The global wound care market is projected to reach USD 24.8 billion by 2024 from USD 19.8 billion in 2019, at a CAGR of 4.6% from 2019 to 2024.
Advanced wound care products are expected to dominate the wound care market in 2019.
Based on the product, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products. In 2019, advanced wound care products are expected to account for the largest market share due to its high efficacy and rising incidences of hard-to-heal wounds. These factors further make this segment to grow at the fastest rate in the wound care market.
Diabetic foot ulcers segment is expected to dominate the wound care market in 2019
Based on wound type, the wound care market is segmented into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, venous leg ulcers, burns, and other wounds. The diabetic foot ulcers segment is expected to account for the largest market share in 2019. This can primarily be attributed to the increased emphasis on aggressive management to prevent diabetic foot ulceration in wound management and foot amputation, using products such as advanced and active wound care products.
“Asia Pacific to grow at the highest rate during the forecast period (2019–2024)”
The wound care market in Asia Pacific is expected to grow at a high pace in the coming years. The factors attributing for the high growth of the Asia Pacific region, rising geriatric population, a growing number of surgeries, increase in healthcare expenditure, expansion of the healthcare infrastructure, and vast patient pool. However, the North American and European markets will account for a large share due to mature economies and the presence of major players in the region.
Key Market Players
The major players operating in the wound care market are Smith & Nephew plc (UK), , Ethicon, Inc. (A Subsidiary of Johnson & Johnson) (US), Convatec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Paul Hartmann AG (Germany), Medtronic plc (Ireland), 3M Company (US), and Integra LifeSciences Holding Corporation (US).
