Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Chronic Wound Care Market Forecast [2026]:
The global chronic wound care market size is projected to gain impetus in the coming years on account of the rising number of trauma injuries and road accidents worldwide. A report by Fortune Business Insights™ titled, “Chronic Wound Care Market Size, Share and Global Trend By Type of Chronic Wound (Venous Ulcer, Arterial Ulcer, Diabetic Ulcer, Pressure Sore), By Product (Wound Dressings, Wound Treatment Devices, Cleansing Agents, Antibiotics), By End User (Hospitals and Wound Care Centres, Ambulatory Surgery Centres, Homecare Settings), Geography Forecast till 2026,” discusses the market and its growth trajectories in details.
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The report is based on qualitative and quantitative analysis of the market, primarily emphasizing on growth trajectories such as drivers, restraints, trends and opportunities. The report lists the names of leading segments, their facts and figures and the CAGR. Currently, the diabetic ulcer segment is dominating the market with respect to the type of chronic wound. This is owing to the rising prevalence of diabetes, ultimately leading to diabetic ulcers. Apart from this, the report also presents the names of significant players operating in the market, their prime growth strategies, and other chronic wound care market trends.
List of Key Players in Chronic Wound Care Market:
- DeRoyal Industries, Inc.
- Baxter
- 3M
- ConvaTec Group PLC
- Hemartis wound care GmbH
- Acelity L.P., Inc.
- Coloplast
- Smith and Nephew
- Others
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 6.2% |
| 2027 Value Projection | USD 16.36 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 10.11 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, and Arterial Ulcers |
| Growth Drivers | An important factor boosting the chronic wound care market growth is the rising prevalence of diabetes in the world, followed by the associated chronic wounds such as diabetic foot ulcers. |
| The market in Europe is expected to witness huge growth potentials owing to the rise in government support and policies for treating chronic wounds, coupled with a strong emphasis on preventing chronic wounds. | |
| The high cost of products for advanced wound care may pose a challenge to the overall chronic wound care market growth in the forecast period. |
Increasing Prevalence of Foot Ulcer Among Diabetic Patients to Promote Growth
An important factor boosting the chronic wound care market growth is the rising prevalence of diabetes in the world, followed by the associated chronic wounds such as diabetic foot ulcers. In addition to that, the rapidly increasing population of aged people and their vulnerability to various health issues is also an important factor expected to increase the overall market size in the forecast period. Besides this, factors such as poor blood circulation obesity, poor nutrition, the inability of the body to regenerate new tissues, and the negligent behavior towards fresh wounds are other causes of chronic wounds. The above factors are likely to help increase the overall chronic wound care market size in the forecast period.
On the contrary, the high cost of products for advanced wound care may pose a challenge to the overall chronic wound care market growth in the forecast period. Nevertheless, the rising potential in developing nations may create lucrative opportunities for the market in the long run. This, coupled with smart, innovative products such as smart bandages, may aid in the expansion of the overall market and attract high chronic wound care market revenue in the coming years.
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Increasing Government Support Policies to Help Witness Significant Growth in Europe
From a geographical perspective, the global chronic wound care market is widespread in the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Among these, North America held the highest chronic wound care market share on account of the greater prevalence of chronic wounds and the risk factors related to chronic wounds.
On the other side, the market in Europe is expected to witness huge growth potentials owing to the rise in government support and policies for treating chronic wounds, coupled with a strong emphasis on preventing chronic wounds. As per the data published in the U.K. on Wounds, a record of about 2.8 million people suffering from the chronic wound was registered in 2018.
Efforts taken by Companies to Ease Communication in Healthcare Premises is a key Strategy Adopted by Players
Key chronic wound care market manufacturers are adopting strategies such as the adoption of new software solutions for easing the communication between healthcare providers and patients, the launch of new treatment systems, and others to strengthen their portfolio.
Some of the key industry developments in thechronic wound care market are:
June 2018 – A new software solution called Clinical Optimization and Decision Support was launched by Healogics. This software will help to optimize real-time communication between healthcare providers and chronic wound diagnosed patients.
