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Global Wound Care Market is Expected to Grow at a CAGR of 10% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Wound Care Market Report and Forecast 2022-2027’, the global wound care market reached a value of about USD 19.73 billion in 2020. The market is likely to grow at a CAGR of 3.8% in the forecast period of 2022-2027 to reach a value of approximately USD 24.68 billion by 2026.

The global wound care market is being driven by the growing incidence of severe injuries, as well as the increasing product acceptance in the healthcare industry. The wound care market in North America continues to dominate due to the growing incidences of chronic wounds, favourable reimbursement policies, and an increase in the elderly population. The Asia Pacific, meanwhile, is anticipated to grow at the highest CAGR, with the development centred in Japan, China, and India. In addition, factors, including the growing focus of the key players in the emerging Asian countries, as well as government support, are driving the growth of this region's wound care market. The key drivers of the wound care market include the increased demand for quicker wound recovery, a boost in surgery, and the increasing incidences of chronic diseases like diabetes as diabetes, along with other chronic diseases, is the leading cause of persisting wounds.

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In October 2020, 3 M (NYSE: MMM), a leading player in the industry, announced it has purchased Acelity, Inc. and its regional KCI divisions of Apax Partners' (the Apax Funds) advised funds, along with the Canadian Pension Plan Investment Board (CPPIB) and the Public Pension Investment Board (PSP Investments) managed affiliates. Acelity is among the world's leading medical technology companies, focused on advanced wound care as well as specialty operating applications under the brand KCI.

Market Analysis by Product Type, Application, End-Use, and Region:

  • Based on the product type, the market is divided into infection management, exudate management, active wound care, and therapy devices.
  • It has wide application in chronic wounds and acute wounds segments.
  • It finds its end-uses in hospitals and community health service centres.
  • The regional markets include North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Findings of the Report:

  • The market is being driven by the rising development as well as innovations taking place in the industry.
  • The rising cases of diabetes are driving the market growth further.
  • The rise in the geriatric population is propelling the market growth as well.
  • Increased funds and investments for research are providing an impetus to the market growth.
  • The growing number of accidents and trauma injuries is aiding the industry growth.
  • Rising awareness programs among consumers are supporting the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global wound care market for the periods (2017-2021) and (2022-2027), covering the product types, applications, and end-uses of wound care.
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the regions.
  • An in-depth assessment of the market is provided within the report through the analysis of SWOT and Porter's Five Forces model.

The key players in the global wound care market include companies 3M Company, BSN Medical GmbH, Mlnlycke Health Care AB, ConvaTec Healthcare B S.a.r.l., Medtronic Plc, Coloplast A/S, Smith & Nephew Plc, among others.. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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