Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Wound Care Market Research 2018-2032" report has been added to ResearchAndMarkets.com's offering.
The global wound care market was valued at US$ 23.1 billion in 2023, and is predicted to reach US$ 35.2 billion by 2032.
The market for wound care products is increasing owing to the growing number of surgical cases, rising geriatric population, and surge in the prevalence of chronic diseases across the globe. The increasing incidence of diabetes due to the widespread adoption of a sedentary lifestyle is one of the major factors contributing significantly to the market growth.
According to California Podiatric Medical Association, 15% of people diagnosed with diabetes tend to develop a foot ulcer. Wound care products help treat diabetic foot ulcers, which are prevalent in diabetic patients. Additionally, growing government initiatives towards trauma cases, developing healthcare infrastructure, and patient support programs will spur the adoption of wound care, thus propelling market growth.
The wound care industry has continued to expand with the continuous arrival of new and technologically advanced products. The advancements in wound care technologies, including smart dressings, bioengineered tissues, and digital wound monitoring, offer more sophisticated and effective solutions for wound management. For instance, in January 2023, researchers at the University of Arizona College of Medicine developed a smart bandage combining advanced electronics for accelerating tissue repair.
It employs electrical stimulation and biosensors to help enhance blood flow to wounded tissue, close wounds faster, and prevent scar formation. Furthermore, launch of novel therapies such as electromagnetic therapy, electrical stimulation, nanotechnology, and the use of silver and other combination bandages are enhancing the entire market. However, the high cost of advanced wound care products restricts the market growth.
Recent Developments
- In July 2024, Molnlycke Health Care announced an investment of US$ 15 Million in MediWound Ltd. through a definitive share purchase agreement in a private investment in public equity (PIPE).
- In May 2024, Convatec Group announced clinical study results from a recent multinational randomized controlled trial (RCT) showcasing remarkable advancements in the healing of venous leg ulcers with AQUACEL Ag+ Extra compared to standard of care dressing.
- In April 2024, Smith & Nephew announced the launch of its RENASYS EDGE Negative Pressure Wound Therapy (NPWT) System in the US as a patient-centric option for treating chronic wounds.
- In September 2023, MiMedx Group announced the launch of EPIEFFECT, the Company's latest addition to its portfolio of Advanced Wound Care (AWC) solutions.
Key Takeaways by Product Type
- By product type, Traditional adhesive dressings is the leading product segment of the global wound care market, followed by the traditional gauze dressings.
- Non-adherent dressings and Foam dressings product segments are competing closely to grab maximum share of the pie.
- Hydrocolloids market share is likely to be more or less stable over the forecast period.
- Antimicrobial dressings are indicated for use as either a primary or secondary dressing in the treatment of draining, exuding, infected and non-healing wounds where protection from bacterial contamination is desired.
- Hydrogel dressings captured least share of the global wound care market.
Key Takeaways by Application
- Moist dressings and wound closure applications together accounted for 58.5% share of the global wound care market in 2023.
- The Negative Pressure Wound Therapy segment is expected to record a significant growth due to the introduction of technologically advanced NWT devices by market players.
- The bioengineered skin and skin substitutes segment is expected to witness fastest growth over the forecast period. Non-healing wounds is a chief application area of bioengineered skin and skin substitute products.
- The increasing incidence of pressure ulcer development due to a highly susceptible and rapidly growing aging population is expected to drive pressure relief market growth over the forecast period. More than 2.5 million people in the U.S. and 0.7 million people in the UK are affected by pressure ulcers every year.
Key Takeaways by Wound Type
- Surgical & traumatic wounds accounted for largest share of the global wound care market, followed by Diabetic foot ulcers.
- In the United States, approximately 486,000 burn injuries occur each year that require medical treatment.
- The global pressure ulcers market is likely to grow at a growth rate of around 6.5% over the forecast period 2024 - 2032. Increase in geriatric population is a key factor for the rising prevalence of pressure ulcers.
Key Takeaways by Region
- North America dominates the global wound care market, and is likely to maintain its dominance over the forecast period.
- United States is the leading wound care market globally. According to Bloomberg Businessweek, around 6.5 million people in the US suffer from chronic wounds, such as those resulting from vascular disease or diabetes.
- Europe captured second highest share of the global wound care market in 2023. Smith & Nephew and BSN medical are some of the key market players based in Europe, that further expand the wound care market share in this region.
- In the United Kingdom, there are 2.2 million people with chronic wounds, the management of which is estimated to cost the National Health Service (NHS) £5.3 billion per year.
- Asia Pacific is the fastest growing region in the global wound care market, owing to a high population base, continuous increase in disposable incomes, and rising patient awareness. The economies like Australia, India and China within the region are increasing healthcare expenditure and awareness regarding the wound care management.
- Middle East & Africa has the least share in the global wound care market due to the presence of poor economies especially in the African region.
Strategic Developments
- 3M Health Care leads the global wound care market, followed by Smith & Nephew. In October 2019, 3M completed the acquisition of Acelity Inc. and its KCI subsidiaries.
- In April 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 September 2023, MiMedx Group, Inc. launched EPIEFFECT, an advanced wound care solution, to expand its product portfolio.
Companies Profiled in the Report
- Acelity L.P. Inc. (Acquired by 3M)
- Smith & Nephew
- Convatec Group
- Molnlycke Health Care AB
- Coloplast Corp.
- Derma Sciences, Inc. (Acquired by Integra LifeSciences)
- Scapa Healthcare (Acquired by Schweitzer-Mauduit International, Inc.)
- Solventum (3M Health Care)
- Hartmann
- Johnson & Johnson
- MiMedx Group, Inc.
- DeRoyal Industries, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kv4jqr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
