Wound care market is flourishing owing to the growing aged population, increasing volume of surgeries, increase in road accidents, increase in burn cases across the globe, and increasing incidence of chronic wounds.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Wound Care Market size at USD 21.1 billion in 2022. During the forecast period between 2023 and 2029, the Global Wound Care Market size is projected to grow at an impressive CAGR of 5.90% reaching a value of USD 31.31 billion by 2029. The main factors driving market revenue growth are the occurrence of chronic diseases, the rise in surgical procedures, the prevalence of chronic diseases globally, and the rising incidence of diabetes as a result of a sedentary lifestyle. The use of wound care products promotes wound healing and infection prevention.
Global Wound Care Market – Overview
A wound is a disruption of the normal architecture of the skin and soft tissues, which affects their structure and function. A chronic wound is broadly defined as one that is physiologically impaired, in contrast to an acute wound, which exhibits normal physiology and is anticipated to heal through the anticipated stages of wound healing. Wound care offers effective healing that concentrates on wounds and damage to the skin’s underlying structure. Wound dressings aid in the reduction of dead space, the control of exudate, and the prevention of bacterial overgrowth by ensuring proper fluid balance, cost-effectiveness, and patient and nursing staff management. With numerous technological developments, the treatment of both acute and chronic wounds has become a standard practice in the global wound care market.
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Opportunity: Emerging Countries Increase the Opportunity for Wound Care Market
The development of wound care products for the treatment of both acute and chronic wounds has received substantial attention in recent years from growing nations such as India, South Korea, Malaysia, Vietnam, Africa, and the Middle Eastern nations of Israel, Saudi Arabia, and the UAE. The expansion of the market will be fueled by these nations’ improving healthcare systems.
Hospitals & Clinics segment held the largest market share by End User
Based on end-use, the wound care market has been segmented into hospitals & clinics, long-term care facilities, and home care settings. Due to rising hospital admissions caused by chronic illnesses and an increase in the prevalence of pressure ulcers contracted in hospitals, the hospitals & clinics segment is anticipated to have the biggest revenue share throughout the projected period. Surgical wound care dressings and NPWT are not suitable for use at home because they are primarily designed for use in hospitals. Additionally, the longer hospital stays of diabetes patients in this end-use market drive up demand for sophisticated wound care products.
Impact of COVID-19 on the Wound Care Market
Although improved wound care is an essential component of healthcare, its market demand was low due to the rise in COVID-19 instances. Numerous nations have put off elective operations and other medical treatments indefinitely due to the COVID-19 outbreak, which has caused healthcare facilities like hospitals to become overcrowded with COVID-19 patients.
Competitive Landscape
Global Wound Care Market is fiercely competitive, with Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Johnson & Johnson, DeRoyal Industries Inc., DermaRite Industries LLC, ConvaTec, Coloplast A/S, Integra Life Sciences Holdings Corporation, Mo-Sci Corp., Organogenesis Inc., Acelity L.P. Inc., 3M Company, and other prominent players. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Wound Care Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Wound Care Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in -Global Wound Care Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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