Wound Care Market is anticipated to grow up to USD 27.7 billion by 2031 | 3M Company, Smith & Nephew PLC, Cardinal Health, Medtronic PLC

New York, The Global Wound Care Market was valued at USD 17.5 billion in 2021 and it is anticipated to grow up to USD 27.7 billion by 2031, at a CAGR of 4.7% during the forecast period.

Global Wound Care Market report from Global Insight Services is the single authoritative source of intelligence on Wound Care Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Wound care is becoming a standard treatment option for chronic wounds. It helps to maintain moist environment, regulating temperature, allowing oxygen to flow, safeguarding the damaged location from external infection, and pain relief associated with dressing changes

Market Trends and Drivers

Over the past decade, there has been a noticeable rise in the prevalence of chronic wounds, as a result of the increasing elderly population across the globe along with the rising obesity and diabetes rates. Obesity and diabetes can result in an increased overall complexity and incidence of wounds including ulcerations (foot or leg ulcers), surgical wounds and infections, which require treatments and incur excessive medical costs.

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Global Wound Care Market Segmental Overview

The report analyses global wound care market based on product, application, end-user, and region.

Global Wound Care Market by Product

Based on product, it is segmented into wound dressings, wound therapy devices and others. The wound dressing segment is likely to account for the majority of the market share during the forecast period. The key factor attributing the growth of the market is rising number of road accidents. For instance, according to NCRB data, in 2019, traffic incidents resulted in around 1,81,113 fatalities and 4,42,996 injuries. Therefore, there is a significant demand for wound dressings. The market will also grow as the prevalence of surgical, traumatic and chronic wounds rises.

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Global Wound Care Market by Application

Based on application, it is segmented into diabetic wounds, skin burn wounds, pressure wounds, surgical wounds, venous legs ulcers and others. The diabetic wound segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the rising geriatric population and surging prevalence of diabetes among adults. For instance, according to the National Diabetes Statistics Report published in 2020, around 34.2 million people suffered with diabetes and in case of diabetes, incidence of chronic wounds, specifically foot ulcers, is increasing.

Global Wound Care Market by End-use

Based on end-use, it is segmented into hospitals, homecare settings and others. The hospital segment is likely to dominate the wound care market during the forecast period. Growing healthcare spending to provide better patient care, as well as the large number of treatment procedures performed in hospitals, will drive market growth. For instance, according to The American Burn Association, approximately 450,000 patients receive burn treatment in hospitals and emergency rooms each year.

Geographical Analysis of Global Wound Care Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is due to the presence of well-developed healthcare facilities in the U.S. and the availability of several treatment options in the region. A growing desire for improved aesthetics and hygiene raises the demand for timely clinic visits and early detection of such infections.

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Major Players in the Global Wound Care Market

The key players in the market are 3M Company (U.S.), Smith & Nephew PLC (UK), Cardinal Health (U.S.), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (U.S.), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Integra Life Sciences Holdings Corporation (U.S.), Bioventus (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Ethicon, Inc. (U.S.), Lohmann & Rauscher GmbH & Co. KG (Germany), Mölnlycke Health Care AB (U.S.) and Medline Industries, Inc. (U.S.) among others.

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