis Medical LLC (UK), Mil Laboratories Pvt. Ltd. (India).
Which are the major wound type of wound care market?
Based on wound type, the wound care market has been segmented into surgical & traumatic wounds, burns, diabetic foot ulcers, pressure ulcers, venous leg ulcers and other chronic wounds. In 2022, the diabetic foot ulcers segment accounted for the largest share of the wound care market.
Which are the major end users of wound care market?
Based on end user, the wound care market has been segmented into hospitals and clinics, long-term patient care, home care settings and other end users. In 2022, the hospitals and clinics segment accounted for the largest share of the wound care market. The advancement of novel technologies within advanced wound care market is driving the growth of this segment.
Which region is lucrative for the wound care market?
Countries like China, India, and Japan, the burgeoning economies within the Asia Pacific region are poised to emerge as highly profitable markets for the wound care sector.
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Report Objectives:
- To define, describe, segment, and forecast the global wound care market, by product, wound type, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges.
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the overall wound care market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, collaborations, agreements, expansions, and other developments
- To benchmark players within the market using the proprietary “Company Evaluation Matrix” framework, which analyzes market players on various parameters within the broad categories of business and product strategy
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