Global Wound Care Market Analysis by SWOT, Investment, Future Growth and Major Key Players 2021 to 2027

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New York, United States: The Report on Wound Care Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Wound Care Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Wound Care market gathered revenue around USD 20.4 Billion in 2020 and market is set to grow USD 30.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.1% during the prediction period 2021 to 2027.

Overview of Wound Care Market Study

Wound Care market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Market Dynamics
Driver: Growing prevalence of diseases & conditions affecting wound healing capabilities
Physical health conditions, such as acute wounds, chronic wounds, and surgical wounds, have a negative effect on the wound healing process. The prevalence of acute, chronic, and surgical wounds has increased significantly over the past decade, primarily due to the growing global geriatric population, rising traumatic wounds, increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes. Diabetes and obesity can result in an increased overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (wound management) and incur exorbitant medical expenses.

Restraint: High cost of advanced wound care products
The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive wound care products. Although there are many bioengineered dressings available in these markets, physicians and patients tend to opt for traditional and basic wound care products due to their low costs.

Opportunity: Growth potential in emerging economies
Compared to Europe and North America, the Asia Pacific and Latin America are relatively untapped markets for wound management and have huge growth potential. Owing to this, various players are focusing on increasing their presence in these regions. The large patient pool and the rising geriatric population in emerging countries offer significant growth opportunities for players in the wound care market.

“Advanced wound care products segment accounted for the largest share of the wound care market, by product, in 2020”
Based on products, 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. The advantages of advanced wound care over traditional wound care are the key factors driving the growth of this market.

“Hospitals & Clinics segment accounted for the largest share in the market, by end user, in 2020
Based on end users, the wound care market is segmented into hospitals & clinics, long-term care facilities, home care settings, and other end users. In 2020, the hospitals & clinics segment accounted for the largest share in the global wound care market. The large share of this segment can be attributed to factors such as the growing prevalence of surgical and chronic wounds; rising incidence of associated SSIs and HAIs; and the increasing incidence of burn injuries.

“North America is the largest regional market for wound care market”
The global wound care market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. The wound care market is dominated by developed countries across North America and Europe in the global market in 2020. In 2020, North America accounted for the largest market share, in 2020. The large share of this regional segment can be attributed to the growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds; the increasing incidence of burn injuries; increasing spending on surgical and chronic wounds; and technological advancements in this region.

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Growth Factors:

Market growth is largely driven by factors such as the growing prevalence of chronic conditions resulting in chronic, surgical, acute, and traumatic wounds; increasing spending on chronic wounds; rising use of regenerative medicine in wound management; and technological advancements. The high growth potential of emerging economies and the growing number of acquisitions by key players have also opened an array of opportunities for the growth of the wound care market.

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COVID-19 Impact on Wound Care Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Wound Care market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Wound Care market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Wound Care market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Wound Care market include:

Smith & Nephew PLC; Mölnlycke Health Care AB; Acelity (KCI Licensing, Inc.); ConvaTec Group PLC; Ethicon Inc. (Johnson & Johnson); Baxter International, Inc.; Coloplast Corp.; Medtronic PLC; The 3M Company; Derma Sciences, Inc. (Integra LifeSciences); Medline Industries, Inc.; Advancis Medical USA LLC; B. Braun Melsungen AG.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Product

  • Advanced Wound Care Products
    • Advanced Dressings
      • Foam Dressings
        • Silicone Dressings
        • Non- Silicone Dressings
      • Hydrocolloid Dressings
      • Film Dressings
      • Alginate Dressings
      • Hydrogel Dressings
      • Collagen Dressings
      • Hydrofiber Dressings
      • Wound Contact Layers
      • Superabsorbent Dressings
      • Other Advanced Dressings
    • Wound Therapy Devices
      • Debridement Devices & Accessories
      • Wound Assessment & Monitoring Devices
      • Portable & Conventional NPWT Devices
      • Other Devices & Accessories
    • Grafts & Matrices
    • Topical Agents
  • Surgical Wound Care Products
    • Sutures
    • Staplers
    • Tissue Adhesives, Sealants, & Glues
      • Fibrin-based Sealants
      • Collagen-based Sealants
      • Synthetic Adhesives
  • Traditional Wound Care Products
    • Medical Tapes
    • Dressings
    • Cleansing Agents

By Wound Type

  • Surgical & Traumatic Wounds
  • Diabetic Foot Ulcers
  • Pressure Ulcers
  • Venous Leg Ulcers
  • Burns & Other Wounds

By End User

  • Hospitals & Clinics
    • Inpatient Settings
    • Outpatient Settings
  • Long-term Care Settings
  • Home Care Settings
  • Other End Users

Why Buy this Report?

The purpose of Nova one advisor’s Wound Care market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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