Wound Care Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2025
Wound Care Market Overview:
The healthcare industry is one of the largest macroeconomic sectors in the global market which has leveraged lucrative prospects owing to the constant adoption of advanced technological and biological solutions. The wound care market is remarkably acquiring huge scope of opportunity owing to a novel wound healing treatment-the bioactive wound care solution. These bioactive materials are manufactured from natural and synthetic polymers which create a minimal hazard to the environment owing to their biodegradable properties. Such categories of eco-friendly bioactive wound dressing materials include foams, hydrogels, membranes, micro and nano-fibers, hydrocolloids, skin substitutes, and many more. The bioactive wound care market is progressing in recent times since the method accelerates the rate of wound healing in patients.
Increasing severity and awareness about chronic wounds are constantly influencing the customer demand thereby boosting the wound care market growth. Furthermore, the bioactive wound care market is estimated to acquire a revenue of $5.2 billion by 2021. Consequently, this is likely to upheave the wound care market size during the forecasted period 2019-2024.
The global wound care market size crossed $18.7 billion in the year 2018. This huge commercial prospect was facilitated by the usage of newer and effective wound care products, growing chronic wounds, and the availability of wound treatment in several hospitals across the globe. Moreover, the launch of advanced solutions and newer methods in treating wounds is also increasing the wound care market size. Subsequently, the wound care market is projected to increase at a CAGR of 4% during the forecast period of 2019-2025.
Major progress in the wound care treatment and management market remains the palliative wound care. This wound treatment offers better medication of non-healing and advanced wounds including complete wound healing treatment. Besides the requirement for effective wound care treatment such as negative pressure wound therapy and oxygen and hyperbaric oxygen wound therapy, there is a huge demand for wound care products. These include sutures and staples, tissue adhesive and sealants, anti-microbial dressings, medical tapes, bioactive, and others, which are prominently gaining huge demand in recent times. Aided by major innovations and product launches, the wound care market is experiencing demand-pull inflation owing to the incrementing requirement of the end-users.
Wound Care Market Key Application Outlook –
· Healthcare Sector to Have Ample Opportunities
With readily available advanced solutions and treatment, constant innovations, and effective management, the global wound care market gained huge demand from the healthcare industries. The application of wound care solutions in the hospitals and clinics is estimated to grow at a 5.4% CAGR through to 2025. The high rate of surgical site infection (SSI) incidences in surgeries for patients with diabetes and cancer also necessitates the negative pressure wound therapy. The wound care market growth in the healthcare sector is evident with the fact that approximately SSIs accounts for 38% of all nosocomial infections in surgical patients. This signifies the resulting need for wound care treatment and management thereby increasing the demand for the wound care market. Additionally, with the increase in advanced and chronic wounds across the world, there is a huge dependency on hospitals for precision treatment and medication to eliminate associated complexities. As per the Stanford Health Care, nearly 40% of the advanced wounds are treated in hospital outpatients wound center and about 20% are treated in hospital inpatient wards. Significantly, this statistic provides the analysis of the required assistance of advanced wound care products and devices in the hospitals. Concurrently, skin grafting with tissue membranes, tilapia fish skin, and alternative skin substitutes promote healing in burn injuries. These hospital-based wound treatments and healing procedures are propelling the global wound care market growth in recent times.
Wound Care Market Growth Driver – Rise in Chronic Wounds and Accidental Incidences:
Wound caused by major and minor accidents are incessantly rising in the past few years whereby relying on effective treatment and medications for quick healing. Several chronic diseases also contribute to the increasing concern of the wounds across the world. High blood pressure and diabetic disorders affect the natural healing processes of the body. As a result, wounds and injuries during diabetic condition require additional care and management. It is essential to notice that more than 50% of the diabetic ulcers get infected and approximately 20% necessitate amputation in 2017. This is reflective of the resulting expenditure on the wound care treatment for the affected patients. Besides road crash incidents each year also add to the present statistic of wounded and injured patients throughout the world. This implicates larger dependency on the wound treatment products and devices for the treatment of the accident injured person worldwide. Furthermore, globally, nearly 20-30 million people are injured or disabled, and road crash injuries will become the fifth leading cause of death by 2030. Significantly, this statistic signifies a huge scope of opportunity for the global wound care market to gain huge profit.
Wound Care Market Outlook: Geographical Analysis
North America contributed a major regional share of 43% to the global wound care market in 2018. The increasing rate of accidental incidences, growth in chronic diseases, and huge expenditure on wound care treatment aids the North America’s dominance over this market. Also, advancement in wound care management such as availability of non-invasive treatment and high-precision wound healing products also aid this growth. It is important to note that around 2.35 million people in the United States are injured or disabled each year. Consequently, this implicates the need for wound care treatment and associated products thereby accelerating the wound care market demand growth in this region. Furthermore, Stanford Health Care reflects that nearly chronic and advanced wounds accounted for 6.7 million incidences in the U.S. in 2016. Annually, this advanced wound care treatment cost reaches around $50 billion in the U.S., signifying a huge revenue prospect of the domestic wound care market. Also, the medical treatment of the chronic wounds diagnosis and treatment expenses simultaneously shows the growth and development of the wound care market. Concurrently, ulcer wound cases is also increasing in the U.S. which also influences the wound care market demand.
Sr. No. | Type Of Ulcer | Affected Patients |
1 | Pressure Ulcer | 2,906,336 |
2 | Diabetic Foot Ulcer | 2,098,750 |
3 | Venous Leg Ulcer | 817,244 |
4 | Surgical Wounds | 519,923 |
5 | Arterial Ulcer | 388,730 |
-Stanford Health Care
Key Competitors in the Wound Care Market:
The major companies contributing colossally to the global wound care market share through constant R&D activities and new product innovations. These pioneers include Johnson & Johnson, Medtronic plc, Kinetic Concepts, Inc., Smith & Nephew plc, Mölnlycke Health Care, Acelity L.P. Inc., ConvaTec Group plc, Baxter International Inc., Coloplast A/S, The 3M Company and Derma Sciences, and others.
Breakthrough Innovations and Marketing Strategies by Wound Care Market Companies:
The global wound care market is revolutionizing with the emergence of new wound healing products and procedures. Simultaneously, the involvement of technology to aid the understanding of home-patients for regular wound dressing and wound management also surges the wound care market demand. Also, the investment by major companies to expand their product portfolio manifests the resulting growth scopes of the wound care market in the forthcoming years.
Recently, Advanced Tissue launched its breakthrough technology-assisted wound dressing product – smartPAC. This novel unit-dose packaged wound dressing products have individual QR codes which enable video aid upon scanning through any smartphones. Additionally, the home delivery kit also has a rechargeable card installed with customized patient-centric video resources to limit patient or caregiver
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