New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Wound Care Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Wound Care Market Size:
Growing cases of burns among the population is expected to boost the market growth. Scald and flame burns are the rising cause of injury in children and adults. As per the report of the World Health Organization, burn injuries claim the lives of approximately 180,000 persons a year, and the majority of these deaths are documented in low and middle-income countries. Moreover, for children under the age of 4, scald burns account for approximately 65% of hospitalizations for burn injuries, whereas contact burns account for nearly 20% of cases.
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Global Wound Care Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Chronic wound segment to dominate the revenue graph
- Advanced wound care sub-segment remains prominent in the product type segment
Rise in Elderly Population and Proactive Innovations & Development in Technology is to Propel the Market Growth
Old people are more prone to injuries and chronic diseases. Diabetes, heart disease, soft bones, muscle tear, fractures are the leading cause of wounds among elderly. Therefore, growing geriatric population is to favor the wound care market. According to the United Nations, the count of adults 80 years or older is expected to triple, going from 143 million in 2019 to 426 million in 2050. In addition, advancement of technology for wound care is anticipated to drive the market growth, to name a few, Swift Ray 1 launched by Swift Medical, is the world’s first Hyperspectral Imaging Device with an attachment of mobile camera to facilitate the treatment, clinical data and evaluation to the patient
Global Wound Care Market: Regional Overview
The global wound care market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
North America’s Market Growth is Propelled by a Higher Prevalence of Chronic Disease and Increased Geriatric Population
The wound care market in North America is expected to generate a revenue of USD 13,654 million by the end of 2031 by growing at a CAGR of 4.4% over the forecast period. Moreover, it produced a revenue of USD 8,935.6 million in 2021. The market in the region is driven by rise in number of population suffering from chronic diseases followed by higher elderly population. Around 34.2 million people that is 10% of the United States’ population are living with diabetes. Moreover, as per the statistics of Centers for Disease Control and Prevention, in the United States, every sixth adults suffer from a chronic illness, and every fourth has two or more chronic conditions. Furthermore, as per the statistics of the United States Bureau, in 2019, 54 million people were of the age of 65 years and above.
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Rise in Chronic Wounds and Investment in Health Sector is to Elevate the Market Growth in Europe
The market in Europe is to expected to grow at a CAGR of 4.8% over the forecast period. The market in the region generated a revenue of USD 6,159.5 million in 2021 and is expected to garner a revenue of USD 9,791.6 million by the end of 2031. The growing instances of chronic wound is expected to augment the market growth in Europe. In Europe, around 18% share of diabetic population that is 6 million people of Europe is suffering from chronic wound. Furthermore, higher expenditure by government on wound care sector is likely to drive the Europe’s wound care market. The industrialized country spends around 2-4% of overall health expenditure on chronic wounds. Moreover, in Germany, approximately USD 8 billion on the care of chronic wounds.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global Wound Care Market, Segmentation by Product Type
- Advanced Wound Care
- Advanced Wound Dressings
- Biologics
- NPWT
- Others
- Traditional Wound Care
- Wound Closure
- Non-adherent
- Wound Cleansers & Debriding Agents
- Dry Gauze
- Others
On the basis of product type, the advanced wound care segment is likely to garner the maximum revenue of USD 22,045.2 million by the end of 2031. Moreover, the segment garnered a revenue of USD 13,543.6 million in 2021. The advanced wound care segment is to grow at a CAGR of 5.1% over the forecast period. This growth is attributed to rising need of advanced wound care in the cases of cancer, HIV, and hepatitis. According to the World Health Organization, in 2020, nearly 10 million people died by cancer. In addition, in 2040, around 28 million people are expected to have cancer and nearly 16 million people are expected to die due to cancer. Furthermore, all around the world, around 296 million people are living with Hepatitis-B. Additionally, the higher instances of amputation is expected to boost the demand for advanced wound care. In the United States, every year around 150,000 patients undergo lower extremity amputation.
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Global Wound Care Market, Segmentation by Wound Type
- Chronic Wound
- Acute Wound
By wound type, the chronic wound segment is anticipated to garner a highest revenue of USD 25,140.4 million by the end of 2031 by growing at a significant CAGR over the forecast period. The growth of the segment is attributed to growth in the count of people living with chronic diseases. Prolonged chronic disease namely, cardiovascular issues, diabetes, arthritis, chronic kidney malfunctioning and more, leads to chronic wounds such as, diabetic foot ulcers, surgical wounds, venous ulcers, painful joints and others. Therefore, rise in chronic disease is to increase the penetration of chronic wounds. In developed nations, it is predicted that between about 1-2% of the population might sustain a chronic wound during their lives. Furthermore, according the National Library of Medicine, chronic diseases including diabetes, chronic lung problem, cardiovascular disease, and cancer account for 3 out of 5 fatalities globally.
Few of the well-known market leaders in the global wound care market that are profiled by Kenneth Research are Smith & Nephew, Baxter International Inc., Johnson & Johnson, Medtronic Plc, 3M, Integra Lifesciences, Hollister Incorporated, Acelity L.P. Inc., Coloplast Group, ConvaTec Group Plc, Molnlycke Health Care AB, KOB Japan, ALCARE Co., Ltd., KAKEN PHARMACEUTICAL CO., LTD., MIMEDX and others.
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Recent Developments in the Global Wound Care Market
- April 2019, Smith & Nephew announced the acquirement of a leading provider of regenerative medicinal products, Osiris Therapeutics Inc., at a value of USD 19 million in cash and the overall value of this acquisition is around USD 660 million. By using the assets of Osiris Therapeutics, Smith & Nephew plans to accelerate the growth of advanced wound management franchise.
- March 2022, Convatec Group Plc, announced the procurement of Triad Life Sciences Inc., by this, triad’s product portfolio is to be integrated by with Convatec’s Advanced Wound Care (AWC) segment and this newly formed combination is to be known as Advanced Tissue Technologies. This acquisition, Convatec is expected to enter the wound biologics segment followed by strengthening of Convatec’s FISBE strategy and its AWC roots in the United States.
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