Global Wound Care Market – Analysis and Forecast (2018-2024)

Industry Insights by Wound Type (Chronic, Acute), by Product (Advanced, Surgical, Traditional), by Application (Burns, Ulcers, Surgical Wound), by End-User (Hospital and Specialty Wound Care Clinic, Home Healthcare, and Others)

Status : Upcoming
Report Code : VRHC1006
Available Format : PDF
Industry : Healthcare

Industry Overview

Wound care products are used for the treatment of the injured, burned or surgical area of the body. It promotes healing, assists early recovery and reduces complications and risks related to healing process. The global wound care market is growing at significant rate due to increasing prevalence of chronic and acute wound, technological improvement in products and rapid growth in geriatric population. Different types of products contributed to the wound care market size. The market has witnessed high demand for advance wound management products over the last few years, due to the increasing demand for innovation and advance wound management products.

Market Segmentation

Insight by Wound Type

There are two types of wound, chronic and acute. Of both, chronic wound care market accounted for the major share in the global market, due to the growing geriatric population and increasing incidence of pressure ulcers, diabetic foot ulcer and other ulcers.

Insight by Product

On the basis of product, the wound care market is segmented into advance wound management products, surgical wound care products and traditional wound care products. Growing incidence of diabetes and boosting demand for advanced and innovative wound management products are some of the factors contributing to the growth of the advanced wound care management market. The advanced wound care management market is further segmented into advanced wound dressing, active wound care products and wound therapy device.

The advance wound dressing segment is estimated to account largest share in the advance wound care market due to increasing prevalence of diabetes and advance wound dressing for the treatment of wounds. The advanced wound dressing comprises of film dressing, collagen dressing, foam dressing, hydrogel dressing, alginate dressing, and hydrocolloid dressing.

Active wound care products include topical agents and artificial skin and skin substitutes. Moreover, wound therapy device comprises of electrical stimulation device, negative pressure wound therapy and oxygen & hyperbaric oxygen equipment. The traditional wound care products are further segmented into sponge, gauze, bandage and abdominal pad. In addition, surgical wound care products are further segmented into surgical tapes, sutures, hemostat, wound closure strips, and adhesive and tissue sealant.

Insight by Application

The global wound care market has also been segmented by application into ulcers, surgical wounds and burns. The surgical wound segment is estimated to account largest share in the market due to increasing number of surgeries and growing incidence of diabetes.

Insight by End-User

The different end users of wound care products are hospitals and specialty wound care clinics, home healthcare and other end users.  The hospital and specialty wound clinics is estimated to account the largest share in the wound care market due to increasing in hospitals and clinics, due to improving healthcare infrastructure in developing countries, increasing number of chronic wound cases and increasing incidence of diabetes.

Industry Dynamics

Growth Drivers

The rapid increase in aging population, increasing prevalence of diabetes, increase in number of trauma injuries, road accidents and surgeries, and increasing healthcare expenditure are the primary growth drivers for wound care market. Healthcare expenditure has witnessed high growth globally which has led to increase in adoption of wound care products in hospitals and clinics. Mounting awareness programs for treatment and management of wound are also fueling the growth of the market.

Development of technologically advanced wound care products is also one of the key growth driver for the wound care market. As conventional methods of wound management are being rapidly replaced by technologically advanced products for effective and faster healing.

Challenges

The high cost of advanced wound management products, piercing technical support required for the application of these products and stringent regulatory requirements for the approval of products are the major challenges for the growth of wound care market. High cost of advanced wound management products is the key factor hindering the growth of the market, which primarily leads to lack of adoption of advanced wound care products in the developing countries.

Industry Ecosystem

The wide range of wound management products are supplied with, at varying prices. The key challenge for the new entrants is the survival in capital intensive and highly regulated wound care market.

Geographic Overview

Geographically, North America is the largest wound care market as the region is home to large number of industry players Some of the other factors leading to the growth of the North American market are growing research activities, and the highest healthcare expenditure globally, and increasing prevalence of diabetes. For instance, according to Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. Moreover, the implementation of the Patient Protection and Affordable Care Act has also boosted the growth of the North American wound care market.

Asia-Pacific is observed to witness fastest growth in the market. As the region comprises of largest population and the awareness for wound management is increasing rapidly among them. In addition, government support for wound management is also creating a positive impact on the wound care market growth in the region.

Competitive Insight

Key players in the wound care industry are investing in the development of innovative and advance products, which is strengthening their position in the market.  Smith & Nephew plc, Johnson & Johnson and 3M Company majorly dominated the wound care market. Acelity L.P. Inc., Smith & Nephew plc, Johnson & Johnson, Medtronic plc, Coloplast Corporation ConvaTec, Organogenesis Inc., Integra Life Sciences Holdings Corporation, and 3M Company are some of the key players offering wound management products.

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