Global Wound Care Market to Reach USD 22.01 Billion by 2022

Global Wound Care MarketThe global wound care market is expected to reach USD 22.01 Billion by 2022 from USD 18.35 Billion in 2017 growing at a CAGR of 3.7%, according to a report by MarketsandMarkets. The driving forces behind the growth of this market are the increasing prevalence of chronic and acute wounds, growth in geriatric population, technological advancements in wound care products, rising number of road traffic accidents globally, increasing funding for wound care research and the growing awareness about wound care treatment and management. The wound care market is segmented by product, wound type, end user, and regions.

Global Wound Care Market Segments and Growth Factors

  • By Product Type – The wound care market is categorized into advanced wound management products, surgical, and traditional wound care products. In fact, the advanced wound management products segment is expected to lead the global wound care market in 2017. The increasing incidence of diabetes and the rising demand for innovative and advanced wound management products are the key factors behind the growth of this segment.
  • By Type of Wound – The market is divided into chronic wounds and acute wounds. The chronic wounds segment is estimated to account for the largest market share of the global wound care market. The factors driving the growth of this segment include growth in geriatric population and the rising prevalence of diabetic foot ulcers, pressure ulcers, and other types of chronic wounds. However, advanced wound care combined with reliable wound management software has now emerged as a standard solution for treating chronic wounds.
  • By End User – The wound care market is classified into hospitals and specialty wound care clinics, long-term care facilities and home healthcare. However, the hospitals and specialty wound care clinics segment is anticipated to account for the largest share of the global wound care market. The growth factors are rising incidence of diabetes, higher rate of chronic wound cases, and improving hospital infrastructure in developing countries.
  • By Region – The market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is expected to rule the wound care market in the forecast period. Increasing research activities in the field of wound care and rising governmental investment for wound care research in the region as compared to other regions are the major driving forces.

However, the high cost of advanced wound care products and the risk associated with wound care products may restrict the market’s growth.

Key Players

Some of the key players in the wound care market are Acelity L.P. Inc. (US), Smith & Nephew plc (UK), Mölnlycke Health Care AB (Sweden), ConvaTec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), BSN medical GmbH (Germany), Organogenesis Inc. (US), DeRoyal Industries, Inc.(US), IonMed (Israel), Ethicon, Inc. (US), Medtronic plc (Ireland), 3M Company (US), Hill-Rom Holdings, Inc. (US), Paul Hartmann AG (Germany), NovaBay Pharmaceuticals, Inc. (US), Derma Sciences, Inc. (US), Vivostat A/S (Denmark), Wound Care Technologies, Inc. (US). These companies have launched innovative products to maintain and improve their position in the wound care market. They have a broad product portfolio with comprehensive features. These players also have products for all end users in this market.