Wound Skin Care Market size is estimated to cross USD 15 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of wound skin care was USD 9 Billion. The major element to dominates the expansion of the market is the growing number of road accidents. As per the prediction of the World Health Organization, about 1.19 million people die on account of road accidents every year. Additionally, close to 20 to 50 million population suffer from non-fatal injuries, with a large of them sustaining disability. As a result, the market demand for wound skin care is predicted to surge.
Furthermore, advancement in technology has led prominent players to launch of number of effective and novel products in the field of wound skin care. Additionally, the investment in research & development is also surging by key market players. Hence, these two factors are also estimated to encourage the market for wound skin care over the coming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~ USD 9 Billion |
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Forecast Year Market Size (2036) |
~ USD 15 Billion |
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Regional Scope |
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Product (Advanced Wound Care, Surgical Wound Care Products, Traditional Wound Care Products, Negative Pressure Wound Therapy, Wound Therapy Devices)
The advanced wound care segment is anticipated to hold 30% share of the global wound skin care market during the forecast period. This growth is set to be dominated by rising solutions offered by AI companies in the healthcare sector. This is because the investment made by healthcare investors reached over USD 19 billion in the world alone through three quarters of 2021. Hence, this has attracted several AI companies to offer their solutions in a variety of settings. Additionally, the governments of different nations are also encouraging the adoption of AI in healthcare. Hence, the market demand for wound skin care. Moreover. the adoption of IoT is also estimated to observe a surge. The people are expected to maintain regular checks on their surgical and nonsurgical wounds to analyze the wound healing. Measures such as wound appearance size, and environment need to be verified, which is why, IoT is finding an opportunity in this field. Hence, the advanced wound care segment is expected to experience growth which is further boosting market expansion.
End User (Hospitals & Clinics, Specialty Clinics, Home Care Settings)
The hospitals & clinics segment is anticipated to hold 50% share of the global wound skin care market during the forecast period. This growth of the segment is poised to be encouraged by rising healthcare insurance since it influences the adoption of various healthcare services. Moreover, the construction of hospitals is also surging in various remote parts of the world, which has further made the availability of various services present. Hence, the demand for wound skin care is predicted to rise. Furthermore, the collaboration of clinics and healthcare providers is growing significantly, which is why this segment is predicted to grow. Hence, owing to the growing segment the market revenue is also predicted to rise.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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End User |
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North American Market Forecast
The North America wound skin care market is projected to gather the highest share of about 35% over the forecast period. This growth is set to be influenced by a growing number of key companies in the field of wound skin care. Additionally, the market is also predicted to rise owing to the rising disposable income. In the United States, Disposable Personal Income rose to over USD 20655 Billion in January from close to USD 20588 Billion in December of 2023. Moreover, the prevalence of chronic disease is also growing in this region on account of rising consumption of tobacco, and poor nutrients.
European Market Analysis
The Europe wound skin care market is estimated to have notable growth in the revenue over the coming years. This growth of the market is set to be dominated by rising population. Hence, with the growing population the prevalence of chronic disease is also growing which has further given rise to chronic wounds. As a result, the market for market is surging in Europe. Moreover, the awareness regarding wound skin care is high among Europe people, and also government is launching various initiatives in order to make the service reach to large number of people in this region. Therefore, this factor is also set to dominate the market expansion in this region. The integration of telemedicine in wound skincare is generating opportunities for remote consultation and monitoring in Europe. Through deploying wound skincare into telehealth platforms, healthcare facilities may remotely manage and access wounds ensuring timely interventions. As a result, the wound skin care market is projected to have a dominating expansion in this region.
Author Credits: Radhika Gupta, Shivam Bhutani
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