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The global chronic wound care market size is estimated to grow by USD 5.44 billion at a CAGR of 6.52% between 2023 and 2028.
The global chronic wound care market is witnessing significant growth, largely driven due to the early detection of chronic wounds worldwide. Chronic wounds are wounds that do not heal easily within a predictable timeframe, typically persisting for more than three months. Some of the most common types of non-healing wounds includes diabetic foot ulcer, arterial or ischemic ulcer, venous or stasis ulcer, pressure ulcer, traumatic injury ulcer, radiation-related wound. Furthermore, the availability of advanced wound care products and technology, coupled with growing patient and healthcare provider awareness of the significance of good wound treatment, is propelling the global chronic wound care market growth during the forecast period.
Technavio has segmented the market into Product, Application, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the advanced dressing segment will be significant during the forecast period. Advanced wound dressings, such as hydrocolloid, gel, film, alginate, and foam dressings, protect the surrounding tissue and wound base by controlling the wound surface by absorbing exudate or holding onto moisture. Some dressings, such as iodine, honey, and silver dressings, are utilized because of their antibacterial qualities. The dressing selection may vary depending on how the wound exudates and wound base alters.
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The advanced dressing segment was valued at USD 4.41 billion in 2018. Healthcare providers who manage wounds have difficulty due to the variety of wound dressings available and the accompanying costs. Deciding necessitates understanding the efficacy, safety, and affordability of a variety of dressings. For example, Johnson and Johnson offers a variety of advanced dressings for chronic wounds. Advanced dressings from Johnson and Johnson include PROMOGRAN Matrix, ACTISORB Silver 20, SURGICEL Absorbable Hemostatic Dressing, TEGADERM Transparent Film Dressing, AVILENE Hydrocolloid Dressing. Hence, the increased benefit and availability of advanced dressing to treat different kinds of wounds will drive the growth of the advanced dressing segment of the market during the forecast period.
Diabetes increases the risk of foot problems, mostly due to peripheral artery disease and diabetic neuropathy. Over the past few decades, there has been a steady rise in the incidence of diabetes. A thorough physical examination can detect individuals who are at risk for developing foot ulcers and correctly classify those who already have ulcers or other diabetic foot issues. This examination is supported by noninvasive testing for arterial insufficiency and monofilament testing for neuropathy. To lower the chance of an injury that may result in the development of an ulcer, patient education regarding nail care, foot hygiene, and appropriate footwear is essential. Consequently, the increasing prevalence of diabetic foot ulcers will create a demand for wound care, which in turn will drive the growth of the diabetic foot ulcers segment in the global chronic wound care market during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. In North America, the chronic wound care market is a dynamic, quickly expanding industry devoted to meeting the complicated needs of people with persistent, non-healing wounds. In the region, there has been a sharp increase in demand for sophisticated wound care treatments due to the aging population and the increased prevalence of diseases like diabetes and obesity.
Furthermore, the manufacturers of medical devices and healthcare providers are concentrating on creating cutting-edge goods and treatments that will improve wound healing and reduce treatment expenses. The use of bioactive materials and smart dressings has greatly increased the effectiveness of chronic wound care, among other technological advances. Furthermore, improved management of chronic wounds has been made possible by the growing use of telemedicine and remote patient monitoring, which allows for prompt intervention and personalized care. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Cardinal Health Inc.: The company offers chronic wound care such as antimicrobial, collagen, foam, and hydrocolloid.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key trends, and challenges.
The increasing adoption of advanced wound care technologies is the primary trend shaping market growth. Advanced wound care technologies trend is driven by various factors, such as the rising prevalence of chronic wounds, the growing geriatric population, and the demand for improved treatment options. To address these issues, advanced wound care technologies have emerged as promising solutions. Wound care centers offer specialized treatment to promote quicker healing of wounds.
In addition, some of the advanced wound care technologies include debridement, pressure relief techniques, such as total contact casting or offloading, which necessitate the removal of all weight and pressure from the injured area., tissue-growing therapies, negative pressure wound therapy, hyperbaric oxygen therapy. Thus, the increasing adoption of advanced wound care technologies will drive the growth of the global chronic wound care market during the forecast period.
The high cost of chronic wound treatment is a challenge that affects market growth. The treatment process involves multiple components, including wound assessment, infection control, debridement, offloading, and wound dressings. These interventions often need to be repeated over an extended period, adding to the overall cost. One reason for the high cost is the need for specialized healthcare professionals, such as wound care nurses and physicians, who have expertise in managing chronic wounds. These professionals have extensive training and experience, which adds to the cost of their services. Moreover, their limited availability in certain regions can further drive up the cost of treatment.
Moreover, chronic wounds frequently result in problems that call for further treatments like surgery or the use of biologics. The financial load is increased since these therapies have additional costs. The high expense of treating chronic wounds presents problems for global healthcare systems. Budgets for healthcare are similarly strained, which makes it challenging for providers to offer comprehensive and cost-effective wound care services. Hence, the high cost of chronic wound treatment will impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Chronic Wound Care Market Customer Landscape
The chronic wound care market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Chronic Wound Care Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.52% |
Market Growth 2024-2028 |
USD 5.44 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.68 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, UK, France, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., B.Braun SE, Baxter Regional Medical Center, Bioventus LLC, Brightwake Ltd., Cardinal Health Inc., Coloplast AS, ConvaTec Group Plc, Essity AB, Integra Lifesciences Corp., Johnson and Johnson, Medline Industries LP, Medtronic Plc, Mil Laboratories Pvt. Ltd., MiMedx Group Inc., Paul Hartmann AG, Smith and Nephew plc, Welcare Industries SpA, Zimmer Biomet Holdings Inc., and DermaRite Industries LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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