The global wound care market is estimated to be worth USD 20.6 billion by 2021. This number will increase at a compound annual growth rate of 4.2% between 2022-2031.
Growing Demand
There is a growing demand for wound products as more patients have acute and chronic wounds. Mary Ann Liebert, Inc. published an article estimating that 2.5% of the U.S. population will have chronic wounds by 2021. Key players in this market continue to focus on developing advanced wound care products to meet the unmet need. This has led to a rise in the number of people using wound care products (both traditional bioactive and other).
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The governments of developing countries, as well as other non-profit and private organizations, are increasing the attention on awareness programs. These programs aim to raise awareness about advanced product offerings for advanced wound care. These factors, together with the favorable reimbursement policies available in developed countries, increase the adoption rate for wound care products, which has contributed significantly to the market’s significant growth rate during the forecast period.
Driving Factors
Technologically advanced products introduced to propel market growth
The demand for these products is expected to rise due to increasing investment in research and development and the launch of advanced products by market leaders such as ConvaTec PLC and B. Braun Melsungen AG. ConvaTec Group PLC introduced ConvaMax to the global market in January 2020. ConvaMax was a super absorber dressing that could treat high-exuding wounds like leg ulcers, pressure ulcers, or diabetic foot ulcers.
Healthcare professionals are increasingly embracing NPWT devices due to the distinct clinical benefits of adverse pressure wound treatment (NPWT). Also, market players have introduced advanced features like single-use NPWT systems. Smith & Nephew launched the ‘PICO14″ single-use NPWT Systems in the U.S. in March 2020 to reduce the risk of surgical wound infection and dehiscence.
Introducing novel products that promote rapid healing is expected to increase patient adoption and acceptance by healthcare professionals. This is expected to boost the growth of global wound care markets shortly.
Restraining Factors
The delay in diagnosing advanced and chronic wounds in emerging countries is due to product adoption limitations
Delays in diagnosing and treating chronic wounds like diabetic foot, pressure ulcers, or leg ulcers can lead to serious complications. This can cause foot amputations. Delay diagnosis is much more common in developing countries such as India, China, Brazil, and Brazil than in developed countries. This is partly due to the lack of awareness by populations about hard-to-heal wounds, limited access, and the development of healthcare infrastructure, as well as a lack of governing bodies’ established guidelines and action plans.
In India, for instance, the delay in diagnosing foot ulcers in patients is more than one to three months. These factors and the lack of favorable reimbursement policies to treat chronic and acute wounds are the main reasons for low diagnosis rates. This, in turn, limits the adoption rate of these products in emerging nations.
Market Key Trends
To aid growth, Bioactive Therapies are being used more often for late-stage wounds
For wound healing, bioactive therapies such as skin substitutes or growth factors are becoming increasingly popular among healthcare professionals, especially those treating late-stage wounds. Numerous players have entered the market. They focus on allografts, xenografts, nanofibers, dermal substitutions, and cell-based therapies to address the growing demand for compelling wound management.
Sanara MedTech Inc. launched FORTIFY TRG in November 2021. This tissue repair graft was combined with FORTIFY FLOWABLE extracellular matrix to treat chronic wounds. These include pressure ulcers as well as diabetic ulcers, venous ulcers, and chronic and venous ulcers. Technological advances in bioactive therapy, including a decrease in the overall cost and duration of treatment, have helped to attract patients. This segment offered established and new players an excellent opportunity to grow and has seen new bioactive products launched to address the increasing demand in the international market.
Recent development
November 2021: ConvaTec Group PLC extended its partnership with Vizient, Inc., to provide advanced wound care products, technologies, or services for three years through 2025.
October 2021: Cutimed Wound Navigator (publ) was launched by Essity Aktiebolag in Germany. It allows for the assessment and documentation of wounds. This allows healthcare professionals to streamline workflows and improve consistency in care. This enabled the company to expand its product line.
Key Companies
- Tenko Medical Systems
- Pharmaplast
- Mueller Sports Medicine
- Previs
- Troge Medical
- Taumediplast
- Lohmann & Rauscher
- PerSys Medical
- HemCon Medical Technologies
- Unomedical
Key Market Segments
Type
- Gauze Swab
- Adhesive Band
- Bandage
- Burn Dressing
Application
- Hospitals
- Emergency
Frequently Asked Questions (FAQ) :
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