The wound care market was valued at $24,482.9 million in 2015, and it is expected to grow at a CAGR of 6.7% during the forecast period (2016–2022). The growth of the market is attributed to the increasing geriatric population, road accidents, burn cases, and incidence of diabetes.
Insights on market segments
Based on product, the advanced wound care product category held the largest share of the market during the historical period (2012–2015) and is predicted to dominate the wound care market during the forecast period as well. It is further divided into active wound care, wound therapy device, and advanced wound dressing. Out of these, advanced wound dressings occupied the largest share of the market in 2015; the category is also expected to dominate the market during the forecast period.
When wound type is taken into consideration, the wound care market is bifurcated into acute and chronic wounds, of which the chronic wound category is expected to grow at the faster pace during the forecast period.
In terms of application, surgical wounds occupied the largest share of the wound care market in 2015. The category is also predicted to grow at the highest CAGR of 7.1% during the forecast period due to the increasing volume of surgeries and road accidents.
Inpatient facilities contributed more as compared to outpatient facilities to the wound care market during the historical period, in terms of end-users. This is attributed to the availability of a diverse range of wound care products, such as advanced and traditional wound care products, at these facilities.
North America was the leading contributor to the market
In 2015, North America occupied the largest share of the wound care market and is expected to retain its dominance during the forecast period as well. The growth of the market in the continent is attributed to the increasing geriatric population, burn cases, diabetic patients, and road accidents. The geriatric population is prone to the slow healing of wounds, resulting from its low recovery power. This leads to more usage of wound dressing, thereby furthering the growth of the market in this region.
Increasing volume of surgeries is driving the growth of the market
The surging volume of surgeries is driving the growth of the wound care market. As the prevalence of chronic and lifestyle-related diseases is increasing, so is the volume of surgeries. The incisions made during a surgery lead to the formation of wounds, thereby making the use of wound care products necessary. Apart from this, wound care products are also used during the surgical process. In order to reduce the recovery time and prevent infections after the surgery, wound care products, such as advanced and traditional wound care and wound closure products, are used.
Key players in the market are launching new products to augment their profits
Major players in the wound care market are launching products to offer a better and faster way to treat wounds. For example, DermaRite Inc. introduced ComfortFoam Border Lite dressings for the treatment of chronic wounds in January 2016. In order to provide more comfort to patients, the company uses silicone adhesive in the dressing.
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Some of the other key companies operating in the global wound care market are 3M Company, Hollister Incorporated, Coloplast Corporation, Smith & Nephew PLC, ConvaTec Group PLC, Johnson & Johnson, Medtronic PLC, Integra LifeSciences Holdings Corporation, Mölnlycke Health Care, Mo-Sci Corporation, Organogenesis Inc., Acelity L.P.Inc., Derma Sciences Inc., and DeRoyal Industries Inc.
GLOBAL WOUND CARE MARKET SEGMENTATION
By Type of Wound Care Products
By Type of Wound
By End User