PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373918
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373918
Wound care management market size was valued at USD 20,630.9 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
Wound management is the continuous care of a wound by providing a healing environment through direct and indirect approaches along with halting the aging of the skin as healthcare professionals use advanced wound care products. Additionally, it is a therapeutic approach to guarantee rapid wound healing. Wound care products also promote the organic healing method without blocking the wound and involve the utilization of alginates, hydrocolloids, dressings, and hydrogels. In line with this, above mention products ensure protection from the external environment, optimal oxygen flow, favorable wound healing, and uniform temperature
Wound Care Management Market- Market Dynamics
Replacement of traditional wound care products is boosting the market demand
Advanced and conventional wound care & closure products are meant to treat chronic and delicate injuries. Chronic injuries take a substantial amount of time and are difficult to heal, they are expensive to treat. In line with this, for curing chronic wounds advanced wound care products are becoming a standard solution and are progressively replacing traditional wound care products due to their improved efficiency and usefulness in addressing wounds by enabling rapid healing. Additionally, advanced wound care & closure products are growing as a result of efforts to shorten the duration of hospital stays to minimize healthcare expenditure and a growing preference for medical products that improve therapeutic outcomes. The risk included with inefficient wound healing fuels the demand for combination dressings, which eliminates conventional wound dressing techniques. However, the lack of skilled healthcare professionals, particularly in remote or underserved areas is a key aspect projected to hamper the global wound care management market.
Wound Care Management Market- Key Insights
As per the analysis shared by our research analyst, the global wound care management market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030)
The wound care management industry is projected to grow at a significant rate due to the growing incidences of chronic ailments such as diabetes and obesity
Based on type segmentation, wound closure was predicted to show maximum market share in the year 2022
Based on application segmentation, surgical wounds was the leading type in 2022
The factors propelling the growth of the global wound care management market include a rise in the aging population, increasing government support in terms of funding,
The global wound care management market is segmented on the basis of type, application, end user, and region.
The market is divided into two categories based on type: wound care and wound closure. The wound closure segment is accounted to witness the largest market share. The segment is attributed to involve devices and products utilized to promote wound healing and close wounds. Additionally, these products play an essential role in trauma care, wound management, and surgical procedures. Adhesives, sutures, hemostats, and staples are included in common wound closure.
The market is divided into seven categories based on applications: ulcers, burns, pressure ulcers, diabetic ulcers, surgical wounds, venous leg ulcers, and arterial ulcers. The surgical wounds segment is likely to possess the largest market revenue. Surgical wounds result from require specialized wound care and surgical procedures to facilitate healing and prevent complications. The surgical wounds segment market focuses on services and products tailored to post-operative care.
Wound Care Management Market- Geographical Insights
Major regions assessed in the market analysis of the global wound care management market include Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. North America is projected to dominate the wound care management market due to the highly developed regional healthcare infrastructure and rising awareness among healthcare practitioners. Moreover, Europe is likely to offer lucrative growth opportunities owing to the increase in government-issued laws and governmental initiatives about the adoption of solutions from manufacturers in the advanced wound care industry as well as the expansion of the health care sector in emerging nations.
Rising use for skin-related disorders treatment such as skin disorders, deep vein thrombosis, and vascular ulcers are boosting the demand for the global wound care management market across the globe. With the key players wound care management market is highly competitive and continuously focusing on research and development to launch innovative products to fulfill the massive requirements of patients and healthcare professionals. Market players are focusing on adopting numerous strategies such as partnerships, collaborations, mergers, and acquisitions to bring innovation in technology and also strengthen their reach in the lucrative markets. For instance, in December 2022, MediWound Ltd. a biopharmaceutical company focused on next-generation biotherapeutic solutions, announced it has gained marketing approval of NexoBrid®. MediWound has signed an agreement granting Bharat Serums and Vaccines Limited (BSV), the exclusive right to market and distribute NexoBrid in India for the treatment of severe burns.
For instance, in January 2023, Convatec announced the US launch of ConvaFoam™, a family of advanced foam dressings designed to address the requirements of healthcare providers and their patients. ConvaFoam™ can be utilized on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection.