USD 24.01 Billion, Wound Care Market [2021-2028] | Size, Share, Growth, Trends, Revenue, Analysis, Competitive Landscape, Forecast Report

Top Players Covered in the Wound Care Market Research Report are Smith & Nephew (London, U.K.), 3M (Minnesota, U.S), ConvaTec Inc. (England, U.K.), Cardinal Health (Dublin, Ohio), Coloplast A/S (Humlebaek, Denmark), Mölnlycke Health Care AB (Gothenburg, Sweden), Medtronic (Dublin, Ireland), PAUL HARTMANN AG (Heidenheim, Germany), BSN medical (Hamburg, Germany), Integra LifeSciences Corporation (New Jersey, United States), Johnson & Johnson Services, Inc. (New Brunswick, United States) and other key market players

Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- The global wound care market size is expected to gain momentum by reaching USD 24.01 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. Fortune Business Insights in its report, titled “Wound Care Market, 2021-2028.”, mentions that the market stood at USD 15.25 billion in 2020. Factors such as the increasing focus on the development of advanced products and the growing demand for effective treatment of patients with chronic and acute wounds are projected to boost the growth of the market during the forecast period. In February 2021, AXIO Biosolutions, a leading Indian wound care company, announced that its next generation advanced wound treatment product has received a CE certification from Europe. The product, MaxioCel is a dressing for treating wounds that adopts Bioactive Microfiber Gelling technology that helps in fast healing through quick granulation.

COVID-19 Impact – Market Exhibited -2.8% Growth Rate in 2020; Priority for COVID-19 Patients Led to Decline

In 2020, as the healthcare system was overwhelmed with the rising coronavirus cases, the government agencies ordered hospitals and medical settings to prioritize such cases. This led to the postponement of several other elective medical procedures. Besides, wound treatment services were also exempted from essential procedures that led to the declining growth rate of the market. A negative growth rate of -2.8% in 2020 adversely affected the growth of the market that is likely to return to pre-pandemic levels now that the healthcare settings are operational by complying to several social distancing norms worldwide.

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Industry Development:

• October 2019 - 3M announced the acquisition of Acelity, Inc., and its subsidiaries. The acquisition is aimed at strengthening its position in the advanced and specialty surgical products market.

What does the Report Include?

The market report includes in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

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DRIVING FACTORS

Increasing Focus on Development of Advanced Products to Augment Growth

In November 2019, Lake Superior Centre for Regenerative Medicine (RegenMed) introduced DermGEN. According to the company, the solution is a novel cellular dermal matrix for wound healing. Companies are focusing on investments in R&D activities to develop advanced products. Moreover, the products that are being developed by the market players focus on increasing the efficacy of wound treatment procedures. The growing demand of portable and single-use wound treatment medical products is further expected to contribute to the global wound care market growth in the forthcoming years.

REGIONAL INSIGHTS

North America – The region is expected to hold the largest global wound care market share during the forecast period. This is owing to the higher per capita healthcare expenditure and the increasing prevalence of chronic wounds among patients in the region. North America stood at USD 6.00 billion in 2020.

Asia-Pacific – The market in the region is expected to gain momentum backed by the growing number of diabetes-related comorbidities such as diabetic ulcers among the patients in countries such as India and China during the forecast period.

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Merger and Acquisition by Key Players to Intensify Industry Competition

The market is witnessing significant adoption of strategies by the key players to strengthen their position and gain a competitive edge over their rivals. The major companies are focusing on acquiring small companies to expand their wound care portfolio and further develop advanced solutions to cater to the high demand from patients. Other key players are focusing on gaining a strong footprint in the market through strategies approaches such as collaborations and partnerships that will favor the growth of the market.

Market Segmentation:

Based on type, the market is divided into advanced wound dressings, traditional wound care products, negative pressure wound therapy, bioactive, and others.

• On the basis of type, the advanced wound dressings segment held the largest market share of about 42.2% in 2020. The segment is likely to dominate owing to the high demand for advanced wound dressings such as foam dressings, alginate dressings, and antimicrobial dressings.

Based on the application, the market is bifurcated into chronic wound and acute wound. Moreover, on the basis of end-user, the market is classified into hospitals, clinics, home care settings, and others. Lastly, on the basis of region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

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List of the Companies Profiled in the Global Market:

• Smith & Nephew (London, U.K.)

• 3M (Minnesota, U.S)

• ConvaTec Inc. (England, U.K.)

• Cardinal Health (Dublin, Ohio)

• Coloplast A/S (Humlebaek, Denmark)

• Mölnlycke Health Care AB (Gothenburg, Sweden)

• Medtronic (Dublin, Ireland)

• PAUL HARTMANN AG (Heidenheim, Germany)

• BSN medical (Hamburg, Germany)

• Integra LifeSciences Corporation (New Jersey, United States)

• Johnson & Johnson Services, Inc. (New Brunswick, United States)

• Other Players

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Major Table of Content For Wound Care Market:

• Introduction

  • Research Scope

  • Market Segmentation

  • Research Methodology

  • Definitions and Assumptions

• Executive Summary

• Market Dynamics

  • Market Drivers

  • Market Restraints

  • Market Opportunities

• Key Insights

  • Prevalence of Diabetes Foot Ulcer, by Key Countries, 2020

  • New Product Launches, By Key Players

  • Key Industry Developments - Mergers, Acquisitions, and Partnerships

  • Impact of COVID-19 on the Market

• Global Wound Care Market Analysis, Insights and Forecast, 2017-2028

  • Key Findings / Summary

  • Market Analysis, Insights and Forecast – By Type

• • • Advanced Wound Dressing

• • • • Antimicrobial Dressing

      • Alginate Dressing

      • Foam Dressings

      • Hydrocolloid Dressings

      • Others

• • • Traditional Wound Care Products

    • Negative Pressure Wound Therapy

    • Bioactives

• • Market Analysis, Insights and Forecast – By Application

    • Chronic Wounds

  • • • Biological Skin Equivalents

      • Growth Factors

      • Others (Biological Dressings, etc.)

• • • • Diabetic Foot Ulcers

      • Pressure Ulcers

      • Leg Ulcers

      • Others

• • • Acute Wounds

• • • • Surgical wounds

      • Others

• • Market Analysis, Insights and Forecast – By End User

• • • Hospitals

    • Clinics

    • Homecare Settings

    • Others

• • Market Analysis, Insights and Forecast – By Region

• • • North America

    • Europe

    • Asia pacific

    • Latin America

    • Middle East & Africa

• North America Wound Care Market Analysis, Insights and Forecast, 2017-2028

  • Key Findings / Summary

  • Market Analysis, Insights and Forecast – By Type

• • • Advanced Wound Dressing

• • • • Antimicrobial Dressing

      • Alginate Dressing

      • Foam Dressings

      • Hydrocolloid Dressings

      • Others

• • • Traditional Wound Care Products

    • Negative Pressure Wound Therapy

    • Bioactives

• • Market Analysis, Insights and Forecast – By Application

    • Chronic Wounds

  • • • Biological Skin Equivalents

      • Growth Factors

      • Others (Biological Dressings, etc.)

• • • • Diabetic Foot Ulcers

      • Pressure Ulcers

      • Leg Ulcers

      • Others

• • • Acute Wounds

• • • • Surgical wounds

      • Others

• • Market Analysis, Insights and Forecast – By End User

• • • Hospitals

    • Clinics

    • Homecare Settings

    • Others

• • Market Analysis, Insights and Forecast – By Country

• • • U.S.

    • Canada

TOC Continued….!!!!

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