(PharmaNewsWire.Com, June 24, 2020 ) The Wound Care Market is projected to reach USD 24.8 billion by 2024 from USD 19.8 billion in 2019, at a CAGR of 4.6% from 2019 to 2024, driven by the growing prevalence of conditions that impair wound healing capabilities, thus necessitating the use of wound care products—particularly advanced products. Increasing funding for wound care research, the rising incidence of road accidents and injuries, and the growing use of regenerative medicine in wound care are driving the growth of the global wound care industry. AI in wound management, increasing research in the field of advanced wound care, and potential applications of stem cell therapy are expected to provide a wide range of growth opportunities for players in the market.
Advanced wound care products are expected to dominate the wound care market in 2019.
Based on the product, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products. In 2019, advanced wound care products are expected to account for the largest market share due to its high efficacy and rising incidences of hard-to-heal wounds. These factors further make this segment to grow at the fastest rate in the wound care market.
Diabetic foot ulcers segment is expected to dominate the wound care market in 2019
Based on wound type, the wound care market is segmented into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, venous leg ulcers, burns, and other wounds. The diabetic foot ulcers segment is expected to account for the largest market share in 2019. This can primarily be attributed to the increased emphasis on aggressive management to prevent diabetic foot ulceration in wound management and foot amputation, using products such as advanced and active wound care products.
Hospitals & clinics segment expected to dominate the wound care market in 2019
Based on end-user, the wound care market is categorized into hospitals & clinics, long-term care facilities, and home care settings. In 2019, hospitals & clinics are expected to account for the largest share of the market. The large share of this segment can be attributed to factors such as better infrastructure in hospitals to address critical cases, increasing incidences of hospital-acquired infections (HAIs) and a growing number of surgical procedures worldwide, among others.
North America commanded the largest share of the wound care market in 2019.
Based on the region, the global wound care market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America commanded the largest share of the wound care market. The large share of this market segment can be attributed majorly to the rising incidence of diabetes, growing geriatric population, the presence of major manufacturers in the region, and easy access & rapid adoption of advanced products and technologies.
The major players operating in this market are Smith & Nephew plc (UK), Acelity L.P. Inc. (US), Mölnlycke Health Care AB (Subsidiary of Investor AB) (Sweden), Ethicon, Inc. (A Subsidiary of Johnson & Johnson ) (US), Convatec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Paul Hartmann AG (Germany), Medtronic plc (Ireland), 3M Company (US), Integra LifeSciences Holding Corporation (US), Mimedx Group (US), and Lohmann & Rauscher International GmbH & Co. KG (Germany) among others.
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