Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The "Wound Care Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Wound Care Market was valued at USD 33.13 billion in 2023, and is expected to reach USD 46.77 billion by 2029, rising at a CAGR of 5.92%.
The APAC region shows significant growth, with the fastest-growing CAGR of 7.46% in the global wound care market during the forecast period. In APAC, the market growth is attributed to some key reasons, such as significant growth in the aging population, associated chronic health burdens, and rising volume of surgical procedures.
Meanwhile, chronic diseases such as CVD, diabetes, cancer, and chronic respiratory diseases are on the rise and account for more than 61% of deaths in the region. Furthermore, some smart technologies, such as smart wound and bioactive dressing, are becoming more popular in the region. These factors increased the demand for advanced wound care technologies in health systems.
This global wound care market report consists of exclusive data on 60 vendors. The market is highly fragmented, and large corporations dominate it. However, there are significant growth opportunities for new entrants. Though major players dominate the market, many small companies are coming into existence with innovative products and technologies.
3M, B. Braun SE, Cardinal Health, Convatec Group PLC, Medtronic, Molnlycke Health Care, PAUL HARTMANN AG, Smith & Nephew, Coloplast Group, and Johnson & Johnson (Ethicon) are the leading companies accounting for major market share. These vendors continuously develop and invest in the refurbishment of medical equipment development and are expected to dominate the market with continued engagement in the advancement of refurbished medical equipment.
Recent Developments in the Global Wound Care Market
- In 2024, Convatec Group Plc revealed a significant advanced wound care clinical study result (AQUACEL Ag+) Extra dressing product in venous leg ulcer management.
- In 2024, Molnlycke Health Care acquired the leading wound cleansing and moisturizing manufacturing company, P.G.F. Industry Solutions GmbH, strengthening its wound care portfolio.
- In 2024, Molnlycke Health Care announced an investment of around USD 15 million in mediWound Ltd - a next-generation enzymatic therapeutic company focused on non-surgical wound debridement.
- In 2023, Coloplast acquired Kerecis- one of the pioneering wound care companies- for up to USD 1.3 billion, which will further expand Coloplast's burn skin wound care portfolio.
- In 2022, Convatec Group Plc acquired Triad Life Sciences Inc. This acquisition transferred Triad's portfolio to Convatec's Advanced Wound Care business segment as Convatec Advanced Tissue Technologies.
- Coloplast company initiated the Wound Care Partnership Program (WCPP) with Primary Care Warwickshire, intending to improve the outcomes for the local patient population with wounds in the UK in 2021
- In 2019, 3M acquired specialty surgical solutions and the advanced wound care segment of Acelity and its Subsidiary KCI to expand the company's portfolio.
Emergence of Next-generation Smart Dressings
The development of smart bandage technology offers more potential benefits in chronic wound management and can even help in healing procedures. Instead of passive dressing, medical professionals can use wireless technology-based smart dressing to help detect inflammation, problems, or infection with blood flow and alert patients and medical professionals through Bluetooth technology while delivering real-time treatment.
Smart bandages developed with various cutting-edge materials, including bioelectronic materials, can help heal by delivering electric stimulation to cells and tissues.
Recent Technology Advances in Chronic Wound Care
Recent advances in stem cells, cell & gene therapy, bioengineered allogeneic cellular therapies, and xenograft cellular matrix are revolutionizing the chronic wound care segment. Wound healing involves coordinated spatiotemporal and complex procedures in various cell types to promote proliferation, hemostasis, migration, reepithelization, extracellular matrix deposition, and remolding to restore skin integrity.
Bioengineered allogeneic cellular therapies have recently become popular in chronic wound management. A recently developed StrateGraft - a viable bioengineered allogenic cellularized construct approved by the US Food & Drug Administration for thermal burns in adults containing intact dermal elements offers highly effective and rapid chronic wound healing.
The Presence of Significant Potential Patient Population
Worldwide, the incidence of chronic wounds is rapidly rising due to the increasing aging population and associated incidence of chronic diseases. Individuals who live with chronic wounds often have multiple clinical conditions that can make healing their wounds extremely complex. The Wound Asia Report 2024 reported chronic wounds are a global public health concern and significant demand for healthcare resources from healthcare systems, providers, and patients.
Apart from that, complications associated with surgical wound care solutions, product recall and stringent regulations, and concern about wound care costs are some of the challenges to the market growth.
Complications Associated with Surgical Wound Care Solutions
There are several complications associated with the usage of surgical wound closure devices. For instance, surgical sealants are associated with certain limitations. Since sealants are manufactured from human plasma, they are expensive and less available compared to synthetic materials. The possibility of disease transmission associated with blood products is a major limitation, hampering the widespread application of natural surgical sealants.
