Patch-based Wound Healing Market: Current Analysis and Forecast (2023-2030)
Emphasis on Formulations (Povidone-Iodine, Silver, Collagen, and Others); Application (Chronic Wounds and Acute Wounds); and Region/Country
The Global Patch-based Wound Healing Market is expected to reach USD 1.9 Billion in 2030 by growing at a CAGR of 4.1%. Patch-based wound healing services mainly gained prominence due to the increased number of road accident cases globally. For instance, as indicated by India’s Parliament Library and Reference, Examination, Documentation and Data Administration (LARRDIS), during the year 2021, a total number of 412,432 road accidents have been accounted for in the nation of India. In addition to this, the rising interest in these healing products, the ascent in the number of road accidents, the expansion in the number of intense injuries, and the expansion in the number of surgeries have increased significantly in recent years, which are the key factors that are creating opportunities for the market. Many other factors were identified that helped in propelling the market in the forecast period such as a flood in the rising awareness in regard to ongoing wounds, rising innovations, and expanded speculations from the public authority, public, and confidential areas in medical care divisions are also driving the growth of the market. For instance, in 2022, a novel report on wound healing that utilized an adaptable fix made of self-fortified hydrogel was distributed in the American Chemical Society Nano Journal.
3M; Convatec Inc.; Integra LifeSciences; Smith & Nephew plc; B. Braun SE; Coloplast Pty Ltd; Mölnlycke Health Care AB; Johnson & Johnson Private Limited; Harro Höfliger Verpackungsmaschinen GmbH; Cardinal Health are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst formulation, silver category to witness higher CAGR during the forecast period.”
Based on the formulation, the market is segmented into povidone-iodine, silver, collagen, and others. The silver segment is expected to grow with a high CAGR during the forecast period as it has antimicrobial properties, working with fast twisted mending. They can be utilized as both essential and auxiliary dressings and are appropriate for overseeing moderate, negligible, and weighty exudates. These consideration items are regularly utilized for careful injuries, pressure ulcers, diabetic foot ulcers, venous leg ulcers, and consume wounds. For instance, as per the National Institute of Health in August 2023, the yearly occurrence of diabetic foot ulcers overall is between 9.1 to 26.1 million. Around 15 to 25% of patients with diabetes mellitus will foster a diabetic foot ulcer during their lifetime. Thus, amongst formulations, the silver category is expected to witness a higher CAGR during the forecast period.
“Amongst application, acute wounds held a significant share in the market in 2022”
The market is bifurcated into chronic wounds and acute wounds based on application. The acute wounds segment is dominating the market in 2022 owing to the rising instances of surgical site infections (SSIs). An acute injury incorporating burns and surgical and traumatic injuries. A high rate of injury and burns is one of the significant development drivers globally which is propelling this segment. For instance, in 2021, Healthcare-associated Infections (HAI) information results distributed in the National Healthcare Safety Network (NHSN’s) HAI Progress Report reported about a 3% increment in the SSI (surgical site infection) normalized disease proportion (SIR) connected with all NHSN usable methodology classifications consolidated contrasted with the earlier year was accounted for in 2021. Owing to the above reasons, the acute wounds segment held a significant share of the market in the year 2022.
“Amongst regions, APAC region to witness high CAGR during the forecast period”
For a better understanding of the market adoption of patch-based wound healing, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow with a high CAGR during the forecast period. Several factors such as a surge in the geriatric population in the region, development of a wide range of therapeutics with patch-based wound healing, and enhanced accessibility of pharmaceutical products are driving the market’s growth during the forecast period. Further, the increase in incidences of diabetes in several parts of the region, the presence of key generic pharmaceutical companies in the region, and the surge in government initiatives and special communities are also positively impacting the market’s growth. There have been significant improvisations and enhancements in patch-based wound healing in the region. For example, in September 2021, Human Biosciences Inc. (HBS) sent off two high-level injury care board items, Medifil II collagen particles and SkinTemp II collagen sheets, in India. Hence, APAC is supposed to witness a higher CAGR during the forecast period.
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:
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Table of Contents
Research Methodology for the Patch-based Wound Healing Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global patch-based wound healing market were the three major steps undertaken to create and analyze the adoption of patch-based wound healing 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 patch-based wound healing 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 of the industry pertains to. Detailed methodology is explained below:
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 patch-based wound healing market 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 patch-based wound healing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as formulation, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
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 the patch-based wound healing market. Further, we conducted factor analysis using dependent and independent variables such as formulation, application, and regions of patch-based wound healing. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the patch-based wound healing market 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 global patch-based wound healing 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 00for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the patch-based wound healing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global patch-based wound healing 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, 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
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global patch-based wound healing market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of formulation, application, and regions in the global patch-based wound healing market.
The main objective of the Global Patch-based Wound Healing Market Study
The current & future market trends of the global patch-based wound healing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the patch-based wound healing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of formulation, application, and regions
- Define and analyze the regulatory framework for the patch-based wound healing 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 patch-based wound healing market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the patch-based wound healing 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.
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the patch-based wound healing market?
Q2: What are the driving factors for the growth of the patch-based wound healing market?
Q3: Which segment has the largest share of the patch-based wound healing market by formulation?
Q4: What are the emerging technologies and trends in the patch-based wound healing market?
Q5: Which region will dominate the patch-based wound healing market?
Q6: Who are the key players operating in the patch-based wound healing market?
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