The ‘Wound Care Market Size, Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global wound care market, assessing the market on the basis of its segments like product types, applications, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Wound Care Market Size, Share, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
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The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 5%
The increasing enhancements in wound care management owing to the increasing rates of hospitalisation due to external injuries are driving the demand for wound care medical products. The rising prevalence of road accidents leading to chronic wounds is further escalating the market growth. According to the World Health Organisation, between 20 to 50 million people suffer from injuries caused by road accidents every year. In addition, the increasing health awareness among actively working adults is likely to bolster the wound care market growth.
Meanwhile, the growing prevalence of diabetes and infections from bacteria such as staphylococcus aureus, is further leading to an escalation in the cases of chronic wounds. The increasing inclination of youth towards sporting and adventure activities is further propelling cases of acute wounds. Moreover, some of the acute wounds such as burns can cause permanent injury to the skin and require efficient wound care treatment for proper healing.
In terms of regions, North America accounts for a significant share in the wound care market. Developed economies in the region such as the United States have a high healthcare expenditure with superior medical facilities. Strong foothold of major pharmaceutical companies in the region is another market driver.
Wound Care Industry Definition and Major Segments
Wound care is defined as a type of treatment which is aimed at treating wounds which break the skin, such as bed sores, injuries, skin ulcers, and pressure ulcers, among others. Wound care also involves the utilisation of products and therapies to accelerate the healing process of the parts which bear the load of the body.
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Based on product type, the market can be segmented into:
- Infection Management
- Active Wound Care
- Exudate Management
- Therapy Devices
On the basis of application, the market has been classified into:
- Chronic Wounds
- Acute Wounds
By end use, the market has been bifurcated into:
- Hospitals
- Community Health Service Centres
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Wound Care Market Trends
The key trends in the global wound care market include the increasing healthcare expenditure across the emerging economies, increasing geriatric population and cases of bed sores and ulcers associated with it. Rapid development of clinics and healthcare units across the emerging economies and increasing per capita income is making wound care treatment more accessible which is another key trend in the market.
The growing research and development activities in the pharmaceutical industry are the crucial trends which are escalating the development of minimally invasive treatment procedures. In addition, the increasing cases of skin-related injuries, traumatic wounds, and surgical wounds are accelerating the sale of wound care ointments and creams, thereby, adding to the wound care market growth.
The thriving e-commerce industry is further easing the access to ointments and painkillers. In the modern era, wound care products can be accessed through mobile applications. Meanwhile, over the forecast period, the anticipated increase in technological advancements and upgradations in wound care therapy devices are likely to provide impetus to the wound care market.
Furthermore, increasing investments by the working-class population to augment the home-care settings in order to avoid rushing to crowded hospitals and provide medical assistance in home itself are further aiding the market growth.
Key Market Players
The major players in the wound care market report are:
- 3M Company
- Medtronic Plc
- Smith & Nephew Plc
- BSN Medical GmbH
- Mlnlycke Health Care AB
- ConvaTec Inc.
- Coloplast A/S
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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