The Global "Wound Care Management Devices Market" is estimated to reach growing at a CAGR of 6% during the forecast period (2022-2029).
Wound management products are majorly used to treat complex wounds. Wounds and injuries are common afflictions that affect billions of people worldwide. The products are highly resistant to environmental inhibitors and foreign particles and are used by a nurse under the physician’s orders and supervision for many reasons. Therefore, the rising rates of risk factors and the need for cost-efficient treatments are driving better wound care products.
The global wound care management devices market growth is driven by the increase in the aging population, rise in chronic wounds, ulcers, diabetic ulcers, and technological advancements. Moreover, advancements in wound care technology are driving the wound care management devices market that provides better treatment for patients and elderly clients.
Growing prevalence of diseases & conditions affecting wound healing capabilities expected to drive the growth in the forecast period
Physical health conditions, such as acute wounds, chronic wounds, and surgical wounds, harm healing. The prevalence of acute, chronic, and surgical wounds has increased significantly over the past decade, primarily due to the growing global geriatric population, rising traumatic wounds, increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes. Diabetes and obesity can increase the overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, which require treatments (wound management) and incur exorbitant medical expenses.
Diabetes is found to be the major wound-causing disease along with other chronic diseases. In adults aged over 65 years, the population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers, is increasing among the diabetic population. Moreover, as per Germany Federal Statistical Office 2020 report, currently, there is about 83 million population in Germany. Of these, 16.2 million population are above 67 years of age, and this number is projected to reach 21.4 million in 2040. As the number of elderly populations is expected to increase shortly who are more prone to chronic diseases like diabetes, this population is expected to experience diabetic foot ulcers in the near future, which is expected to show a positive impact on the market.
Further, the increase in product launches is expected to propel market growth. For instance, In February 2020, Integra LifeSciences Holdings Corporation (Sweden) launched AmnioExcel Plus Placental Allograft Membrane.
The high cost of advanced wound care products is likely to hamper the market growth
The high cost of chronic wound treatments and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Patients and physicians in these regions opt for less-expensive wound care products. Although many bioengineered dressings are available in these markets, physicians and patients tend to opt for traditional and basic wound care products due to their low costs.
COVID-19 Impact Analysis
The COVID-19 outbreak will impact the wound care market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, canceled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers, the wound care market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for wound care products is expected to rise drastically.
The surgical staplers segment is expected to hold the largest share in this market segment
Surgical staplers are specialized medical staplers, which can be used as an alternative to sutures for wound closure. They can be used during minimally invasive image-guided procedures. With the rise in demand for minimally invasive surgeries, the surgical staplers segment is expanding. Surgical staplers offer benefits, such as faster recovery, less pain, coagulation, and proper closure, especially in minimally invasive procedures. Various applications of surgical staplers include the areas of gynecology, abdominal surgeries, cardiothoracic and orthopedic surgeries, etc. As per the Government of Canada Statistics report 2019, as of July 2019 Canadian older population included 6,592,611, which accounted for 17.5% of the Canadian population. However, the proportion of seniors in Canada has been increasing over time.
Moreover, the aging of Canada’s population was influenced by the baby boomers who turned 65 in the last five years and increased life expectancy. As the older population is expected to grow in the near future, this population is more prone to diabetes which ultimately increases diabetic foot ulcers in the near future and shows a positive impact on the market. Thus, the surgical staplers are expected to show growth over the forecast period due to the above factors.
North America region holds the largest market share of the global wound care management devices market
North America dominates the wound care management market due to the increasing incidence of chronic wounds, favorable reimbursement policies, and the rise in the aging population. As per American Podiatric Medical Association (APMA) 2020, diabetes is the leading cause of non-traumatic lower extremity amputations in the United States, and approximately 14-24% of patients with foot ulcers require an amputation. According to a report published by International Diabetes Federation in 2020, "IDF Diabetes Atlas 2019", approximately 31.0 million Americans had diabetes in 2019 and estimated to affect about 36.0 million Americans by 2045. The rise in diabetic cases in the United States is likely to increase the country's prevalence of diabetic foot ulcers. Additionally, according to the Insurance Institute for Highway Safety (IIHS), in 2021, about 36,096 people died due to 33,244 fatal motor vehicle crashes in the United States in 2019. The statistics mentioned above indicate that the prevalence of diabetes is increasing, which may drive the market over the forecast period.
The global wound care management devices market is highly competitive with the presence of local as well as global companies. Some of the key players who are contributing to the growth of the market include Johnston & Johnson Consumer Inc, 3M Company, Medtronic Plc, Smith & Nephew, ConvaTec Inc, B. Braun Melsungen AG, Coloplast Group, Integra LifeSciences, Cardinal Health, and Mölnlycke Health Care AB. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of wound care management devices globally. For instance, In August 2020, Smith & Nephew Plc. (UK) launched ARIA.
Global Wound Care Management DevicesMarket – Key Companies to Watch
Overview: Integra LifeSciences, a world leader in medical devices, is dedicated to limiting uncertainty for surgeons, so they can concentrate on providing the best patient care. Integra offers innovative solutions in orthopedics, neurosurgery, and reconstructive and general surgery. Integra advanced wound care is focused on research and innovation for the management of acute or chronic wounds and burns.
Product Portfolio: It includes products likeMEDIHONEY, AmnioExcel, AmnioMatrix, TCC-EZ, Omnigraft, PriMatrix/PriMatrix Ag, Xtrasorb, Bioguard, AlgicellAg.
AmnioExcelAmniotic Allograft Membrane is a tissue-based product derived from the human placenta gathered during post healthy, scheduled c-sections of healthy donors.
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