Wound Care Market Analysis by Functions (Hospitals, Specialty Clinics, and Home Healthcare); and by Applications (Chronic Wounds, and Acute Wounds) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4823 | Published Date: Apr 14, 2023
The global wound care market is estimated to garner a revenue of ~USD 58 billion by the end of 2035 by growing at a CAGR of ~8.40% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 22 billion in the year 2023. The market growth is mainly owing to increasing number of slow-healing diseases such as anemia, cancer, and diabetes around the world. Autoimmune diseases such as chronic diseases and lifestyle-related diseases can cause stubborn wounds and injuries that do not heal or heal. For instance, anemia is a condition in which the body cannot produce enough healthy red blood cells. This can slow wound healing because red blood cells are responsible for carrying oxygen throughout the body, and a lack of oxygen can impair the healing process. According to the Centers for Disease Control and Prevention, in the year 2020 Anemia caused 1.7 deaths per 100,000 people in the United States.
Wound care includes treatment of chronic or complex wounds with products not available without a prescription. Wound care techniques can be categorized into general wound care and advanced wound care. Advanced wound care is a type of wound care that treats complex wounds with less available drugs than basic wound care, which treats simple wounds with readily available drugs. To receive advanced wound care, patients typically need to be treated at a doctor or hospital with an advanced wound care clinic. Wound healing methods include hydrocolloids, hydrogels, and duodenal plasters. These are the plasters that are estimated to have a positive impact on the growth of the global wound care market. It has been observed that 97% of people worldwide prefer using hydrocolloid dressings to conventional daily dressings because of their comfort, intrinsic healing properties, and lack of infection.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8.40% |
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Base Year Market Size (2023) |
~ USD 22 Billion |
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Forecast Year Market Size (2035) |
~ USD 58 Billion |
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Regional Scope |
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Growth Drivers
Rising Incidence of Chronic Wounds: Chronic wounds such as diabetic foot ulcers and pressure ulcers are becoming increasingly common, driving demand for wound care products. According to the World Health Organization (WHO), an estimated 422 million people worldwide have diabetes, with around 20% of them developing diabetic foot ulcers. Additionally, the prevalence of pressure ulcers is estimated to be between 10% and 18% in hospital settings.
Increasing Geriatric Population: The aging population is more prone to developing chronic wounds, driving demand for wound care products. According to the United Nations, the number of people aged 65 years and older is projected to more than double by the year 2050, reaching 1.5 billion globally.
Growing Number of Surgeries: As mentioned earlier, surgical wounds require proper care to prevent infection and promote healing. According to a report, around 313 million surgeries are performed each year, with this number projected to increase in the coming years.
Spike in Research Spending – Growth in the global market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for wound care. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in the year 2019.
Increasing Healthcare Spending – According to the latest spending data, global healthcare spending has increased over the past two decades, effectively doubling from 8.5% in 2000 to USD 8.5 trillion in the year 2019, increasing GDP reached 9.8%. The boom is estimated to continue during the forecast period.
Challenges
The global wound care market is segmented and analyzed for demand and supply by functions into hospitals, specialty clinics, and home healthcare. Out of the three types of functions, the hospitals segment is estimated to gain the largest market share of about ~35% in the year 2035. The growth of the segment can be accredited to the large number of patients requiring advanced wound care and hospitalized for surgery or treatment of chronic conditions such as diabetes and pressure ulcers. The hospital also has the equipment and staff necessary for advanced wound care, including growth factor therapy and negative pressure wound therapy (NPWT). For instance, by the year 2022 there was noted to be approximately 6,100 hospitals in the United States. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice. They have the knowledge to solve common problems and the resources to solve more complex medical problems. Hospitals may also offer specialized care, such as neurology, obstetrics and gynecology, and oncology. By definition of a hospital, a county hospital is typically a primary medical facility in a region with numerous intensive care and mobile beds for patients requiring long-term care.