July 2018 – A new smart band bandage was developed by a team of researchers at Tufts University. This smart bandage will help to monitor chronic wounds and deliver antibiotics automatically to the wound when needed.
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Part 2 - Wound Care Market Forecast [2028]:
The global wound care market size is expected to gain momentum by reaching USD 24.01 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. Fortune Business Insights in its report, titled “Wound Care Market, 2021-2028.”, mentions that the market stood at USD 15.25 billion in 2020. Factors such as the increasing focus on the development of advanced products and the growing demand for effective treatment of patients with chronic and acute wounds are projected to boost the growth of the market during the forecast period. In February 2021, AXIO Biosolutions, a leading Indian wound care company, announced that its next generation advanced wound treatment product has received a CE certification from Europe. The product, MaxioCel is a dressing for treating wounds that adopts Bioactive Microfiber Gelling technology that helps in fast healing through quick granulation.
COVID-19 Impact – Market Exhibited -2.8% Growth Rate in 2020; Priority for COVID-19 Patients Led to Decline
In 2020, as the healthcare system was overwhelmed with the rising coronavirus cases, the government agencies ordered hospitals and medical settings to prioritize such cases. This led to the postponement of several other elective medical procedures. Besides, wound treatment services were also exempted from essential procedures that led to the declining growth rate of the market. A negative growth rate of -2.8% in 2020 adversely affected the growth of the market that is likely to return to pre-pandemic levels now that the healthcare settings are operational by complying to several social distancing norms worldwide.
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Industry Development:
- October 2019 - 3M announced the acquisition of Acelity, Inc., and its subsidiaries. The acquisition is aimed at strengthening its position in the advanced and specialty surgical products market.
What does the Report Include?
The market report includes in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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DRIVING FACTORS
Increasing Focus on Development of Advanced Products to Augment Growth
In November 2019, Lake Superior Centre for Regenerative Medicine (RegenMed) introduced DermGEN. According to the company, the solution is a novel cellular dermal matrix for wound healing. Companies are focusing on investments in R&D activities to develop advanced products. Moreover, the products that are being developed by the market players focus on increasing the efficacy of wound treatment procedures. The growing demand of portable and single-use wound treatment medical products is further expected to contribute to the global wound care market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region is expected to hold the largest global wound care market share during the forecast period. This is owing to the higher per capita healthcare expenditure and the increasing prevalence of chronic wounds among patients in the region. North America stood at USD 6.00 billion in 2020.
Asia-Pacific – The market in the region is expected to gain momentum backed by the growing number of diabetes-related comorbidities such as diabetic ulcers among the patients in countries such as India and China during the forecast period.
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Merger and Acquisition by Key Players to Intensify Industry Competition
The market is witnessing significant adoption of strategies by the key players to strengthen their position and gain a competitive edge over their rivals. The major companies are focusing on acquiring small companies to expand their wound care portfolio and further develop advanced solutions to cater to the high demand from patients. Other key players are focusing on gaining a strong footprint in the market through strategies approaches such as collaborations and partnerships that will favor the growth of the market.
Market Segmentation:
Based on type, the market is divided into advanced wound dressings, traditional wound care products, negative pressure wound therapy, bioactive, and others.
- On the basis of type, the advanced wound dressings segment held the largest market share of about 42.2% in 2020. The segment is likely to dominate owing to the high demand for advanced wound dressings such as foam dressings, alginate dressings, and antimicrobial dressings.
Based on the application, the market is bifurcated into chronic wound and acute wound. Moreover, on the basis of end-user, the market is classified into hospitals, clinics, home care settings, and others. Lastly, on the basis of region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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List of the Companies Profiled in the Global Market:
- Smith & Nephew (London, U.K.)
- 3M (Minnesota, U.S)
- ConvaTec Inc. (England, U.K.)
- Cardinal Health (Dublin, Ohio)
- Coloplast A/S (Humlebaek, Denmark)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Medtronic (Dublin, Ireland)
- PAUL HARTMANN AG (Heidenheim, Germany)
- BSN medical (Hamburg, Germany)
- Integra LifeSciences Corporation (New Jersey, United States)
- Johnson & Johnson Services, Inc. (New Brunswick, United States)
- Other Players
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