The wound care market is estimated to be valued at US$ 22,343.1 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis :
Strength: Wound care market has a large customer base due to rising incidence of chronic wounds globally. It offers various advanced wound dressings, therapies and devices for treatment of acute and chronic wounds. There is availability of wide range of products for effective wound management. Increased investment by key players for development of innovative wound care solutions.
Weakness: High costs associated with advanced wound care products limiting its adoption in low and middle-income countries. Lack of reimbursement and insurance coverage for advanced wound care products in certain regions.
Opportunity: Growing geriatric population worldwide increasing susceptibility to chronic wounds. Emergence of bioengineered skin substitutes and smart wound dressing materials. Increasing awareness about available treatment options for hard-to-heal wounds.
Threats: Risk of product failure or recalls affecting brand image. Competition from generic and low-cost alternatives limiting market share of major players. Stringent regulatory framework for approval of new wound care products.
Key Takeaways:
The Global Wound Care Market Demand is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing rate of diabetes and obesity leading to diabetic foot ulcers and pressure ulcers respectively. Market size for 2023 is estimated to be US$ 22,343.1 Mn.
Regional analysis: North America is the largest market for wound care accounting for over 35% of global revenue. High accessibility to advanced medications and awareness regarding new treatment approaches. Asia Pacific to grow fastest at CAGR of 7.2% fueled by large patient population, improving healthcare infrastructure and increasing healthcare spending.
Key players: Key players operating in the wound care market are 3M, Baxter, Coloplast A/S, Acelity L.P. Inc., Integra LifeSciences, Johnson & Johnson Services, Inc., Axio Biosolutions Pvt Ltd., Omeza, Smith & Nephew Plc., Cardinal Health, Schulke & Mayr GmbH, Bactiguard AB, Wound Care Advantage, LLC, Noventure, EO2 Concepts, Essity, Hydrofera, Advance Medical, Inc., CutisCare, Convatec Group PLC, and Organogenesis Inc.
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