The global wound care product market is anticipated to grow at considerable CAGR of around 5.6% during the forecast period (2022-2028). The market growth is driven by the growing prevalence of chronic conditions and increasing spending on chronic wounds management products and technology are the key factors due to which the market is witnessing remarkable growth. Furthermore, increase in R&D and the launch of new products is expected to fuel the demand for the wound care product market. For instance, in November 2019, Lake Superior Centre for Regenerative Medicine (RegenMed) launched DermGEN, for wound healing. Moreover, the growing demand for portable and single-use wound treatment medical products is further expected to contribute to the global wound care market in forthcoming. However, owing to a lack of awareness among populations regarding hard-to-heal wounds, limited access to healthcare infrastructure, and lack of established guidelines by governing bodies act as a restraining factor to the growth of the global wound care market. Whereas, growing number of acquisitions by key players will open new growth opportunities in the market during the forecast period. 

Impact of COVID-19 on Global Wound Care Product Market

The outbreak of COVID-19 had negatively impacted the global wound care product market. During the COVID-19 outbreak, governments of major countries reallocated their healthcare resources in wound clinics to manage COVID-19 patients. This led to the exemption of wound treatment services from the essential procedures list which adversely affected the growth of the market. For instance, in 2019, the International Working Group on the Diabetic Foot (IWGDF) recommended a shift towards telemedicine, through setting up clinics in other locations away from hospitals for patients suffering from less severe chronic wounds.

Segmental Outlook 

The global wound care products market is segmented based on type and product. Based on type, the market is further sub segmented into chronic wound and acute wound. Based on the product, the market is further sub-segmented into wound dressings and wound therapy devices. Among these, the wound dressings segment is expected to hold a considerable share in the market over the forecast period (2022-2028) owing to an incline in the demand for wound dressings due to rising increasing cases of age-related wound injuries. ?

Global Wound Care Products Market Share by Type 2021 (%) 

The Chronic Wound Segment is Anticipated to Hold Prominent Share in the Global Wound Care Product Market.

The rise in the prevalence of chronic diseases such as rising diabetes foot ulcers, venous pressure ulcers, and other conditions is anticipated to propel the growth of the chronic wound care segment. Furthermore, according to National Center for Biotechnology Information (NCBI), the prevalence of diabetes mellitus is expected to increase the number of diabetes patients globally. In, 2019, according to the National Center for Biotechnology Information (NCBI), the incidence of a diabetic foot ulcer was about 2% to 5% with lifetime risk ranging from 15% to 20%. Also, according to International Diabetes Federation (IDF), in 2019, the diabetic population totaled around 463 million. Therefore, the prevalence of chronic diseases such as diabetes is increasing thereby propelling the growth of the market during the forecast period.

Regional Outlook 

The global wound care product market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  Among these, the Asia-pacific region is expected to be the fastest growing in the market over the forecast period owing to an increase in diabetes-related comorbidities. Increasing investment in R&D and new advanced production launch by key players is further projected to accelerate the market growth during the forecast period. ?

Global Wound Care Product Market, by Region 2022-2028 

The North American Region is estimated to Hold Major Share in Global Wound Care Product Market 

The North American region is expected to hold a prominent share in the global wound care product market over the forecast period owing to the higher per capita health expenditure. For instance, According to the American Medical Association (AMA), health spending in the U.S. has increased to 4.6% in 2019, to $3.8 trillion or $11582 per capita. Similarly, according to the Centre for Medicare and Medicaid Services (CMS), health care spending in the U.S. grew by 9.7% in 2020, reaching  $4.5 trillion per person. The increasing healthcare expenditure is motivating market players to develop new product and drugs for better wound care management. 

Market Players Outlook

The major companies serving the global knee implant market are 3M co.,ConvaTec  Group PLC, B-Braun Melsungan AG, Baxter International Inc, Johnson &Johnson Services Inc, Medtronic PLC, Cardinal Health, Inc, Integra Lifesciences Corp, and Smith &Nephew PLC. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2019, Smith&Nephew acquired Osiris Therapeutics Inc. to diversify its product offerings and substantiate its position in the market. Also, in October 2019, 3M Co., acquired Acelity, Inc and its subsidiaries. The acquisition aimed at strengthening the position in the advanced and specialty surgical products market.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global wound care product market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.