June 18, 2024
Wound Care Market

Wound Care Market is Estimated to Witness High Growth owing to Rising Prevalence of Chronic Wounds

The wound care market comprises products that help manage and treat both acute and chronic wounds. This includes adhesive bandages, cotton wool balls, gauze pads, tape, antiseptics, skin sealants, graft dressings and others. Wound care products provide protection against bacteria and maintain a moist environment that promotes healing. They are needed across care settings for surgical and traumatic wounds, leg ulcers, pressure ulcers and burns.

The global wound care market is estimated to be valued at US$ 25,739.26 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2024-2030.

Key Takeaways
Key players operating in the wound care market include Novozymes (Denmark), UPL (India), Chr. Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc. (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), Kiwa Bio-Tech, product group cooperation (China), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotec Pt Ltd (Australia), Seipasa (Spain), Agrilife (India). The key players are focusing on new product launches and mergers & acquisitions to expand their market share.

The increasing prevalence of diabetes and obesity along with the rising geriatric population susceptible to chronic wounds are expected to offer significant growth opportunities. Furthermore, greater awareness about advanced wound care products and rising medical expenditure in emerging nations will boost the regional markets.

Globally, the Wound Care Market is fragmented with presence of many global and local players. However, the market is consolidated in developed regions with major shares held by large multinational companies. The key players are focused on expanding in emerging markets through collaborations with regional healthcare providers and distributors.

Market drivers
The rising prevalence of chronic wounds due to increasing incidence of diabetes and obesity is a major driver for this market. According to estimates, around 15% of all diabetic patients develop diabetic foot ulcers requiring long term wound management. Favorable government support and reimbursement policies are also expected to fuel the demand for wound care products over the forecast period.

PEST Analysis
Political: The wound care market is regulated by various standards and regulations regarding product quality, safety, and efficacy set by regulatory bodies like FDA. Regulations help ensure availability of quality products but can impact new product launches and overall costs.

Economic: Changes in economic conditions influence healthcare spending and can impact demand for wound care products. The market has seen steady growth during periods of economic stability due to increasing need for advanced wound care solutions for chronic wounds.

Social: With growing elderly population and lifestyle diseases, prevalence of chronic and hard-to-heal wounds is increasing worldwide. This is a key driver of demand. Also, rising awareness about availability of advanced wound management options boosts the market.

Technological: Developments in wound dressing materials, growth factors and technologies help deliver faster healing. Use of silver-based dressings, 3D printing, bioactive agents etc are enabling customized and targeted treatment. Integration of digital tools also aids remote monitoring and management.

Geographical concentration
North America dominates the wound care market in terms of value mainly due to high healthcare spending, rising prevalence of chronic disorders, advanced healthcare infrastructure and growing elderly population in the US and Canada.

Fastest growing region
Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to large patient pool, increasing incidence of chronic wounds, rising healthcare spending, growing medical tourism and improving access to healthcare in developing countries like China and India.

The Wound care market is witnessing high growth owing to certain key factors:

– Increasing prevalence of diabetes and obesity leading to chronic wounds like diabetic foot ulcers, pressure ulcers etc.

– Rising geriatric population prone to injuries and impaired wound healing.

– Growing awareness about availability of advanced wound management options.

– Technological advancements enabling personalized care and remote monitoring.

– Improving access to healthcare in developing markets.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it