July 24, 2024
Wound Care Market

Rising prevalence of chronic diseases is expected to drive growth of the global wound care market

The global Wound Care Market is estimated to be valued at US$ 22,343.1 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Wound care products play a vital role in management and treatment of various types of wounds including chronic, traumatic and surgical wounds. Different types of wound care products such as film and foam dressings, gauze, hydrogel, alginate, and hydrocolloid dressings are used depending on the condition and nature of wound. These products help in maintaining a moist environment required for faster healing of wounds. They also protect wounds from external environmental stresses and prevent further damage. Rising cases of diabetes, vascular diseases and obesity leading to increased risk of chronic wounds is expected to drive demand for advanced wound care products.

Market key trends:

Increasing adoption of advanced wound care products: Advancements in wound management technologies has led to development and launch of innovative wound care products in the market. This includes anti-microbial dressings, negative pressure wound therapy systems and skin & wound substitutes. Adoption of these advanced products are growing due to their effectiveness in management of chronic and complex wounds.

Growing geriatric population: Aged people are more prone to developing chronic wounds such as pressure, venous leg and diabetic foot ulcers due to reduced mobility and immune functions. As per United Nations estimates, worldwide geriatric population is expected to reach 2 billion by 2050 from current 727 million. This rising pool of elderly population will propel demand for wound care products.

Porter’s Analysis:

  • Threat of new entrants: Low barriers to entry due to easy availability of raw materials however existing major players have strong foothold in market.
  • Bargaining power of buyers: Buyers have high bargaining power due to availability of alternative products however increasing healthcare spending helps market.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute products and dominance of major players.
  • Threat of new substitutes: Moderate threat due to technological advancements that enable development of alternative treatment methods.
  • Competitive rivalry: High competition due to presence of major global and local players.

Key Takeaways:

The Global Wound Care Market Size is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population.

Regional analysis: North America dominates the market owing to presence of major players and continuous innovations. Asia Pacific exhibits fastest growth due to growing medical tourism, rising healthcare spending and increasing incidence of chronic disorders.

Key players: Key players operating in the wound care market are 3M, Baxter, Coloplast A/S, Acelity L.P. Inc., Integra LifeSciences, Johnson & Johnson Services, Inc., Axio Biosolutions Pvt Ltd., Omeza, Smith & Nephew Plc., Cardinal Health, Schulke & Mayr GmbH, Bactiguard AB, Wound Care Advantage, LLC, Noventure, EO2 Concepts, Essity, Hydrofera, Advance Medical, Inc., CutisCare, Convatec Group PLC, and Organogenesis Inc.

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