Market analysis and insights

The wound care market was valued at USD 20.95 billion in 2022, and it is anticipated that from 2023 to 2029, the overall wound care revenue will increase by 7.8%, or roughly USD 34.52 billion by 2029.

Participants in the market will profit significantly throughout the projection period from developing technologies including artificial intelligence (AI) security, the Internet of Things (IoT), natural language processing, and increasing online applications. Major market players also employ marketing strategies to expand their operations abroad, including mergers and acquisitions.

Wound Care Market Scope :

Market Definition

The management and treatment of wounds in order to speed up healing, avoid infection, and reduce complications is known as wound care.

Any damage to the skin or underlying tissues that impairs the normal anatomical structure and function of the injured region is referred to as a wound. From tiny cuts and scrapes to more serious wounds, including deep lacerations, burns, surgical robot incisions, and persistent ulcers, wounds can differ in size. The first step in wound care is to carefully clean the wound to get rid of any dirt, foreign objects, and dead tissue. To provide a wound bed that is clean and supportive of healing, necrotic or non-viable tissue is removed during debridement. Infection control is essential to wound care. Infections can stall the healing process and cause more severe consequences.

Key Market Segmentation

Insights on Type

The Advanced Segment Valued for the Highest Share

It is anticipated that the advanced segment will have the largest revenue share over the projected period since it is the most profitable of these categories. One of the major factors behind this hegemony is the increase in burn incidents. In the United States, for instance, burn injuries are handled medically, according to the American Burn Association. According to certain reports, burn victims are most likely to suffer from the effects of infections. The welfare of people with wound-related disorders, including diabetes and ulcers, has led to the development of novel products dubbed advanced wound care solutions.

Insights on Application

The Chronic Segment Valued for the Highest Share

Over the course of the projection period, the market category for chronic wounds, which currently commands the largest share, is anticipated to grow considerably. Leg ulcers, pressure ulcers, vascular ulcers, and diabetic foot ulcers are the most common conditions, and their prevalence is rising along with the cost of their treatment. In addition to an increase in the elderly population, chronic wounds, including arterial ulcers, diabetic ulcers, venous pressure ulcers, and others, are predicted to become more common. The term ""diabetic foot ulcer"" refers to a persistent sore that appears in diabetics.

Insights on the End User

The Hospital Segment Valued for the Highest Share

The hospital sector dominates the market due to the growth of multispecialty hospitals with sections devoted to wound treatment, especially in developing countries. A greater CAGR is foreseen for the home healthcare category throughout the forecast period. This is a result of an increase in the incidence of chronic wounds in the older population, an increase in patients receiving care at home, and a rise in obesity and chronic diseases.

Insights on the Region

The North American region accounted for the highest share.

With a share of 45.10% in 2022, North America dominated the wound care sector. Over the predicted period, a high growth rate is anticipated. Large populations and a growing patient base in nations like the U.S. are significant drivers of regional market expansion. Additionally, the greater incidence of wounds among the elderly population will increase demand for wound care products in this area.

Key Company Profiles

Curaline, Pfizer Inc., B. Braun/Aesculap Inc., 3M Health Care, Acell Inc., Acelity L, ArjoHuntleigh, Baxter Bioscience, and Johnson & Johnson are a few significant market players in the wound care industry. There are several more significant companies in the market, including Hollister Wound Care LLC, Lifebond Ltd., Ohmann, Rauscher GmbH & Co., Soluble Systems LLC, and Arobella Medical LLC.

COVID-19 Impact and Market Status

Hospitals and healthcare facilities saw a COVID-19 patient overflow during the epidemic. Due to the postponement of certain elective operations and non-urgent treatments, the focus on managing wound care for current patients and those with chronic wounds has grown.

The pandemic affected the availability and delivery of wound care products by disrupting worldwide supply systems. This may have caused shortages or delays in getting necessary wound care supplies.

The management of wound care in other healthcare settings, including long-term care institutions and outpatient clinics, may have been impacted by the increased utilization of resources in acute care settings due to the focus on addressing COVID-19 patients. Healthcare professionals used telemedicine and remote monitoring for some non-urgent wound care situations to lower exposure and manage patient load. This tendency may have accelerated the adoption of digital wound care procedures.

The pandemic's urgency brought attention to the demand for cutting-edge wound care treatments. Innovative wound care products and therapies may have been the focus of research and development efforts to enhance patient outcomes. Some wound-care industries may have suffered financially from the pandemic's effects on the economy. On the other hand, a rise in the demand for a few wound care items would have benefited certain companies.

Latest Trends

1. A noteworthy trend has been the creation of sophisticated wound dressings employing cutting-edge materials, including hydrogels, foams, and films. Better moisture control, easier autolytic debridement, and a favorable environment for quicker wound healing are all benefits of these dressings.

2. In the field of wound care, the utilization of biological products such as stem cells, platelet-derived growth factors, and tissue-engineered skin replacements has become more popular. These biologics can quicken the healing of complicated and persistent wounds by promoting tissue regeneration.

3. Through the use of a specialized dressing and regulated suction, NPWT helps wounds heal by minimizing edema, improving blood flow, and eliminating extra exudate. In addressing complicated wounds, NPWT is gaining popularity.

4. Telemedicine and remote wound monitoring have grown in popularity, as already mentioned. Healthcare professionals may remotely examine and monitor wound development thanks to digital technology and mobile applications, which enable prompt treatments and lessen the need for frequent in-person visits.
5. Advanced wound healing tools have been created to speed up the healing process, including chambers for hyperbaric oxygen therapy, electrical stimulation, and ultrasound therapy.

Significant Growth Factors

The prevalence of chronic wounds such as pressure ulcers, venous leg ulcers, and diabetic ulcers has had a substantial impact on the wound care industry. The need for wound care products and treatments rises as the world's population ages and diabetes and obesity become more common.

Improvements in patient outcomes and faster wound healing have been made possible by new developments in wound care technology and inventive products, such as enhanced wound dressings, biologics, and wound healing tools. The need for cutting-edge wound care products has increased as a result of these developments.

The availability of cutting-edge wound care products and rising patient and healthcare professional awareness of the value of good wound treatment have accelerated market expansion.

Governmental programs to foster improved wound care treatment, particularly for chronic wounds, have financed and supported the use of cutting-edge wound care products. Due to comorbid conditions and age-related variables, the elderly population is more vulnerable to chronic wounds. The need for wound care products is anticipated to increase as the world's elderly population grows.

Restraining Factors 

Some individuals and healthcare systems may find it difficult to afford modern wound care products and treatments. This may restrict the use of these items and prevent the expansion of the market.

Certain wound care products or treatments may not be as affordable in some areas due to reimbursement rules, which limit patient access and market expansion. Strict regulatory criteria and approval processes control the wound care sector. It can take a long time and be expensive to obtain regulatory clearance for novel goods, which could impede the commercialization of creative wound care solutions.

Disruptions in the global supply chain, such as those seen during the COVID-19 pandemic, can have an effect on the availability and distribution of wound care products, which in turn can have an influence on market expansion.