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Chronic Wound Care Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Chronic Wound Care Global Market Report 2024
According to The Business Research Company's, The chronic wound care market size has grown strongly in recent years. It will grow from $14.23 billion in 2023 to $15.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to the aging population, rise in prevalence of chronic diseases, increased incidence of diabetes, growth in awareness about wound management, and improved access to healthcare services.
The chronic wound care market size is expected to see strong growth in the next few years. It will grow to $20.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising demand for wound care products, increasing healthcare spending in emerging economies, emphasis on preventive wound care measures, personalized wound care solutions, and a growing focus on infection control. Major trends in the forecast period include the integration of digital health solutions in wound care management, expansion of wound care clinics and specialized centers, adoption of artificial intelligence for wound assessment and treatment planning, increased collaboration between wound care specialists and other healthcare professionals, and development of novel biomaterials for wound dressings.
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Market Drivers and Trends:
The surging number of sports injuries is expected to drive the chronic wound care market going forward. Sports injuries refer to physical harm or trauma sustained during participation in sports or recreational activities. The number of sports injuries is on the rise due to various reasons, such as increased intensity of training, a lack of proper warm-up, inadequate protective gear, and poor technique. Chronic wound care aids in treating the surging number of sports injuries by promoting faster healing, preventing infections, and minimizing the risk of complications, thereby facilitating a quicker return to physical activity. For instance, in March 2024, according to the National Safety Council, a US-based non-profit public service organization, in 2022, there were 3.6 million emergency department treatments for sports and recreational equipment-related injuries, up from a record low in 2020, with a 20% increase in 2021 and a further 32% increase in 2022 compared to the previous year. In addition, the number of injuries associated with exercise and exercise equipment grew from 409,224 in 2021 to 445,642 in 2022. Therefore, the surging number of sports injuries is driving the chronic wound care market.
Major companies operating in the chronic wound care market are increasing their focus on developing advanced solutions, such as negative pressure wound therapy (NPWT) systems, to enable more comfortable and convenient home-based treatment. A negative pressure wound therapy (NPWT) system refers to a medical device that applies controlled suction to a wound, promoting healing by removing excess fluid, reducing edema, and enhancing tissue perfusion. For instance, in April 2024, Smith & Nephew, a UK-based medical equipment manufacturing company, launched the RENASYS EDGE in the US as a patient-centric option for treating chronic wounds. This system features a lightweight, compact design and an intuitive interface for clinicians. Its user-friendly interface provides step-by-step advice on therapeutic applications, and technical support is available with a single click during setup via the system's near-field communication function. Smith+Nephew also provides 24-hour patient support and a clinical helpline. Its technological advancements, such as increased portability and the incorporation of near-field communication, not only improve patient comfort but also address the growing demand for effective home-based care, potentially lowering healthcare costs associated with chronic wound management in the wound care market.
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Major Key Players of the Market:
Cardinal Health Inc., Johnson & Johnson, 3M Company, Medtronic PLC, Becton Dickinson and Company, Stryker Corporation, Teva Pharmaceuticals, Baxter International Inc., Essity AB (BSN Medical), Medline Industries Inc., Avery Dennison Corporation, Smith & Nephew PLC, Ethicon Inc., Coloplast AS, B. Braun Holding GmbH & Co. KG, Paul Hartmann AG, ConvaTec Group PLC, Mölnlycke Health Care AB, Integra LifeSciences Holdings Corporation, Acelity L.P. Inc., Organogenesis Holdings Inc., MTF Biologics, MIMEDX Group Inc., Vericel Corporation, Anika Therapeutics Inc., Sigvaris Group, Marine Polymer Technologies Inc., Oneness Biotech Co. Ltd., Tissue Regenix Group PLC, Alleva Medical Ltd. (Devon Medical Products)
Chronic Wound Care Market 2024 Key Insights:
• The chronic wound care market size is expected to see strong growth in the next few years. It will grow to $20.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Surging Number Of Sports Injuries Driving The Chronic Wound Care Market
• Increasing Focus On Innovative Systems In The Chronic Wound Care Market
• North America was the largest region in the chronic wound care market in 2023
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