The 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:

The wound care market involves products that help in cleaning and protecting wounds from further infection. Some key products in this market include adhesive bandages, gauze, hydrocolloid dressings, alginate dressings, and foam dressings. These products find widespread applications in treating acute and chronic wounds such as pressure ulcers, diabetic ulcers, and surgical and traumatic wounds. Chronic wounds account for the largest share of the wound care market owing to increasing incidence of diabetes and obesity.

Market Dynamics:

The wound care market is expected to grow at a significant rate owing to the increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. According to the National Center for Biotechnology Information (NCBI), the global prevalence of diabetes was estimated to be around 425 million people in 2017 and this number is expected to rise to around 629 million by 2045. Diabetes significantly increases the risk of chronic wounds such as diabetic foot ulcers which requires long term treatment and management. Therefore, rising diabetes prevalence is anticipated to drive demand for advanced wound care products. Additionally, growing geriatric population is also expected to propel the growth of this market. According to the United Nations, the global population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050 respectively, reaching around 2 billion people. The elderly population is more prone to chronic conditions such as diabetes and consequently chronic wounds, thereby supporting the growth of wound care market during the forecast period.

SWOT Analysis :

Strength: Wound care market has a large customer base due to rising incidence of chronic wounds globally. It offers various advanced wound dressings, therapies and devices for treatment of acute and chronic wounds. There is availability of wide range of products for effective wound management. Increased investment by key players for development of innovative wound care solutions.

Weakness: High costs associated with advanced wound care products limiting its adoption in low and middle-income countries. Lack of reimbursement and insurance coverage for advanced wound care products in certain regions.

Opportunity: Growing geriatric population worldwide increasing susceptibility to chronic wounds. Emergence of bioengineered skin substitutes and smart wound dressing materials. Increasing awareness about available treatment options for hard-to-heal wounds.

Threats: Risk of product failure or recalls affecting brand image. Competition from generic and low-cost alternatives limiting market share of major players. Stringent regulatory framework for approval of new wound care products.

Key Takeaways:

The Global Wound Care Market Demand  is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing rate of diabetes and obesity leading to diabetic foot ulcers and pressure ulcers respectively. Market size for 2023 is estimated to be US$ 22,343.1 Mn.

Regional analysis: North America is the largest market for wound care accounting for over 35% of global revenue. High accessibility to advanced medications and awareness regarding new treatment approaches. Asia Pacific to grow fastest at CAGR of 7.2% fueled by large patient population, improving healthcare infrastructure and increasing healthcare spending.

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.

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