The global wound care market is also segmented and analyzed for demand and supply by applications into chronic wounds, and acute wounds. Amongst these two segments, the chronic wounds segment is expected to garner a significant share of around ~60% in the year 2035. The growth of the segment can be accredited to the prevalence of chronic wounds such as diabetes, pressure ulcers and other diseases is increasing. In the year 2018, the incidence of chronic ulcers was over 2 per 1000 population and the incidence of chronic leg ulcers was 1 per 1000 population. Chronic wounds can be defined as physiologically compromised wounds resulting from disruption of the wound healing cycle as a result of impaired angiogenesis, innervation, or cell migration, among others. Normal wound healing is discussed separately. Skin wounds that do not heal, heal slowly, or heal but tend to recur are called chronic wounds. Many causes of chronic (permanent) skin wounds may include trauma, burns, skin cancer, infections, or underlying conditions such as diabetes. Wounds that take a long time to heal require special care.
Our in-depth analysis of the global wound care market includes the following segments:
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By Functions |
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By Applications |
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The wound care in the North America region, amongst the market in all the other regions, is projected to hold the largest market share of about ~35% by the end of 2035. The regional growth can majorly be attributed to the strong medical infrastructure and increase in surgical procedures in this region. Therefore, there is an increasing adoption of wound care treatments to prevent postoperative wound infections. The market is also expected to be driven by the increasing incidence of incidents such as road accidents, burns, and trauma in this region. In addition, increasing disposable income for facial correction and growing people's awareness of wound care equipment are estimated to boost the market growth during the forecast period. In the year 2019, it is estimated that region’s per capita disposable income in the North American region is estimated to increase by about 2%. Moreover, the expansion of the global market in this region is supported by increasing acquisitions of well-known companies based in North America. Growth is also expected to be supported by changing demographics, increasing patient awareness, and the sophisticated wound care industry.
The wound care in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the second largest share of about ~24% during the forecast period. The growth of the market in this region can primarily be attributed to the steady increase in the elderly population across the region. Elderly people are more susceptible to chronic wounds, which requires wound care to treat. The Asia Pacific population is aging faster than anywhere else is in the world. Sixty per cent of the world's total elderly population, that is, 630 million people live in the Asia Pacific region. The region's elderly population is expected to reach 1.3 billion by the year 2050. Moreover, the government's role in raising awareness for the advanced wound care is expected to spur market growth in the region. Moreover, increasing number of wounded patients, and increased funding for medical infrastructure are expected to affect the growth of the advanced wound care market in the region.
Further, the wound care in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing prevalence of chronic wounds. Chronic wounds such as diabetic foot ulcers and venous leg ulcers are becoming increasingly common in Europe, driving demand for wound care products. The aging population in Europe is more prone to developing chronic wounds, driving demand for wound care products. Healthcare expenditure in Europe is increasing, which is driving demand for wound care products. Europe is a hub for technological innovation in wound care, with many companies developing advanced wound care products that use innovative technologies. This is driving growth in the wound care market, particularly for products such as smart dressings and digital wound monitoring systems. Governments in Europe are taking steps to improve wound care management and promote the adoption of advanced wound care products. For instance, the European Wound Management Association (EWMA) has developed guidelines for the management of chronic wounds, and some countries have implemented reimbursement policies for wound care products.
Arch Therapeutics, Inc. has announced the first shipment of the AC5 Advanced Wound System under a new reimbursement program. AC5 was a synthetic, self-assembling wound care product that enables physicians to provide multimodal support during all stages of the wound healing process.
Convatec Group PLC has entered into an agreement to acquire Triad Life Sciences Inc. Triad Life Sciences Inc. develops innovative bio-based products that meet the needs of surgical and chronic wounds and burns.
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: Rising incidence of chronic wounds, and growing number of surgeries are the major factors driving the market growth.
Ans: The market size of wound care is anticipated to attain a CAGR of ~8.40% over the forecast period, i.e., 2023 – 2035.
Ans: The product development costs are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: Who are the major players dominating the wound care market? Ans: The major players in the market are Cardinal Health, B. Braun Melsungen AG, Acelity L.P. Inc., Integra Lifesciences Holdings Corporation, Medtronic plc, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by functions, application, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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