It is estimated that more than one million people in the United States develop serious cases of sepsis annually, and as many as half of them die. Wound dehiscence usually occurs if the wound splits open or the surgical incision breaks along the suture. It is another most common complication associated with surgical wound closure devices.
INSIGHTS BY PRODUCT TYPE
The global wound care market by product type is segmented into advanced wound care products, sutures, and stapling devices, traditional wound care products, hemostats, and surgical sealants. The advanced wound care products segment dominates the market with the largest share of 39%. Advanced wound care products are commonly used to promote rapid wound healing. Most chronic wounds, such as venous leg ulcers, diabetic foot ulcers, and pressure injuries, are widely treated with advanced wound care products. The wound healing rate is better in moist environments, which led to increased use of moisture-retaining dressing material in regular clinical practices.
A huge innovation is happening in the advanced wound care segment, where rapid wound recovery and healing properties of advanced wound care solutions and increased attention from medical professionals have accelerated segmental growth. Advanced wound care plays a major role in treating burn wounds, especially in treating large target patients. Furthermore, the innovation in biotechnology and tissue engineering has also led to the introduction of advanced wound care products.
INSIGHTS BY WOUND TYPE
The global wound care market by wound type is categorized into acute wounds and chronic wounds. The acute wound segment shows significant growth, with the fastest-growing CAGR during the forecast period. Acute wounds are significantly prevalent and pose a huge burden on healthcare systems. It includes general to severe injuries and surgical wounds.
The increasing prevalence of unintentional injuries and rising volume of surgical procedures led to the growing burden of acute wound and surgical site infections, and these factors boost segmental growth. With smart sutures and the development of adhesives that replace the sutures, infection indicators are increasing and providing promising solutions for the acute wound cure.
INSIGHTS BY END-USER
Based on the end-user, the hospitals and specialty wound care segment dominates with the largest global wound care market share. Hospitals are the leading revenue generator for wound care markets. They offer a wide range of medical services & specialties and deliver the capability to treat several acute and chronic wound conditions.
Hospitals have sophisticated healthcare infrastructure and often perform highly complex diagnosis, treatment, monitoring, and surgical procedures. They employ a skilled workforce and have access to advanced equipment, leading to increased demand for wound care products. Specialty wound care clinics are the major point of contact for any wound. Specialty wound care clinics offer a wide range of services, from emergency conditions to minor surgeries such as tissue closures to avoid excessive blood loss and specialty surgeries, thus helping segmental growth.
Key Vendors
- 3M
- B. Braun SE
- Cardinal Health
- Convatec Group Plc
- Medtronic
- Molnlycke Health Care
- PAUL HARTMANN AG
- Smith & Nephew
- Coloplast Group
- Johnson & Johnson (Ethicon)
Other Prominent Vendors
- ACell
- AediCell
- AlloSource
- AMERX Health Care
- AOTI
- Integra LifeSciences Corporation
- Baxter
- CONMED Corporation
- Cork Medical
- CRYOLIFE
- DeRoyal Industries
- Hollister Incorporated
- Intuitive Surgical
- Medline Industries
- MiMedx
- MPM Medical
- MTF Biologics
- Organogenesis
- SYNOVIS MICRO COMPANIES ALLIANCE
- Axio Biosolutions
- Changzhou Haida Medical Equipment
- CryoLife (Artivion)
- Frankenman International
- GPC Medical
- Meril Life Sciences
- Orion Sutures
- Reach Surgical
- Suture India (Healthium Medtech Limited)
- TRIAGE MEDITECH
- Waston Medical Corporation
- Advancis Medical
- BD
- BSN Medical - Essity Health & Medical
- BTI Biotechnology Institute
- Vivostat
- Carilex Medical
- Cohera Medical
- Covalon Technologies
- Grena
- Intuitive Surgical Operations
- LOHMANN & RAUSCHER (L&R)
- Ocular Therapeutix
- Peters Surgical
- Purple Surgical
- URGO GROUP
- Sealantis
- Sechrist Industries
- Sonoma Pharmaceuticals
- Talley Group
- Tricol Biomedical
KEY QUESTIONS ANSWERED
1. How big is the global wound care market?
2. What are the key drivers of the global wound care market?
3. What is the growth rate of the global wound care market?
4. Who are the major players in the global wound care market?
5. Which region is the fastest-growing in the global wound care market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $33.13 Billion |
| Forecasted Market Value (USD) by 2029 | $46.77 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9ils98
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