U.S. Wound Care Centers Market Growth & Trends
The U.S. wound care centers market size is expected to reach USD 18.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing awareness regarding the use of Hyperbaric Oxygen Therapy (HBOT), for chronic injuries and the growing geriatric population prone to various conditions, is anticipated to drive the market. According to a report by the U.S. Census Bureau, in June 2020, the geriatric population grew by around 34.2% over the last decade.
The growing incidences of conditions such as foot ulcers, pressure sores, sun radiation sores, caused by diabetes, and disease caused by abnormal blood circulation are expected to fuel the market in the future. The rising prevalence of diabetes is also expected to fuel the market over the next few years. According to the American Diabetes Association, approximately 34.2 million of the population had diabetes in 2018, out of which 14.3 million adults above the age of 65 years suffered from the disease. Patients with diabetes develop slow-healing wounds, that allow injuries to rot easily thus causing various complications such as infection near the tissue or bone.
U.S. Wound Care Centers Market Report Highlights
- The Hyperbaric Oxygen Therapy (HBOT) segment dominated the market in 2020 due to its high success rate and growing demand for treating chronic injuries such as diabetic foot ulcers and arterial ulcers
- As per an article in the American Journal of Managed Care (AMJC), approximately 230 amputations due to diabetes are reported in the U.S., every year
- The HBOT procedures are expected to witness one of the fastest growth rates during the forecast period due to the increasing awareness about their benefits in injury healing. For instance, in March 2019, Jefferson Wound Care Center included HBOT in its service portfolio to provide better treatment to patients with non-healing injuries
- The availability of reimbursement and regulatory updates promotes the adoption of wound care treatment. For instance, the CMS included reimbursement for HBOT for treating diabetic injuries in the lower extremities of patients
- To facilitate wound care during the COVID-19 pandemic, many injury care providers launched several programs in order to treat the patients remotely. For instance, Healogics, Inc., launched its Telehealth Program, to more than 600 injury care centers and 4,000 associated injury care providers
- The market for wound care centers in the U.S. is highly competitive in nature