Wound Care Market: Industry Insights and Global Forecast

Growing Prevalence of Diseases and Conditions Affecting Wound Healing Capabilities

The growing incidence of chronic ailments such as diabetes is driving the growth of the global wound care market. Diabetic patients exhibit a documented impairment in the healing of acute wounds. This may lead to severe wound infections. the diabetic population is prone to develop chronic non-healing diabetic foot ulcers (DFUs), which are estimated to occur in 15% of all persons with diabetes.

With the growing number of diabetics across the globe, wound care is gaining importance. The International Diabetes Federation reported that by 2040, diabetes incidence is expected to reach 642.0 million. Thus, the growing incidences of diabetes are driving the market.

According to the World Health Organization (WHO), the incidence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% by 2030. The total number of people with diabetes is anticipated to rise from 171 million in 2000 to 366 million by 2030.

Increased age is also a major risk factor for impaired wound healing. According to the WHO, there has been a significant rise in the global geriatric population; the group of people above 65 years of age is the fastest-growing population segment. This segment is expected to grow from 13% in 2010 to 19% by 2030. This rise in the geriatric population is likely to increase the demand for medical services substantially.

The advanced therapies are coming into play which is expected to bolster the global wound care market. The introduction of a single-use negative pressure therapy (NPWT), primarily in-home care settings, is gaining traction. In August 2019, Engineers at Heriot-Watt University developed a tiny electronic sensor that will help medics to heal the wounds by “listening” to them. The microsensor aids in monitoring the tiny, microscale changes in tissue that are taking place below the bandages.

Market players involved in wound care products are developing advanced products, which is likely to promote market growth in the coming years. The launch of keratin-based wound care products, for instance, which are used with dressings has proven to be helpful in wound re-epithelialization. The keratin matrix eliminates the need for dressing change as it is absorbed in the wound. These developments will create growth opportunities for the market during the forecast period.

New innovations in dressing technology could have a huge impact on the greater wound care industry. As a result of that sizable audience, researchers everywhere are perpetually in search of new and exciting breakthroughs in wound healing technology. From new dressing treatments to bandages, here are just a few recent options that could help reshape the industry for years to come.

For instance, on August 13, 2019, Engineers at Heriot-Watt University developed a tiny electronic sensor that will help medics to heal the wounds by “listening” to them. The microsensor aids in monitoring the tiny, microscale changes in tissue that are taking place below the bandages.

The Conventional NPWT Systems segment of the wound therapy devices market is valued at US$1,689.4 Million in 2021 and is estimated to grow at a CAGR of 6.6% over the forecast period to reach US$2,798.4 Million by 2029.

The primary factor contributing to the growth of the conventional NPWT market is the increase in the incidence rate of chronic wounds such as diabetic foot ulcers and pressure sores. Moreover, other factors contributing to the market growth are the increase in the bed-ridden geriatric population and a wide range of applicability. Conventional NPWT systems consist of various components such as electrical suction pumps, canisters, and dressing kits. Devices such as suction pumps are generally rented, whereas disposable products such as canisters and dressing kits are purchased for providing wound care treatment. 

The Europe Wound care market is valued at USD10,989.2 Mn in 2021 and is to reach a market value of USD 17,587.9 Mn by 2029.

Europe is expected to grow at a high rate in 2018 and is estimated to hold a significant market size over the forecast period (2022-2029). This is owing to the rising prevalence of pressure ulcers Diabetic foot ulcers, and the government initiatives for wound management. The rising prevalence of pressure ulcers in the region is expected to boost the market. In the UK, recent research from the NHS Improvement showed that treating pressure ulcers costs the NHS more than £3.8m per day and around 1700- 2000 patients per month develop pressure ulcers. 

In June 2018, Smith & Nephew announced that the UK's National Institute for Health and Care Excellence (NICE) has issued a Medtech innovation briefing (MIB) on the use of PICO single use Negative Pressure Wound Therapy (sNPWT). 

The current German government has anticipated several new health plans to expand and ensure the quality of hospitals and doctor offices and provide the best healthcare to patients of any age group. The new Care Provision Strengthening Act (Versorgungsstärkungsgesetz) creates incentives for doctors to open their offices in rural areas due to demographic aging among medical staff and resulting shutdowns of general practitioners’ offices. Germany's government's continued cost-containment measures, as well as the complex regulatory environment and the lengthy approval process, will also hamper the wound dressings market’s growth. It is estimated that direct and indirect expenditure on care for patients suffering from DFUs in Europe was USD 13,561 annually while Patients in France have an average monthly expenditure of USD 1,265 in the healthcare of DFUs.

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