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Wound Care Market Overview
In 2015, the global wound care market was valued at $24,482.9 million and is predicted to grow at a CAGR of 6.7% during 2016–2022. The factors driving the growth of the market include the increasing road accidents, burn cases, geriatric population, volume of surgeries, and incidences of chronic wounds.
On the basis of product, the wound care market is divided into wound closure products, traditional wound care products, and advanced wound care products. Among these, the advanced wound care products division held the largest share of the market during the historical period (2012–2015), and it is further predicted to dominate during the forecast period. This is attributed to the faster healing of severe wounds and the comfort and flexibility provided by these products, which allow free body movement.
In terms of wound type, the wound care market is bifurcated into chronic and acute wounds. Out of these, the chronic wound category held the larger share of the market in 2015, and it is further expected to grow at the faster pace during the forecast period.
The wound care market is categorized into surgical wound, burn, and ulcer on the basis of application. In 2015, the surgical wound category held the largest share of the market. It is also expected to witness the fastest growth during the forecast period due to the rising volume of surgeries and increasing number of road accidents.
The end-users in the wound care market are inpatient and outpatient facilities. Inpatient facilities held the larger share of the market in 2015 and are predicted to dominate it during the forecast period as well. This was due to the wide range of wound care products, such as traditional and advanced wound care products, that these facilities offer.
On the basis of geography, North America contributed the highest revenue to the wound care market and is predicted to retain its position during the forecast period. The Asia-Pacific region, however, is predicted to be the fastest growing market during the forecast period due to the increasing geriatric population, burn cases, and prevalence of diabetes.
Wound Care Market Dynamics
The key factors driving the growth of the wound care market include the increasing geriatric population, incidence of chronic wounds, and road accidents.
Burns due to numerous factors, such as radiation, electricity, heat, friction, and chemicals, lead to severe loss of tissue, blood vessels, and skin. In 2014, according to the National Fire Protection Association (NFPA), 15,775 fire-related injuries were reported in the U.S. Advanced and traditional wound care products and wound closure products are used to treat burns, which is driving the growth of the wound care market.
Another factor contributing to the growth of the market is the increasing number of road accidents worldwide. A report published in 2016 by the World Health Organization (WHO) stated that yearly, about 20–50 million people suffer from non-fatal injuries because of vehicle crashes. The wounds occurred by road accidents are exposed to debris, microbes, and soil. Apart from this, tissue loss as a result of accidents takes time to heal. The requirement for wound care products needed to treat such conditions is thereby leading to the growth of the wound care market.
The factors hampering the growth of the wound care market are the lack of trained personnel and costly wound care products. For efficient usage of wound care products, a high level of medical skills is required. Wound care products, such as skin and artificial skin substitutes, wound closure strips, surgical staples, and non-absorbable sutures, are required to be applied and removed by trained professionals. The unavailability of enough skilled personnel for the job is obstructing the growth of the market.
Wound Care Market Competitive Landscape
The key players in the wound care market are looking into mergers and acquisitions to further their growth. For instance, in July 2016, Derma Sciences Inc., signed an agreement to sell its First Aid Division for $12.2 million to Dukal Corporation, a supplier of disposable patient care items and medical products. Similarly, Coloplast Corporation acquired Comfort Medical, a privately held company, in November 2016 for $160.0 million. The acquisition was undertaken to expand Coloplast’s product portfolio across the U.S. by incorporating Comfort Medical’s catheter and ostomy supplies.
Some other key companies operating in the global wound care market are 3M Company, Medtronic PLC, Smith & Nephew PLC, Johnson & Johnson, Integra LifeSciences Holdings Corporation, Acelity L.P.Inc., Mölnlycke Health Care, Mo-Sci Corporation, Organogenesis Inc., DermaRite Industries LLC, Hollister Incorporated, ConvaTec Group PLC, and DeRoyal Industries Inc.