The high incidence of diabetes and other chronic diseases; rising number of injuries, including normal injuries, burn injuries, and injuries caused due to trauma; and growing geriatric population, especially those who are suffering from chronic diseases, are the major growth drivers for the global wound care market. Due to the aforementioned factors, the industry is projected to generate $34,459.2 million revenue by 2030, advancing at a CAGR of 5.5% during the forecast period (2021–2030).
In the beginning of 2020, due to COVID-19, manufacturing facilities of wound care products were partially closed due to lockdowns. Moreover, there has been a reduced demand for these products, owing to the lockdowns and strict government regulations, which have forced people to stay inside their homes. These have also brought down the incidence of injuries, burns, trauma cases, and wounds. Thus, there has been a negative impact of the pandemic on the sale of the wound care products.
The wound care market is categorized into advanced, wound closure, and traditional, on the basis of product type. Among these, the advanced category dominated the market during the historical period (2014–2020), and it is expected to retain its dominance during the forecast period as well. This is mainly due to the fact that advanced wound care products provide faster healing, have fewer issues concerning drainage, and provide protection from infection.
Moreover, the wound care industry is categorized into diabetic foot ulcer (DFU), pressure ulcer, surgical & traumatic wound, burn, venous leg ulcer (VLU), and others, on the basis of wound type. Out of these, the DFU category is expected to witness the fastest growth during the forecast period. This will be primarily due to the fact that a greater population are suffering from diabetes, which may lead to the DFUs. Thus, this factor drives the demand for wound care products.
North America was the largest contributor to the wound care market in 2020. This is mainly attributed to the rise in demand for wound care products among geriatric population, availability of technologically advanced products, high healthcare spending, and increase in research and development (R&D) activities, in the region. Whereas, the APAC market is expected to witness the fastest growth during the forecast period, owing to the large geriatric population base, along with the growing cases of burns and traumatic wounds in the region.
Players in the global wound care market have been involved in mergers and acquisitions to gain significant position. For instance, in February 2020, Essity AB signed an agreement to acquire 75% share of ABIGO Medical AB, a Swedish medical solutions company. ABIGO Medical AB develops, manufactures, and markets products, including the Sorbact technology, which is a clinically established innovation for advanced wound care. Moreover, the acquisition would be a good strategic fit for Essity and strengthen its medical solutions business, including the advanced wound care that reduce the spread of bacteria without increasing resistance to antibiotics.
Similarly, in April 2019, Smith & Nephew PLC acquired Leaf Healthcare Inc., the developer of Leaf Patient Monitoring System for pressure injury prevention and patient mobility monitoring, to complement its advanced wound management portfolio. The transaction followed Smith & Nephew’s successful two-year partnership with Leaf Healthcare as an exclusive distributor and strategic investor.
The major players operating in the wound care market are Hollister Incorporated, DeRoyal Industries Inc., ConvaTec Group plc, Smith & Nephew PLC, Mölnlycke Health Care AB, 3M Company, Essity AB, Paul Hartmann AG, B. Braun Melsungen AG, Coloplast A/S, Beiersdorf AG, Integra LifeSciences Holdings Corporation, Wright Medical Group N.V., and Johnson & Johnson .