The global wound care market is expected to reach USD 22.01 Billion by 2022 from USD 18.35 Billion in 2017, at a CAGR of 3.7%. The market growth is primarily driven by the rising incidence of diabetes, growth in geriatric population, technological advancements in wound care products, increasing funding for wound care research, and growing awareness about wound management.
By wound type, the market is classified into chronic wounds and acute wounds. The chronic wounds segment is estimated to account for the largest share of the global wound care market. The large share of this segment can be attributed to the rising incidence of diabetic foot ulcers, pressure ulcers, and other types of chronic wounds.
Market Growth Drivers
1 Growing Prevalence of Diabetes
2 Rapid Growth in the Geriatric Population
3 Developments and Innovations in Wound Care Products
4 Increasing Funding for Wound Care Research
5 Increasing Number of Road Accidents and Trauma Injuries Globally
6 Awareness Programs for Wound Care Treatment and Management
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Market Restraints
1 High Cost of Advanced Wound Care Products
2 Risk Associated With Wound Care Products
Market Opportunities
1 Increasing Research in the Field of Advanced Wound Care
2 Potential Application of Stem Cell Therapy in Wound Care
3 Emerging Economies
4 Growing Popularity of Active Wound Care Products
Market Challenges
1 Increasing Number of Acquisitions
2 Survival of New Entrants and Small Players
The global wound care market is dominated by North America, followed by Europe. North America will continue to dominate the global wound care market in the forecast period. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the wound care market in this region.
Key industry players:
Major industry players launched innovative products to maintain and improve their position in the wound care market. : Acelity L.P. Inc. (US), Smith & Nephew plc (UK), Mölnlycke Health Care AB (Sweden), ConvaTec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Ethicon, Inc. (US), Medtronic plc (Ireland), 3M Company (US), and Derma Sciences, Inc. (US), have been identified as the key players in this market.
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