Pandemic and Diabetic Complications to Give Wound Care Market a Boost
A steep rise in prevalence and incidence rate of chronic and acute wounds has resulted in high demand for wound care products. This rate is attributable to growing geriatric population that is bound to require surgeries, which lead to wounds and further complications due to underlying comorbidities. According to a United Nations report, the population of 60 and above is expected to reach 2 bn by 2050, which is almost double the current number. Furthermore, the World Health Organization states that the rising number of diabetics have soared in the past 25 years, creating higher chances of complications related to wound healing.
Given these circumstances, the global wound care market is expected to rise in an unprecedented manner. Analysts anticipate that the rapidly evolving COVID-19 pandemic across the globe, hospital admissions, and treatments will also create a high demand for wound care materials. The influx of patients in the emergency rooms have also added to the demand for wound care arising out of accidents and injuries.
Product Innovative Sets a New Tone for Exponential Growth in Wound Care Market
There is a recent upsurge in the usage of bioactive therapy for multiple types of chronic wounds. Demand for immediate and effective management of wounds such as diabetic foot ulcers and venous leg ulcers will be met through bioactive wound care. Also growing advancements in biomaterials, combination dressings, and nanotechnology will set the tone for exponential growth in the market.
Axio Biosolutions, a MedTech company, launched MaxioCel, a next-generation wound care dressing made of chitosan. MaxioCel is said to be fulfilling a large gap in the market by providing comfort and faster healing to patients suffering from chronic wounds with its combined haemostatic, pain management, and scar improvement properties. This product is built with bioactive microfiber gelling technology (BMG) and is thus expected to revolutionize healing for patients with comorbidities.
Equipped with Antimicrobials, Advanced Wound Care Segment to Lead the Way
The advanced wound care segment captured the biggest share in the global wound care market in terms of revenue during 2019. High incidence of non-healing wounds and chronic ones too is expected to drive this segment during the forecast years. A growing number of diabetics is expected to be a strong undercurrent for this segment to expand its revenue earning potential. The segment also stands to benefit from the limitations of the traditional wound care solutions, as advanced wound care dressings are equipped with anti-microbial agents.
In 2019, the hospital segment accounted for the largest market share. Wound care management is largely carried out via hospitals as they are equipped with materials and trained staff to deal with complications. This segment is also expected to remain dominant in the coming years as follow up and regular dressing to ensure wound care will be continued at hospitals. Surgical wound care dressings, chronic wounds pertaining to burns and trauma can largely be treated in a hospital setting, which makes this segment indispensable to this market.
Increasing Healthcare Expenditure in Emerging Economies Offer Excellent Space for Growth
Exceptional opportunities will be seen across emerging economies such as India and China. Growing healthcare expenditure and demand for value-based healthcare services will lead to investment in better wound care solutions. Analysts project this will increase research spending within field of advanced wound care.
Asia Pacific wound care market is anticipated to grow at a significant pace in the coming years as well. The factors attributing to the high growth are the rising geriatric population, a growing number of surgeries, increase in healthcare expenditure, expansion of the healthcare infrastructure, and vast patient pool. This regional market also stands to benefit with the booming medical tourism industry. Ability to treat myriad patients from foreign countries at an affordable price is expected to boost the wound care market in Asia Pacific.
As of 2019, North America held the dominant position due to high rate of wounds incidence. Growing participation in sports and better diagnostics across the region are expected to drive this regional market throughout the forecast period. Also, technologically advanced products and defined processes for healthcare are expected to bode well for the region.
Global Wound Care Market: Key Players
Major companies such as Smith & Nephew plc (U.K.), 3M Company (U.S.), Acelity L.P. Inc. (U.S.), and Mölnlycke Health Care AB (Sweden) have a strong presence in the market with diversified and robust product portfolio.
Some of other leading players in the market are Ethicon, Inc. (U.S.), Convatec Group Plc (U.K.), Baxter International Inc. (U.S.), Coloplast A/S (Denmark), Paul Hartmann AG (Germany), Medtronic plc (Ireland), Integra LifeSciences Holding Corporation (U.S.), Mimedx Group (U.S.), Lohmann & Rauscher International GmbH & Co. KG (Germany), DeRoyal Industries, Inc. (U.S.), Organogenesis Holdings Inc. (U.S.), Kerecis (Iceland), ACell (U.S.), IonMed (Israel), Axio Biosolutions (U.S.), and Medela AG (Switzerland).