Northbrook, IL 60062 -- (SBWIRE) -- 04/07/2022 -- MarketsandMarkets™ Research Report's View on Revenue Impact?

The global wound care market is projected to reach USD 27.8 billion by 2026 from USD 19.3 billion in 2021, at a CAGR of 7.6% during the forecast period

Factors Responsible for Growth and In-Depth Analysis?

The growth is largely driven by factors such as the growing prevalence of chronic conditions resulting in chronic, surgical, acute, and traumatic wounds; increasing spending on chronic wounds; rising use of regenerative medicine in wound management; and technological advancements. The high growth potential of emerging economies and the growing number of acquisitions by key players have also opened an array of opportunities for the growth of the wound care market.

Growth Driver: Growing prevalence of diseases & conditions affecting wound healing capabilities;

Physical health conditions, such as acute wounds, chronic wounds, and surgical wounds, have a negative effect on the wound healing process. The prevalence of acute, chronic, and surgical wounds has increased significantly over the past decade, primarily due to the growing global geriatric population, rising traumatic wounds, increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes. Diabetes and obesity can result in an increased overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (wound management) and incur exorbitant medical expenses.

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Leading Key Players and Analysis:

The major players operating in this wound care market are Smith & Nephew Plc (UK), Mölnlycke Health Care AB (Sweden), Baxter International (US), 3M Company (US), Integra LifeSciences Holdings Corporation (US), ConvaTec Group Plc (UK), Coloplast A/S (Denmark), Medtronic Plc (Ireland), Ethicon Inc. (US), PAUL HARTMANN AG (Germany), MiMedx Group (US), DeRoyal Industries (US), Organogenesis Holdings (US), Kerecis (Iceland), ACell (US), Lohmann & Rauscher International GmbH & Co. (Germany), Medela AG (Switzerland), Talley Group (England), Pensar Medical (US), B. Braun Melsungen AG (Germany), Cardinal Health Inc. (US), Misonix (US), Zimmer Biomet Holdings (US), DermaRite Industries (US), Medline Industries (US), Advancis Medical LLC (UK), MilLaboratories Pvt. Ltd. (India), Welcare Industries Spa. (Italy), Wuhan VSD Medical Science & Technology (China), and Haromed BVBA (Belgium).

Geographical Analysis in Detailed?

North America is the largest regional market for wound care market

The global market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America accounted for the largest market share. The large share of this regional segment can be attributed to the growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds; the increasing incidence of burn injuries; increasing spending on surgical and chronic wounds; and technological advancements in this region.

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Industry Segmentation:

"Advanced wound care products segment accounted for the largest share of the wound care market"

Based on products, the wound care market is segmented into advanced wound care products, surgical wound care products, and traditional wound care products. In 2020, the advanced wound care products segment accounted for the largest market share. Advanced wound care products are increasingly being used as the first line of therapy, making it likely that they will cannibalize the share of the traditional wound care products market. The advantages of advanced wound care over traditional wound care are the key factors driving the growth of this market.

"Hospitals & Clinics segment accounted for the largest share in the market"

Based on end users, the wound care market is segmented into hospitals & clinics, long-term care facilities, home care settings, and other end users. In 2020, the hospitals & clinics segment accounted for the largest share in the global wound care market. The large share of this segment can be attributed to factors such as the growing prevalence of surgical and chronic wounds; rising incidence of associated SSIs and HAIs; and the increasing incidence of burn injuries.

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