According to a study published by Insure Insights, the global wound care market is estimated to grow at a CAGR of 9.2% during the forecast period. A wound can be defined as a breakdown of the protective layer of the skin. It is the loss of epithelium continuity, with or without loss of underlying connective tissue (muscle, bone, nerves). The injury to the skin or underlying tissues/ organs can be caused due to many reasons such as surgery, a blow, a cut, chemicals, heat/ cold, friction/ shear force, pressure, or as a result of diseases, such as leg ulcers or carcinomas. Wounds heal by primary intention, or secondary intention depends upon whether the wound may be closed with sutures or left to repair, whereby damaged tissue is restored by the formation of connective tissue and re-growth of the epithelium.

Top Driver: The Increasing Number of Geriatric Population and Surgeries and Rising Number of Road Mishaps

The increasing number of geriatric population and surgeries is fueling the growth of the global wound care market. Rising awareness among the people about the first aid medication has also accelerated the global wound care market demand. The rising number of road mishaps and accidents and enhanced medical facilities are some of the major factors driving the growth of the global wound care market. In addition to this, government initiatives on health benefit plans and reimbursement policies have boosted the hospitalization rate concerning wound injuries and medication, which consecutively affects the growth of the global wound care market. Moreover, the growing number of cosmetic and plastic surgeries and other surgical methods has stimulated the global wound care market growth.

Advanced Wound Care Product Segment is Estimated to Witness Significant Growth During the Forecast Period

The global wound care market has been segmented into advanced wound care product, surgical wound care product, and traditional wound care product based on the type of product. Among these the advanced wound care product holds the largest market share and is estimated to continue the rend during the forecast period. The growth is attributed to the rising prevalence of hard-to-heal wounds and their growing acceptance (due to their high efficacy) and reducing the risk of infections in the wound. On the basis of wound type, the market is segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcers, surgical & traumatic wounds, burns, and others. On the basis of end-users, the market is segmented into hospitals & clinics, long-term care facilities, and home care settings.

 Growing Geriatric Population and Rising Number of Surgeries to Benefit Asia Pacific Market

The global wound care market has been segmented into North America, Europe, Asia-Pacific, and SAMEA on the basis of region. The wound care market in the Asia Pacific is expected to grow at a significant pace during the forecast period. The factors attributing to the growth of the Asia Pacific region include growing geriatric population, a rising number of surgeries, an increase in healthcare expenditure, development of the healthcare infrastructure, and vast patient pool. However, the North American and European markets is estimated to account for a large share due to mature economies and the presence of major market players in the region.

Players to Focus on Product Development

The global wound care market is estimated to stay fragmented during the forecast period owing to the possible new entrants. The major market players operating in the market include Acelity L.P., Inc., 3M Company, Baxter International, Inc., Coloplast A/S, Integra Lifesciences, Johnson & Johnson, Inc., Smith & Nephew Plc., Cardinal Health, ConvaTec Group PLC, and Organogenesis Inc.

Baxter International Inc.: In July 2019, Baxter International Inc., a major global player in advancing surgical innovation, announced that it has received approval from U.S. Food and Drug Administration (FDA) for faster preparation of its leading hemostatic product, Floseal Hemostatic Matrix. This new version of Floseal has 20% fewer components and steps to prepare, increasing the efficiency and convenience for operating room nurses to get Floseal ready for surgeons during medical procedures.

Scope of the Report

By Product Type

• Advanced wound care product
• Surgical wound care product
• Traditional wound care product

By Wound Type  

• Pressure Ulcers
• Diabetic foot ulcers
• Surgical & traumatic wound
• Burns
• Venous leg ulcers
• Others

By End-Users 

• Long-term care facilities
• Hospitals & clinics
• Home care settings

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.