Chronic Wound Care Market Analysis by Type (Pressure, Diabetic, Venous Leg, and Other Ulcers); by Product (Advanced Wound Dressings, Wound Care Devices, Active Therapy, and Others); and by End-User (Hospitals, Homecare Settings, Ambulatory Centers, Wound Care Centers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4450 | Published Date: Feb 13, 2023
The global chronic wound care market is estimated to garner a revenue of USD 20.0 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 10.0 billion in the year 2022. The growth of the market can primarily be ascribed to the worldwide upsurge in chronic wound cases, owing to accidents, injuries, and fatalities. Furthermore, there has been an increase in the number of accident cases across the globe, that is raising the demand for chronic wound care. Hence, these rising wound cases are expected to increase the utilization rate of chronic wound care which in turn, is projected to expand the global chronic wound care market. As per the reported data, more than 2% to 4% population of developed nations around the globe suffer from chronic wounds.
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Moreover, high prevalence of chronic diseases such as autoimmune diseases, diabetes, and others is projected to boost the growth of the global chronic wound care market. According to the data reported, six in ten Americans in the United States live with at least one chronic disease. Moreover, these wounds require significant medical treatment as well as effective wound care supplies. In addition, there has been an increase in expenses for wound and patient care. It was observed in a clinical study that, P. aeruginosa and S. aureus are two of the bacteria which are most frequently found in infections of chronic wounds. Furthermore, when P. aeruginosa and S. aureus are cultivated together in a wound model, they have relatively high antibiotic resistance.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 10.0 billion |
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Forecast Year Market Size (2033) |
~ USD 20.0 billion |
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Regional Scope |
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Growth Drivers
Global Upsurge in Diabetes Among People - Diabetes mellitus, also known as diabetes, is a metabolic condition that initiates high blood sugar levels. If untreated, diabetes-related high blood sugar damages nerves, eyes, kidneys, and other organs. Diabetes is becoming more prevalent worldwide, resulting in open wounds that do not heal completely. Hence, it is expected to drive the growth of the global chronic wound care market in the upcoming years. According to the World Health Organization (WHO), there are 422 million diabetics worldwide, and diabetes is the leading cause of 1.5 million annual deaths.
Increase in Burn Injuries – There are wounds that generally take more than 6 weeks and are slow to recover that are termed is chronic burn injuries. Furthermore, intensive care is provided through the use of chronic wound care products, and it is expected to rise the growth of the global chronic wound care market. According to the World Health Organization, nearly 11 million burn injuries occur every year around the globe. Moreover, approximately 180 000 people die as a result of burns annually, worldwide.
Escalating Ratio of Pressure Ulcers – There has been an increasing incidence of ulcers that is raising the need for therapies in order to treat these wounds. Hence, it is projected to surge the market’s growth over the forecast period. For instance, the worldwide incidence of pressure ulcers has reached nearly 13%, with 9% occurrence of hospital-acquired pressure injury (HAPI).
Spike in Venous Leg Ulcers - It is estimated that venous leg ulcers affect nearly 1 to 5% of the elderly population in the United States and Europe.
Surging number of sport injuries- Chronic injuries generally develop with time and usually happen from overuse of one specific area of the body. Therefore, it is anticipated to rise the growth of the global chronic wound care market. In the United States, more than 3 million sports injuries occur each year.
Advancement in Dressing Material to Treat Chronic Wounds – It was observed in research that, in managing outpatients with diabetic foot ulcers, silver-releasing foam dressings were found to be more successful than silver-containing cream, especially in the beginning stages of wound therapy. Moreover, it has been discovered that a thiolated biodegradable bandage loaded with ZnO nanoparticles improves tissue regeneration and speeds healing.
Challenges
The global chronic wound care market is segmented and analyzed for demand and supply by end-user into hospitals, homecare settings, ambulatory centers, wound care centers, and others. Out of which, the hospitals segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the increasing patient flow in hospitals dealing with chronic wounds. Furthermore, there have been rising numbers of hospitals, followed by increasing numbers of surgeries, and patients across the globe that is further expected to drive the growth of the segment in the region. For instance, it is estimated that every year around 4.2 million patients in Europe suffer from chronic wounds, needing 25%-50% of intense hospital beds.
On the other hand, the global chronic wound care market is segmented and analyzed for demand and supply by product into advanced wound dressings, wound care devices, active therapy, and others. Out of these, the advanced wound dressings segment is expected to hold the largest market size over the forecast period. This can be attributed to its lower cost, and its capability to manage different types of wounds. Moreover, there has been an increase in the use of advanced wound dressings for sports, and burn related injuries, that is projected to expand the segment’s growth in the market.
The North America chronic wound care market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the rising patient pool suffering from chronic wounds, the increasing geriatric population, the high prevalence of diabetic foot ulcers, growing healthcare expenditure, and the existence of adequate reimbursement policies in the region. For instance, in 2019, approximately 8 to 13 million people were affected by chronic wounds in the United States. Moreover, there has been a surge in the number of sports related injuries in countries such as the U.S., that is expected to drive the market’s growth in the region.
The Asia Pacific region is anticipated to witness the fastest growth in the upcoming years, backed by the rising number of diabetic patients along with the rapidly increasing elderly population. Moreover, there has been a surge in healthcare expenditure that is further expected to boost the market’s growth in the region.
Our in-depth analysis of the global chronic wound care market includes the following segments:
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Smith & Nephew PLC has announced the efficiency of its GRAFIX Membrane which reduces diabetic foot ulcer recurrence by half as compared to other leading competitors.
Integra LifeSciences Corporation announced the positive clinical outcomes with its PriMatrix Dermal Repair Scaffold for the treatment of hard-to-heal diabetic foot ulcers (DFUs). This is the largest DFU RCT ever conducted. A per protocol analysis found that 60% of DFUs healed within 12 weeks when PriMatrix was used in conjunction with standard care (SOC), compared to 35% for DFUs that healed within 12 weeks when SOC was used.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Upsurge in chronic wound cases, high prevalence of chronic diseases, and increase in burn injuries are estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.
Ans: High cost of treatment of chronic wound, inadequate compensation policies in emerging nations, and rising concern in patients for urgent treatments are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Smith & Nephew PLC, ölnlycke Health Care AB, ConvaTec, Inc., Integra LifeSciences Corporation, Coloplast A/S, Cardinal Health, Inc., Tissue Regenix Ltd, B. Braun Melsungen AG, MIMEDX, Inc., 3M, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by end-user, type, product, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Ans:
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