The high incidence of product approval by several regulatory authorities such as the United States Food and Drug Administration (FDA) is assessed to augment the growth of the global wound care market. Moreover, increasing product launches by key players and technological advancements in the global healthcare sector are also estimated to enhance the growth of the market. However, recalls of several wound care-related products by regulatory authorities in the world are expected to hinder the growth of the global wound care market.
Coherent Market Insights mentions in its study that the global Wound Care Market is estimated to be valued at US$ 21,218.5 million in 2022 and is expected to exhibit a CAGR of 5.3% during the forecast period (2022-2030).
Leading companies in the Wound Care Industry:
1. 3M
3M is an America-based company that was established in the year 1929. It is a major player in the Wound Care industry. The company operates through five segments globally. In order to retain its share in the market, the company focuses on launching new and advanced products.
Moreover, 3M Health Care's Medical Solutions Division announced, in October 2022, that it’s 3M V.A.C. Therapy negative pressure wound therapy (NPWT) surpassed a clinical evidence milestone of 2,000 published, peer-reviewed medical journal studies. V.A.C. This is the first and only NPWT solution to garner this number of published studies about its therapy.
2. Smith & Nephew
U.K.-based Smith & Nephew is a company that manufactures medical equipment. It was founded in 1856 with headquarters in London. The company provides advanced wound management products, arthroscopy products, trauma, and clinical therapy products, and orthopedic reconstruction products. It has operations in over 100 countries globally. In July 2022, Smith & Nephew launched a clinical support app, WOUND COMPASS◊ Clinical Support App, to help reduce practice variation in wound care.
3. Mölnlycke Health Care AB
Mölnlycke Health Care AB offers solutions to customers in around 100 countries globally with operations in 40 of these. The company is headquartered in Sweden and was established in 1849. It provides medical products and solutions to healthcare professionals.
4. Convatec, Inc.
It is a U.K.-based company with headquarters in Deeside. Established in 2008, the company develops, manufactures, and markets medical products and technologies worldwide. The company offers advanced wound dressings and skin care products for the management of chronic wounds resulting from various conditions such as diabetes, immobility, and venous disease as well as for a traumatic injuries, burns, invasive surgery, and other causes. It has 11 manufacturing sites in eight countries and operates in 100 countries globally.
5. Coloplast Corp.
Coloplast is a Denmark-based company. It is headquartered in Humlebaek and was established in the year 1954. It develops and commercializes healthcare products such as ostomy care products, skin care products, wound care products, urology products, and continence care products. The company operates through three segments: Ostomy Care, Interventional Urology, and Wound & Skin Care, worldwide.
6. HARTMANN GROUP
Hartmann Group is a company that manufactures high-performance products in advanced and traditional wound management, incontinence management, and sports medicine. It was established in 1818 and is headquartered in Heidenheim, Germany. In 2022, HARTMANN launched the Virtual Reality Wound Care Training at the WUWHS 2022 in Abu Dhabi. This technology provides a 3D VR Simulation for Wound Care Training. It is one of the most innovative technologies offering a lifelike clinical experience in wound management.
7. Baxter International Inc.
Baxter International Inc. is a U.S. headquartered company. It has 50 manufacturing facilities and over 100 distribution facilities across the U.S., Europe, Asia Pacific, Latin America, and Canada. The company was established in 1931.
8. Medline Industries
Medline Industries was established in 1966 with headquarters in Illinois, U.S. It is a manufacturer and distributor in the healthcare industry. It operates in more than 125 countries and territories around the world.
9. B. Braun SE
B. Braun SE is one of the leading medical technology companies. It was established in the year 1839 with headquarters in Melsungen, Germany. The company has over 300 subsidiaries in 64 countries globally. The company has a large portfolio of wound care management products and it offers a holistic approach to wound management which includes wound infection management, exudate management, and skin care.
The major players in the market are offering numerous products for better management of various wounds including burn wounds, surgical wounds, diabetic ulcers, etc.
*Definition- A wound is defined as an injury that leads to damage to the skin and soft tissues. Wound care aids in the healing of the skin and tissues, thus preventing bacterial growth and better treatment.
