“Wound care market to register a CAGR of 4.6% from 2019 to 2024”
The global wound care market is projected to reach USD 24.8 billion by 2024 from USD 19.8 billion in 2019, growing at a CAGR of 4.6% from 2019 to 2024. The growth of the industry is driven primarily by factors such as rising incidences of road accidents & injuries, growing use of regenerative medicine, and increasing prevalence of conditions that impair wound healing capabilities. Increasing research in the field of advanced wound care and the growing popularity of active wound care products will further provide opportunities in the wound care industry. Developing economies are expected to offer a wide range of growth opportunities for players in the market.
“Advanced wound care products accounted for a significant share of the market in 2019”
Based on the product, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products. Advanced wound care products are anticipated to be the fastest-growing segment due to the rising incidence of hard-to-heal wounds and their growing adoption (due to their high efficacy).
“Diabetic foot ulcers segment accounted for the largest share of the wound care market in 2019”
Based on wound type, the wound care market is segmented into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, venous leg ulcers, burns, and other wounds. Of these, the diabetic foot ulcers segment is expected to account for the largest share of the wound care market due to increased emphasis on aggressive management to prevent diabetic foot ulceration and foot amputation, using advanced and active wound care products.
“Home settings segment accounted for the highest CAGR of the wound care market in 2019”
Based on end-user, the wound care market is categorized into hospitals & clinics, long-term care facilities, and home care settings. Of all these end-user segments, home settings will grow at the fastest CAGR in the wound care market in 2019. The high growth of the home care settings segment is attributed to the growing incidence of chronic diseases and the rising need for comfortable and convenient care services among the rapidly growing geriatric population worldwide.
“North America dominated the wound care market in 2019”
North America, which includes the US, and Canada, accounted for the largest share of the wound care market. The rising incidence of diabetes, growing geriatric population, the presence of major manufacturers in the region, and easy access & rapid adoption of advanced products and technologies are driving the growth of this region
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (20%) , Tier 2 (45%), and Tier 3 (35%)
- By Designation: C-level (30%), Director-level (20%), and Others (50%)
- By Region: North America (35%), Europe (24%), Asia Pacific (25%), and RoW (16%)
The key players operating in this market include Smith & Nephew plc (UK), Acelity L.P. Inc. (US), M?lnlycke Health Care AB (Subsidiary of Investor AB) (Sweden), Ethicon, Inc. (A Subsidiary of Johnson & Johnson ) (US), Convatec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Paul Hartmann AG (Germany), Medtronic plc (Ireland), 3M Company (US), Integra LifeSciences Holding Corporation (US), Mimedx Group (US), Lohmann & Rauscher International GmbH & Co. KG (Germany), DeRoyal Industries, Inc. (US), Organogenesis Holdings Inc. (US), Kerecis (Iceland), ACell (US), IonMed (Israel), Talley Group Ltd (UK), Medela AG (Switzerland).Product launches, expansions, agreements, and acquisitions are the key growth strategies followed by most players in this market.
- This report studies the wound care market based on the product, wound type, end-user, and region.
- The report also analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
- The report also studies micro-markets with respect to their growth trends, prospects, and contributions to the total wound care market.
- The report forecasts the revenue of the market segments with respect to four major regions.
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the wound care products offered by the key 20 players in the wound care market. The report analyzes the wound care market by product, wound type, end-user, and region.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various wound care products, their adoption, type of applications across key geographic regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the wound care market
- Competitive Assessment: In-depth assessment of market shares and strategies of the leading players in the wound care market along with a competitive leadership mapping of up to 25 players in the market and 15 Start-Ups in the market.