New York, March 08, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Wound Care Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Advanced Wound Dressing, Surgical Wound Care, Traditional Wound Care, and Wound Therapy Devices), Wound Type (Chronic Wound and Acute Wound), and End User (Hospital, Specialty Clinics, Home Healthcare, and Others)”, the global wound care market growth is fuelled by the rising prevalence of chronic diseases & related wounds, increasing cases of road traffic injuries and growing adoption of advanced wound dressings.
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Global Wound Care Market – Report Scope:
| Market Size Value in | USD 19.35 Billion in 2022 |
| Market Size Value by | USD 26.99 Billion by 2028 |
| Growth rate | CAGR of 5.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 310 |
| No. of Tables | 247 |
| No. of Charts & Figures | 97 |
| Historical data available | Yes |
| Segments covered | Product, Wound Type, and End User |
Global Wound Care Market: Competitive Landscape
Smith & Nephew, Ethicon USA LLC, Convatec Group Plc, BAXTER International Inc., COLOPLAST AS, Paul HARTMANN AG, MEDTRONIC PLC, 3M COMPANY, MIMEDX, and Integra LifeSciences Holdings Corporation are among the leading companies operating in the global wound care market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the wound care market.
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Increasing Number of Product Launches, Approvals, Collaborations, and Research Activities in Wound Care to Offer Opportunities for Global Wound Care Market Growth During (2022-2028):
The wound care market experiences various changes in the technology landscape, enabling players to develop innovative products. State-of-the-art products may assist in conferring improved health conditions. Leading companies consolidate the market through various R&D activities to offer modern products.
A few recent important product launches, approvals, and collaborations in the wound care market are listed below:
In March 2022, Swift Medical launched Swift 1 to treat skin and wound conditions. The device's imaging capabilities can detect complications on any skin tone allowing clinicians to treat all patients effectively.
In October 2021, Healthium Medtech Limited launched TRUSHIELD NXT surgical wound dressing. The product has patents in the US, Europe, and India.
In June 2021, Bactiguard and German company Schülke & Mayr GmbH (schülke) signed an exclusive distribution agreement for Bactiguard wound care solutions for German hospitals.
In February 2021, AxioBiosolutions announced that it received CE certification from Europe for its next-generation advanced wound care product range, MaxioCel.
In June 2021, MiMedx received regulatory approval from the Japanese Ministry of Health, Labor, and Welfare to commercialize its product EPIFIX in Japan.
To support market development, the governments of many countries have invested in clinical research infrastructure for wound care. The UK has the most integrated clinical research infrastructure across the world, with specialist clinical research networks coordinating the fast-tracking and delivery of clinical trials. According to GOV.UK, in 2018, there were 102 active NHS wound-care clinical trials. Thus, the rise in product launches, approvals, collaborations, and research infrastructure is expected to offer lucrative opportunities for the wound care market during the forecast period.
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Wound Care Market: Segmental Overview
The wound care market, by type, is segmented into advanced wound dressing, surgical wound care, traditional wound care, and wound therapy devices. The advanced wound dressing segment held a larger market share in 2022 and is anticipated to register a higher CAGR during the forecast period (2022–2028). Advanced wound dressings are used to treat hard-to-heal wounds. Generally, these wounds are caused or are the common side-effects of pressure ulcers, obesity, diabetes, and age-related vascular diseases. The incidences are growing exponentially worldwide. As a result, financial burden of wounds on healthcare services has increased and provoked technical advancements for advanced wound dressing.
Technological advancements have enabled the use of suitable materials for wound dressings that can treat different wound types. The materials used for dressings are derived from animals and herbs. Many dressings are also made from alginate, hydrogel, hydrocolloid, and synthetic materials. The advancement has allowed designing medicated dressings that fasten the healing of hard-to-heal wounds. These dressings help to provide moisture to the wound and protect it against infections.
Wound Care Market – Growth Dynamics:
Key factors driving the wound care market growth are increasing cases of road traffic injuries and the rising prevalence of chronic diseases and related wounds. However, challenges in wound care management and an increase in product recalls restrict the wound care market growth.
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Browse other research published by The Insight Partners:
Advanced Wound Care Market - The global advanced wound care market size is expected to reach US$ 13,241.8 million by 2028 from US$ 10,133.2 million in 2022, growing at a CAGR of 4.6% from 2022 to 2028.
Bioactive Wound Management Market - The global bioactive wound management market size was valued at US$ 1,751.38 million in 2019 and is projected to reach US$ 3,057.12 million by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.
Wound Irrigation Solutions Market - The global wound irrigation solutions market size was valued at US$ 1,580.14 million in 2018 and it is projected to reach US$ 2,153.51 million in 2027; it is expected to grow at a CAGR of 3.5% from 2019 to 2027.
Wound Dressing Market - The global wound dressing market size is expected to grow from US$ 11,319.06 million in 2022 to US$ 16,248.76 million by 2028; it is expected to register a CAGR of 6.2% from 2022 to 2028.
Wound Irrigation System Market - The global wound irrigation systems market size was valued at US$ 238.43 million in 2018 and it is projected to reach US$ 310.43 million in 2027; it is expected to grow at a CAGR of 3.0% from 2019 to 2027.
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