Market Overview
The global wound care market size was worth $29,798.49 million in 2018 and is estimated to reach $ 48,023.9 million by 2026, at a CAGR of 6.2% during the forecast period (2019-2026).
Increasing aging population, advancements in technologies, rising prevalence of diabetics, increasing patient awareness, raising patient healthcare expenditure are the major factors driving the growth of the market.
High costs of the treatment and unfavorable reimbursement policies are the major factors restraining the growth of the market in the forecast period.
The growth of the industry is driven primarily by factors such as rising incidences of road accidents & injuries, growing used of regenerative medicine, and increasing prevalence of conditions that impair wound healing capabilities.
Increasing research in the field of advanced wound care and the growing popularity of active wound care products will further provide opportunities in the wound care industry. Developing economies are expected to offer a wide range of growth opportunities for players in the market.
Market Dynamics
Drivers
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Growing Prevalence of Diseases and Conditions Affecting Wound Healing Capabilities
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Advancement in wound care products
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Rising research & investment activities related to wound care
Restraints
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High cost associated with wound care products
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Unfavorable Reimbursement Scenario
Market Segmentation
The advanced wound dressings market is valued at US$6,658.2 Million in 2018 and is estimated to grow at a CAGR of 5.8% over the forecast period to reach US$10,429.8 Million by 2026. The collective revenue of the advanced wound dressings segment is expected to generate US$ 3,12,597.6 Million during 2019-2026.
Factors driving the growth of this segment include the increasing incidence of diabetes-associated ulcers and others (pressure ulcers and venous leg ulcers) and rising demand for innovative & advanced wound dressings for the treatment of such wounds. Advanced wound dressings, such as collagen and hydrocolloid matrices and those incorporating hydrogels, hydrophilic foam, alginates, and silver are generally considered second-line therapy after standard of care. Advanced dressings have a variety of advantages over conventional wound bandages including providing a moist environment, superior absorbency, can be left on the wound for a longer duration, easier removal, and antimicrobial properties.
In April 2019, Imbed Biosciences received a $2Mn investment for the development of its processing unit for silver wound dressings. The company possessed a catalog of products, one of which was MicroLyte Ag Antimicrobial Matrix. The company had already received FDA clearance for Microlyte, a dressing used for treating pressure ulcers, burns, and other post-surgical wounds.
Geographical Analysis
North America is dominating the global wound care market in 2018 and estimated to hold significant market size over the forecast period (2019-2026) owing to the product innovations, rise in the incidence of diabetes cases, increasing healthcare spending, and the growing aging population in this region.
North American wound care market is valued at USD 12,661.3Mn in 2018 and is estimated to reach a market value of USD20,747.0Mn by 2026.
The increasing number of wound cases in the region is expected to boost the market. For instance, the National Institute of Health has estimated that 3% of the population of 65 years and above would have a wound at some time. An even higher rate of incidence is expected, owing to the traumatic injuries and ulcers endemic in resource-poor countries to other regions. Thus, the rising number of wounds is driving the market.
Competitive Landscape
Major players are, Smith & Nephew PLC, Mölnlycke Health Care Ab, Baxter International Inc., Acelity L.P. Inc. (3M), Integra Lifesciences Holding Corp., Coloplast A/S, Ethicon Inc.(A subsidiary of Johnson& Johnson), Paul Hartmann AG, Convatec Group, Organogenesis, Inc. and Cardinal Health.
In April 2019, Smith & Nephew acquired Osiris Therapeutics, Inc. with an intention of expediting the development of its advanced wound management product portfolio. The initiative was anticipated to expand its customer pool.
Furthermore, in May 2019, 3M entered into a definitive agreement to acquire advanced wound care & specialty surgical solutions segments of Acelity and its KCI Subsidiaries with an aim to expand the company’s product portfolio.
In July 2018, Mölnlycke completed the acquisition of SastoMed GmbH, a German wound care company to expand its product portfolio and offerings in the advanced wound care market.
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