WOUND CARE MARKET ANALYSIS

Global wound care market is estimated to be valued at US$ 22,343.1 million in 2023 and is expected to exhibit a CAGR of 5.30% during the forecast period (2023-2030). Adoption of inorganic strategies such as partnerships by key market players is expected to drive the global wound care market growth over the forecast period. For Instance, in November 2022, InfuSystem Holdings, Inc, a leading national healthcare provider, and Sanara MedTech Inc, a medical equipment manufacturer, announced the partnership that focused on delivering a complete wound care solution targeted at lowering the cost of care, enable InfuSystem to offer innovative products including Cork Medical LLC’s negative pressure improving patient outcomes, and providing satisfaction to patients. This  partnership is expected will wound therapy (NPWT) devices and supplies, and Sanara’s advanced wound care product line to customers.

Analysts’ Views on Global Wound Care Market:

Key market players are engaged in enhacing the product access in developed as well as developing countries and this is expected to drive the market growth in near future. For instance, in July 2021, Bactiguard AB, a medical technology company, and Schulke & Mayr GmbH, a provider of infection prevention solutions, signed an agreement for wound care, in Germany. This agreement will complement Schulke & Mayr GmbH’s comprehensive product range of antiseptic and wound care products with Bactiguard’s hypochlorous acid-based portfolio. Hypochlorous acid is an antimicrobial substance that reduces the risk of infection and promotes wound healing.

Figure 1. Global Wound Care Market Share (%), By Wound type, 2023

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Global Wound Care Market- Driver

Increasing number of product approvals by regulatory authorities

Government authorities are taking initatives to introduce  new products for better wound care management. Thus,  increasing number of product approvals is expected to drive the growth of market over the forecast period. For instance, in September 2021, Omeza, a healthcare company, announced it had received an approval from the U.S. Food and Drug Administration for Omeza collagen matrix, a wound care matrix comprised of hydrolyzed fish collagen for the management of chronic wound care including partial and full-thickness wounds, diabetic ulcers, chronic vascular ulcers, surgical wounds, and draining wounds.

Increasing collaboration and partnership by market key players in the market

Key market players are focused on adoption of inorganic strategies such as collaborations and partnerships to expand their product portfolio. For instance, in October 2021, RedDress, a privately held U.S. and Israel-based wound care company, announced its partnership with Medigroup, nation’s largest non-acute care group purchasing organizations representing physician centers, surgery centers, and specialty clinics, to deliver its innovative wound care solution, ActiGraft system to MediGroup’s members. ActiGraft aims to deliver an affordable and efficacious wound solution.

Figure 2. Global Wound Care Market Share (%), By Region, 2023

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Global Wound Care Market- Regional Analysis

Among region, North America is expected to dominate the global wound care market over the forecast period, owing to North America’s 34.50% market share and  increasing emerging product development by the key market players in this region. For Instance, in May 2021, Smith & Nephew, a medical manufacturing company, launched ARIA Home PT, a remote physical product, as a part of ARIA suite of solutions which will help patients perform their physical therapy at home.

Global Wound Care Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in end users, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, U.A.E., Egypt, and others are facing problems with regards to the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global wound care market. For instance, in September 2021, according to the data published in the American Journal of Managed Care, chronic wound care had been delayed during COVID-19 pandemic, resulting in several infections and increased hospitals admission. Therefore, it  is critical for providers, hospitals, outpatient departments to understand and plan for a surge in patients with untreated and unmanaged non-healing wounds, and patients with acute-on-chronic complications, as a result of delayed care during the COVID-19 pandemic. Moreover, few patients avoided the appointments for wound care clinics due to fear of exposure to COVID-19.

Global Wound Care Market Segmentation:

The global wound care market report is segmented into by product type, by wound type, by end user.

By Product Type, the market is segmented into advanced wound management products, wound therapy devices, surgical wound care products, and traditional wound care products. Out of which, wound therapy devices segment is expected to dominate the global wound care market during the forecast period. Adoption of inorganic strategies such as merger and acquisition of wound therapy devices is increasing . For Instance, in April 2021, Noventure, specialized in licensing innovative substance-based medical devices and specialist food supplements, announced it had acquired Ulkox and Oleoabrax products, based on an Olea Europaea leaf extract wound-healing technology. Both the products are indicated for healing skin wounds of full or partial thickness.

By Wound Type, the market is segmented into chronic wounds and acute wounds. Increasing  prevalence of diabetic foot ulcers in the chronic wound type segment is expected to drive the market growth over the forecast period.  For instance, in December 2021, according to the Frontiers Media S.A., 77 million people in India were suffering from diabetes, out of which 25% were expected to develop diabetic foot ulcers in the year 2021. Furthermore, in October 2022, according to Frontiers Media S.A., 12.16% of the people in Pakistan were suffering from diabetic foot ulcer in the year 2021.

By End User, the market is segmented into Hospitals, Clinics, Ambulatory Surgical Centres, Others (Home Care Settings, etc.) Increasing  hospital admissions due to increasing  number of patient with wounds is expected to drive the growth of global wound care market. Moreover, people preferences for hospitals for treatment of disease, due to availability of technologically advanced products also contributes to market growth. For instance,  according to World Health Organization (WHO), people living with diabetes, access to affordable treatments, is decisive to their survival. There is a globally agreed target to halt the rise in diabetes and obesity by 2025.

Global Wound Care Market Cross Sectional Analysis:

In the wound type, chronic wound segment held a dominant position in  North America region.  Aging population, persistent problem of infection, and increasing diabetes and obesity is expected to increase chronic wounds segment. For instance, in March 2021, chronic wounds impacted the quality of life of nearly 2.5% of the total population, in the U.S., and the management of wounds has a significant economic impact on health care sector.

Global Wound Care Market: Key Developments

 In March 2022, Cardinal Health, a health care company, launched surgical incise drape, which helps in reducing  the risk of surgical site contamination with organisms, typically associated with surgical site infections (SSIs) and improves patient care by reducing the risk of microbial contamination.

In March 2020, Cutiscare, a leading wound care and hyperbaric medicine industry, announced launch of CareAccel, growth acceleration platform is an application which gives program directors the data and intelligence to identify healthcare providers in the community that have a propensity for treating patients with chronic wounds.

Global Wound Care Market: Restraint

Increasing number of product recalls by regulatory authorities

Long term exposure of advanced surgical tape leads to continuous high moisture clinical applications which can cause tape bond failure. Thus, U.S. Food and Drug Administration recalled Class 2 device 3M Durapore advanced surgical tape, manufactured by 3M, a healthcare company, in November 2019. Hence, increasing  number of product recalls can hinder the growth of market.

Global Wound Care Market: Key Players

Major players operating in the global wound care market include 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.