Wound Care Market: Current Analysis and Forecast (2021-2027)

Report Description

REQUEST FREE SAMPLE PDF

Global Wound care Market is anticipated to grow with an elevated CAGR of 6.8% over the forecast period (2021-2027). Wound care refers to specific types of treatment for pressure sores, skin ulcers, and other wounds that break the skin. Wounds have a significant impact on patient health and on the resource costs of healthcare providers. Ensuring wounds are appropriately diagnosed and treated is essential in order to prevent unnecessary suffering for patients, and excess costs to the healthcare system brought about by avoidable events such as surgical infections and hospital-acquired pressure ulcers. Proper wound care prevents infection and other complications and also helps speed up the healing process with less scarring.

The wound care market is anticipated to grow on account of the growing geriatric population, increasing prevalence of diabetes, high rate of injuries and trauma cases, surging prevalence of chronic wounds, and rising cases of burns. Further, advanced wound care solutions are innovative products, which are introduced for the welfare of patients suffering from wound-related concerns such as ulcers and diabetes. The rise in diseases, which take a long time for healing requires advanced wound care solutions for better treatment. According to the International Diabetes Federation (IDF), presently, more than 460 million people between 20 and 79 years of age are living with diabetes worldwide and by 2045 this number is expected to rise to 700 million. Diabetes is a chronic disease, which is known to give rise to complex conditions, which usually do not heal on their own and require surgery. For instance, diabetic foot ulcers usually turn out to be infectious and at times patients may end up with amputations. In such cases, advanced wound care dressings and devices are beneficial to ease the suffering of patients.

Facts About Chronic Wounds In U.S.

REQUEST FOR CUSTOMIZATION

3M Company, Smith & Nephew plc, Mölnlycke Health Care AB, ConvaTec Group plc, B. Braun Melsungen AG, Cardinal Health, Integra LifeSciences Holdings Corporation, Johnson & Johnson, Medtronic Plc, and Paul Hartmann AG., are some of the prominent players operating in the wound care market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with wound care.

Insights Presented in the Report

“Amongst Product Type, advanced wound care products segment holds the major share”

Based on Product Type, the wound care market is segmented into advanced wound care products, surgical wound care products, and traditional wound care products. In 2020, the advanced wound care products segment accounted for the largest market share. Advanced wound care products are increasingly being used as the first line of therapy, making it likely that they will cannibalize the share of the traditional wound care products market. Furthermore, market growth is driven by the increasing spending on chronic wounds, technological advancements, and the growing prevalence of diseases & conditions affecting wound healing capabilities.

“Amongst Wound Type, chronic wounds segment holds the major share”

Based on wound type, the wound care market is divided into chronic wounds and acute wounds. The chronic wound segment occupied the major share of the wound care market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The increasing number of geriatric populations, along with the rising prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth. For instance, according to the Administration for Community Living’s profile on older Americans, the U.S. population aged 65 and above was expected to be 54.1 million in 2019, which is about 19% of the U.S. population.

“Amongst End-Users, hospital & clinics segment holds the major share”

Based on end-users, the market is fragmented into hospital & clinics, home care settings, and others. In 2020, hospital & clinics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is due to the large number of treatment procedures conducted in hospitals and the easy availability of reimbursements.

SPEAK TO ANALYST

“North America represents one of the largest markets of wound care market”

For a better understanding of the market dynamics of the wound care market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the wound care market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and increasing healthcare expenditure in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

The global wound care market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global wound care market were the three major steps undertaken to create and analyze the adoption of wound care in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wound care market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Seek More Details About Research Methodology

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the wound care through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the wound care market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as polymer type, applications, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of wound care across the globe.

REQUEST FOR CUSTOMIZATION

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of wound care. Further, we conducted factor analysis using dependent and independent variables such as the rising target disease population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the wound care sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the wound care market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of wound care across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the wound care market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

SPEAK TO ANALYST

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the wound care market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, wound type, and end-users of the wound care market.

The main objective of the Wound Care Market Study

The current & future market trends of wound care were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of wound care in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, wound type, and end-users
• Define and analysis of the regulatory framework for the wound care industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the wound care market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific, and Rest of the world
• Company profiles of the wound care market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise price list?

Get in touch with team