Analysis of Global Wound Care Market Size, Share, and Growth Trends: Pandemic and Diabetic Complications Drive Demand
The global wound care market is poised for unprecedented growth, fueled by a sharp increase in chronic and acute wounds driven by the growing geriatric population and rising diabetes cases. According to a United Nations report, the elderly population (aged 60 and above) is expected to nearly double to 2 billion by 2050. Concurrently, the World Health Organization reports a significant surge in diabetes cases over the past 25 years, elevating the risk of wound-related complications.
The COVID-19 pandemic has further amplified the demand for wound care products, with hospital admissions and treatments surging worldwide. The influx of patients to emergency rooms due to accidents and injuries has also contributed to the rising demand.
Innovative Products Set to Revolutionize Wound Care Market
Bioactive therapy is experiencing a resurgence in popularity for treating various chronic wounds. The need for immediate and effective management of conditions such as diabetic foot ulcers and venous leg ulcers is driving the demand for bioactive wound care solutions. Additionally, advancements in biomaterials, combination dressings, and nanotechnology are poised to propel the market to exponential growth.
One notable innovation comes from Axio Biosolutions, a MedTech company, which has launched MaxioCel, a next-generation wound care dressing made of chitosan. MaxioCel addresses a significant gap in the market by providing comfort and faster healing for patients with chronic wounds, offering combined haemostatic, pain management, and scar improvement properties. Built with bioactive microfiber gelling technology (BMG), MaxioCel is set to revolutionize wound healing for patients with comorbidities.
Antimicrobial Equipped Advanced Wound Care Segment Leads the Way
The advanced wound care segment dominated the global wound care market in terms of revenue in 2019. The high incidence of non-healing wounds and chronic conditions, especially among diabetics, is driving this segment’s growth. Advanced wound care dressings, equipped with antimicrobial agents, are expected to outperform traditional wound care solutions.
Hospitals Remain Central in Wound Care Management
In 2019, the hospital segment held the largest market share. Hospitals play a vital role in wound care management due to their access to materials and trained staff to handle complications. This segment is expected to maintain its dominance as hospitals continue to provide follow-up care and regular dressing changes. Surgical wound care dressings and the treatment of burns and trauma are primarily carried out in hospital settings, making this segment indispensable.
Emerging Economies Offer Exceptional Growth Opportunities
Emerging economies like India and China are poised to experience exceptional growth in the wound care market. Increased healthcare expenditure and the demand for value-based healthcare services will drive investment in advanced wound care solutions. Analysts anticipate increased research spending in the field of advanced wound care.
Asia Pacific Emerges as a High-Growth Market
The Asia Pacific wound care market is expected to grow significantly due to factors such as a rising geriatric population, an increase in surgeries, expanding healthcare infrastructure, and a large patient pool. The region also benefits from the thriving medical tourism industry, offering affordable treatment to patients from foreign countries.
North America Leads the Way
As of 2019, North America held the dominant position in the global wound care market, driven by a high incidence of wounds, growing sports participation, and advanced healthcare diagnostics. The region’s access to technologically advanced products and well-defined healthcare processes positions it favorably for sustained growth.
Key Players in the Global Wound Care Market
Major companies such as Smith & Nephew plc, 3M Company, Acelity L.P. Inc., and Mölnlycke Health Care AB maintain a strong presence in the market with diversified product portfolios. Other leading players include Ethicon, Inc., Convatec Group Plc, Baxter International Inc., Coloplast A/S, Paul Hartmann AG, Medtronic plc, Integra LifeSciences Holding Corporation, Mimedx Group, Lohmann & Rauscher International GmbH & Co. KG, DeRoyal Industries, Inc., Organogenesis Holdings Inc., Kerecis, ACell, IonMed, Axio Biosolutions, and Medela AG.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/wound-care-market
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