Pune, India, April 01, 2022 (GLOBE NEWSWIRE) -- The chronic wound care market size is predicted to reach USD 19.52 billion by 2029 and exhibit a CAGR of 6.7% during the projected period. Fortune Business InsightsTM has presented this information in its report titled, “Chronic Wound Care Market, 2022-2029”. The market stood at USD 11.61 billion in 2021 and USD 12.36 billion in 2022.
Industry Developments-
June 2021: ConvaTec Group PLC announced a collaboration with RLS Global in June with the goal of distributing Chromasolv, a gentle wound debrider, in the European market first, followed by the U.S. market and the rest of the world.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.7% |
| 2029 Value Projection | USD 19.52 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 12.36 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | By Product, By End User, By Geography |
| Growth Drivers | Reduction in Number of Patient Visits for Wound Care during COVID-19 Pandemic will have an Adverse Effect on the Market |
| Growing Prevalence of Chronic Wounds to Drive the Demand for Treatment | |
| Technological Advancements in Treatment Options is Propelling Market Growth |
Demand for Treatment will Increase due to the Growing Prevalence of Chronic Wounds
- Diabetes, pressure ulcers and other wounds are projected to raise the demand for active therapies, dressings, and devices according to the Centers for Disease Control and Prevention.
- According to a research article published by the National Center for Biotechnology Information in December 2021, pressure injuries to soft tissue and skin affect approximately 1.0 to 3.0 million people each year in the U.S.
- In addition, according to data published by the National Center for Biotechnology Information in 2021, the incidence of diabetic foot ulcers in Japan was 2.9 per 1000 people per year.
- Consequently, the prevalence of various kinds of chronic wounds around the world is fueling the need for treatment products and, as a result, boosting the adoption of devices, wound dressings, and other items.
- However, the high costs of wound care devices, dressings, and bioactive products in developing countries coupled with the lack of refund policies for these products may hinder the chronic wound care market growth.
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COVID-19 Impact-
A few medical device segments have suffered because of the reduction in healthcare and non-essential technique services caused by the COVID-19 pandemic. As a result of this factor, various chronic wound care procedures have been removed from the list of essential procedures and are now considered elective in many countries. The wound care departments of specialty clinics and hospitals have temporarily ceased operations and are only accepting emergency cases.
As a result, the number of patients visiting healthcare facilities for wound care has decreased significantly. However, the majority of countries' implementation of strict lockdown and COVID-19 restrictions in 2021, combined with an increase in patient visits to hospitals and wound care centers, fueled demand and adoption of wound care items. This factor has propelled market growth at a faster rate than expected in 2021.
North America Dominates the Global Market Owing to the Increasing Prevalence of Chronic Diseases
The North American chronic wound care market share was valued at USD 4.40 billion in 2021. Several factors account for the superiority of this region, including the increasing prevalence of chronic wounds, appropriate refund policies and higher treatment costs in Canada and the U.S. As a result of the large patient pool suffering from chronic wounds, there is a growing demand for and adoption of wound care products, which is responsible for this region's market dominance.
Europe is expected to grow at a significant CAGR during the projected period, owing to an increase in the patient population with chronic wounds, as well as a high expense on the treatment of pressure ulcers, diabetic ulcers, venous ulcers, and other conditions.
The Asia Pacific chronic wound care market is expected to grow at a faster CAGR because of the region's constant focus on market players. Lower diagnosis and treatment rates in emerging countries, particularly in China and India, have been critical in explaining the region's low market share.
Due to a lack of awareness about wound care, lower per capita income, and inadequate reimbursement policies in these regions, Latin America, the Middle East, and Africa accounted for a comparatively smaller share of the market.
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List of Key Market Players:
- Smith & Nephew (U.K.)
- mölnlycke Health Care AB (Sweden)
- 3M (U.S.)
- ConvaTec Group PLC (U.K.)
- Tissue Regenix (U.S.)
- B. Braun Melsungen AG (Germany)
- Integra LifeSciences Corporation (U.S.)
- Coloplast Corp (Denmark)
- Cardinal Health (Ohio)
- MiMedx (U.S.)
- Triad Life Sciences, Inc. (U.S.)
Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Wounds, Key Countries/Region, 2021
- New Product Launches, By Key Players
- Key Industry Developments (Mergers, Acquisitions, etc.)
- Impact of COVID-19 on the Global Chronic Wound Care Market
- Key Players: Analyzing the Impact of Covid-19
- Global Chronic Wound Care Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diabetic Ulcers
- Pressure Ulcers
- Venous Ulcers
- Others
- Market Analysis, Insights and Forecast – By Product
- Advanced Wound Dressings
- Wound Care Devices
- Active Therapy
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Wound Care Centers
- Homecare Settings & Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
ToC Continue…!
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