Global Wound Care Market is Expected to Grow at a CAGR of 5% in the Forecast Period of 2024-2032

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.

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.

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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 (2018-2023) and (2024-2032), covering the product types, applications, and end-uses of wound care.

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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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