Wound Care Products Market Size, Share, Trends, Growth and Forecasts to 2031

Posted by Shrikant Mandlik on August 16th, 2022

Wound Care Products Market – Overview

The global wound care products market is projected to grow at a promising rate from 2021 to 2031 (forecast period). Wound infection is a serious safety problem for patients and healthcare providers worldwide. Wound care is critical to reducing infections and promoting patient well-being. Wound care product categories have expanded over the years as new and advanced products have entered the market.

The increased prevalence of chronic illnesses, which result in chronic, acute, surgical, and traumatic wounds, is anticipated to drive the global wound care products market. Moreover, the global wound care products market is projected to witness growth due to easily available and inexpensively priced wound care products and technological developments in wound treatment. These developments have enhanced wound healing tracking, the development of novel graft and coverage operations, the control of inflammation, the optimization of delivery requirements, and the testing of novel pharmacological therapies.

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Wound Care Products Market – Competitive Landscape

The global wound care products market is experiencing a major adoption of tactics by the market's leading players in order to improve their market position and acquire a competitive advantage over their competitors. Major corporations are focusing their efforts on absorbing small businesses in order to widen their wound care product line and find innovative solutions to fulfill the growing demand from patients. Other major corporations are attempting to build a strong presence through partnerships and collaborations.

Key players in the global wound care products market include Integra Lifesciences Corporation (U.S.), 3M Health Care (U.S.), Smith and Nephew Plc. (U.K), Coloplast Corp. (Denmark), Acelity L.P., Inc. (U.S.), Organogenesis Inc. (U.S.), and ConvaTec, Inc. (U.S.).

Wound Care Products Market – Trends and Opportunities

Physical health issues such as chronic, acute, and surgical wounds all have a deleterious effect on wound recovery. The prevalence of chronic, acute, and surgical wounds has grown substantially over the last decade, owing primarily to the increasing worldwide geriatric population, growing traumatic wounds, an uptick in the number of surgeries, and an increase in the prevalence of conditions such as obesity and diabetes. Diabetes and obesity can raise the overall incidence and severity of wounds such as infections, ulcerations, and chronic wounds, which necessitates treatment and incurs medical costs.

Moreover, the rising number of accidents, such as car accidents, burns, and trauma events, is expected to boost the global wound care products market. According to WHO estimates (2018), around 1,000,000 individuals suffer from severe and moderate burns in India each year. Furthermore, according to the NCBI research, nations such as Finland, Bulgaria, Australia, the Netherlands, China, and the United Kingdom reported an increase in the prevalence of burn wounds in 2017.

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Moreover, growing investment in R&D and the launch of innovative products by market participants are projected to drive the wound care products market, particularly in developed countries. For example, the Lake Superior Centre for Regenerative Medicine (RegenMed) introduced DermGEN, a new cellular dermal matrix for wound healing, in November 2019.

Wound Care Products Market – Regional Landscape

The North America wound care products market is likely to expand significantly during the forecast period due to population growth and an increase in the elderly population. Furthermore, the increase in healthcare expenditure and the establishment of guidelines are projected to drive the growth of the wound care products market in the region.

The global wound care products market in Europe is projected to grow due to well-established infrastructure in nations such as the United Kingdom, Germany, and others and increased acceptance of new products in these countries.

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Asia Pacific is anticipated to develop at a rapid pace due to the region's increasing prevalence of diabetes-related complications such as diabetic foot ulcers, etc. Furthermore, market participants' increasing attention on expanding their operating network in Asia Pacific's emerging countries is likely to drive regional market growth.

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Shrikant Mandlik

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Shrikant Mandlik
Joined: July 7th, 2022
Articles Posted: 168

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