Wound Care Market to Hit 5.7% CAGR with USD 26.99 Billion, Globally, by 2028 | The Insight Partners

The wound care market growth driven by the increasing cases of road traffic injuries and the rising prevalence of chronic diseases and related wounds. The advanced wound dressing segment held the largest share of the wound care market size, and it is anticipated to register the highest CAGR.

Pune, India, May 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research report on "Wound Care Market Size Report, Share, Growth, Trends and Revenue Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Wound Type and End User the global market is expected to reach USD 26,994.01 million by 2028 from USD 19,350.76 million in 2022; it is estimated to record a CAGR of 5.7% from 2022 to 2028.

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Global Wound Care Market Growth Drivers:

•           Rising incidence of chronic wounds: The increasing incidence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, is one of the key factors driving the growth of the wound care market.

•           Increasing geriatric population: The growing geriatric population is also contributing to the growth of the wound care market. Older individuals are more susceptible to chronic wounds, and as the population ages, the demand for wound care products and services is likely to increase.

•           Technological advancements: The development of advanced wound care products, such as negative pressure wound therapy, advanced dressings, and wound care biologics, is another important driver of market growth. These technologies offer improved healing outcomes and reduce the risk of infection.

•           Growing demand for home healthcare: The rising demand for home healthcare services is also driving the growth of the wound care market. Patients with chronic wounds often require ongoing care and monitoring, and home healthcare services provide a cost-effective and convenient way to deliver this care.

•           Increasing awareness about wound care: Greater awareness about the importance of wound care is also contributing to market growth. Healthcare professionals and patients are becoming more informed about the latest wound care technologies and treatment options, which is likely to drive demand for these products and services.

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Global Wound Care Market Analysis - Recent Developments:
•           Smart Wound Dressings: Smart wound dressings, which incorporate sensors and other advanced technologies to monitor and treat wounds, are becoming more widely available.

•           Wound Care Biologics: Wound care biologics, which use biological agents to enhance the healing process, are also seeing increased use.

•           Remote Wound Monitoring: Remote wound monitoring systems, which allow healthcare professionals to remotely monitor wound healing progress, are also becoming more prevalent.

•           Partnerships and Collaborations: Partnerships and collaborations between wound care companies, healthcare providers, and research institutions are also driving innovation in the market.

•           COVID-19 Impact: The COVID-19 pandemic has also had a significant impact on the wound care market, with increased demand for wound care products and services due to the high number of COVID-19 patients requiring intensive care. In response, many wound care companies have developed new products specifically for COVID-19 wound care.

Global Wound Care Market Share Report, Segmentations, Regional & Country Scope:

Report Coverage Details
Market Size Value in USD 19,350.76 million in 2022
Market Size Value by USD 26,994.01 million by 2028
Growth rate CAGR of 5.7% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 310
No. of Tables 247
No. of Charts & Figures 97
Historical data available Yes
Segments covered Product, Wound Type, and End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies Covered Smith & Nephew Plc, Medtronic Plc, Ethicon USA LLC, ConvaTec Group Plc, Baxter International Inc., Coloplast AS, Paul HARTMANN AG, 3M Co, MiMedx, Integra LifeSciences Holdings Corp

Browse key market insights spread across 310 pages with 247 list of tables & 97 list of figures from the report, "Wound Care Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Advanced Wound Dressing, Surgical Wound Care, Traditional Wound Care, and Wound Therapy Devices), Wound Type (Chronic Wound and Acute Wound), and End User (Hospital, Specialty Clinics, Home Healthcare, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/wound-care-market

Chronic diseases such as diabetes, cancer, and other autoimmune disorders directly impact the body's natural healing ability. Diabetes and immunodeficiency conditions are among the most detrimental conditions that can slow down the speed of the wound repair process. Diabetes is the most commonly identified chronic disease. It adversely impacts the immune system, which can complicate wound healing. According to the International Diabetes Federation (IDF), in 2021, ~ 537 million adults aged 20–79 years had diabetes. The total number of people affected by diabetes is projected to reach 643 million by 2030 and 783 million by 2045. According to data from the National Center for Biotechnology Information (NCBI), impaired healing of diabetic wounds affects ~ 25% of all patients suffering from diabetes mellitus, often resulting in lower limb amputation, with subsequent high economic costs.

As per NCBI, as of July 2021, nearly 500 million people are estimated to be suffering from diabetes mellitus (DM), with a predicted startling increase in the coming years. In the US alone, over $300 billion is spent annually on medical costs and as the result of lost workdays due to DM. Moreover, as per a study titled Diabetic Wound-Healing Science by National Center for Biotechnology Information (NCBI), between 1 in 3 overall population and 1 in every 5 DM patients will develop a chronic nonhealing wound, such as a diabetic foot ulcer (DFU), in their lifetime. The hyperglycemic environment promotes the formation of biofilms and makes diabetic wounds difficult to treat. The prolonged healing process due to chronic diseases leads to a long-term need for wound dressings, resulting in high demand for them.

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Based on wound type, the wound care market is segmented into chronic wounds and acute wounds. The chronic wounds segment held a larger share of the wound care market in 2022 and is expected to record a higher CAGR during the forecast period. Chronic wounds generally delay the response to treatment or fail to progress healing in the expected time. Over the period, chronic wounds become stuck in the inflammatory phase and increase the demand for wound care management. The market for the chronic wounds segment is further segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcers, and others. The market for this segment is expected to grow rapidly in the coming years as these wounds require frequent dressings. In addition, the management of chronic wounds requires other products such as surgical debridement, negative pressure dressing and devices, and hyperbaric therapy devices, as chronic wounds may lead to unbearable pain. Moreover, wound care for chronic wounds has become increasingly important as there is a higher risk of associated morbidities.

Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

Acute Wound Care Market Forecast to 2028 - Covid-19 Impact and Global Analysis

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Wound Dressing Market Forecast to 2028 - COVID-19 Impact and Global Analysis

Bioactive Wound Management Market Forecast to 2027 - COVID-19 Impact and Global Analysis

Wound Care Biologics Market Forecast to 2028 - Covid-19 Impact and Global Analysis

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