NEW YORK, Nov. 3, 2023 /PRNewswire/ — The wound care market size is estimated to grow USD 6.83 billion at a CAGR of 5.98% from 2022 to 2027 during the forecast period. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 3M Co., Advancis Medical, Avery Dennison Corp., Axio Biosolutions Pvt. Ltd., Azelis SA, B.Braun SE, Cardinal Health Inc., Coloplast AS, ConvaTec Group Plc, Galaxy Medicare Ltd., Harro Hofliger GmbH, Johnson and Johnson Services Inc., Medline Industries LP, Medtronic Plc, Molnlycke Health Care AB, Organogenesis Holdings Inc., Paul Hartmann AG, Resonetics, Smith and Nephew plc, and URGO Group are among some of the major market participants. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Wound Care Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
Vendor Offerings
- 3M Co.: The company offers wound care such as Closed Surgical Incision Management, Pressure Injury Prevention and Management, Wound Care Solutions in the clinic, community and at home.
- Avery Dennison Corp.: The company offers wound care such as Silicone Foam Dressing, Superabsorbent Dressings, Polyurethane Dressings, and Hydrogel.
- B.Braun SE: The company offers wound care such as Prontosan Wound Irrigation Solution, Prontosan Debridement Pad for mechanical wound debridement.
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Wound Care Market 2023-2027 – Market Dynamics
Market Driver
The number of acute and chronic wounds is the key driver for the growth of the market. The main market drivers for these wounds are ulcers, burns, and postoperative wounds across the world. Consequently, the increasing occurrence of acute wounds, such as surgical and traumatic wounds, is caused due to factors such as abrasion, puncture, laceration, and incision, and chronic wounds, such as diabetic ulcers, venous ulcers, and pressure ulcers are estimated to increase the need for advanced wound care devices. According to data from the National Institutes of Health (NIH), in the US, in 2019, it is estimated that nearly 2% of the total population is affected by chronic injuries. The number of people with chronic wounds is rising worldwide owing to the increasing prevalence of diabetes mellitus.
Laeding Trend –
- Increasing demand for combination wound dressings is the primary trend in the wound care market.
- In the wound care market, common antimicrobial agents include honey, iodine, and silver. To improve wound care outcomes, many advanced dressings incorporate antimicrobial agents.
- Silver-based hydrofiber dressings are also used in combination with zinc-containing hyaluronan gels to promote wound healing, protect against infection, and create a favorable environment for wound healing.
- Many suppliers, for example, MEDIHONEY from Derma Science is an alginate dressing combined with honey. These have various benefits, such as helping to lower the overall pH level in the wound and eliminating bacterial infections.
- Thus, combination dressings are important in the treatment of heavy exudate wounds, which will drive the wound care market during the forecast period.
Significant Challenge –
- The high cost of wound treatments and advanced wound care products is the major challenge for the wound care market.
- In the US, most patients require frequent changes of dressings. The initial purchase cost of typical NPWT devices is around USD 20,000 to USD 30,000. End users also incur additional costs for disposable products or consumables used with NPWT devices, such as dressings tapes and canisters.
- Due to the long hospital stay, the material-intensive surgical and non-surgical wound care, multiple procedures, long rehabilitation, and expensive equipment, the treatment of injuries is so expensive.
- Many patients in low and middle-income countries cannot afford such expensive treatments. Many countries, such as Australia, have limited funding for chronic wound care. Therefore, the patient has to bear the high cost of wound treatments.
- Thus, these factors will hamper the growth of the wound care market during the forecast period.
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Wound Care Market 2023-2027: Segmentation
Wound Care Market is segmented as below:
- Product
- Advanced Wound Dressings
- Surgical Wound Care
- Traditional Wound Care
- Application
- Chronic Wound
- Acute Wound
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
- The market share growth by the advanced wound dressings segment will be significant during the forecast period. Advanced wound are designed to treat complex wounds, they include moist dressings and antibacterial dressings. Factors such as the growing awareness of the clinical benefits of advanced wound dressings, the rising number of wound care procedures, the presence of a large number of key suppliers, the growing preference for minimal and non-invasive procedures, and the rising use of antibacterial dressings by end users are boosting wound segment. Therefore, these factors will drive the growth of the wound care market through the advanced wound dressing segment during the forecast period.
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Wound Care Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist wound care market growth during the next five years
- Estimation of the wound care market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wound care market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the wound care market, vendors
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Table Of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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