Wound Care Market Is Growing At a CAGR of 7.6% From 2021

Traditional wound care and advanced wound care products are the two types of wound care management products. Traditional wound care management, in which health practitioners utilize wound care products like medical tapes, dressings, and bandage rolls to shield the wound from external causes and prevent bleeding and infections, is more common worldwide.

Market Analysis:

The global Wound Care Market is expected to grow at a 7.6% CAGR from USD 19.3 billion in 2021 to USD 27.8 billion in 2026. Factors such as the increased prevalence of chronic diseases that result in chronic, surgical, acute, and traumatic wounds, rising spending on chronic wounds, rising usage of regenerative medicine in wound management, and technical improvements are all driving market expansion. The strong development potential of emerging nations and the increasing number of acquisitions by important competitors have created a plethora of opportunities for the wound care market to expand.

During the first half of the projection period, the COVID-19 epidemic will influence the market. The wound care market is likely to experience a downturn due to nationwide lockdowns, denied wound care treatments, canceled or postponed elective surgeries, and rising skin injuries among COVID-19 medical care workers. 

Acute wounds, chronic wounds, and surgical wounds all harm the wound healing process. A growing worldwide senior population, rising traumatic wounds, increasing the number of surgeries, and the rising incidence of illnesses like obesity and diabetes have contributed to an increase in the prevalence of acute, chronic, and surgical wounds over the last decade. Diabetes and obesity can increase the overall incidence and complexity of wounds, including infections, ulcerations (leg or foot ulcers), and chronic wounds, all of which require treatment (wound management) and result in high medical costs. The market is expected to develop due to an increase in incidents, such as car accidents, burns, and trauma events.

Regional Analysis:

Due to increased sports injuries, traffic accidents, and numerous prominent firms in the region, North America was the largest regional market in 2020. It will continue to grow at a considerable CAGR from 2021 to 2028. Furthermore, the Wound Care Market is likely to be driven by the availability of qualified experts and improvements in healthcare infrastructure over the forecast period. Due to the rapidly developing medical tourism business in rising nations such as China, India, and Japan, the Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028.

Key Players:

Smith & Nephew Plc, Coloplast A/S, Johnson & Johnson, 3M, Convatec Group Plc, Cologenesis Healthcare Pvt Ltd, Mil Laboratories Pvt. Ltd, Essity AB, and Educare Pharmaceuticals (P) Ltd. are the major key players of the Wound Care Market.