Proper wound care is important for faster healing by preventing infections. With the Wound & Tissue Care being a major concern for patients and healthcare professionals globally, the demand for Wound & Tissue Care products have been increasing continuously. The global Wound & Tissue Care market will witness significant growth in the coming years due to several factors.
The global wound care market is expected to register a CAGR of 4.6% during 2019 to 2024 and reach USD 24.8 billion by 2024. The growth of the market will be fueled by the growing prevalence of chronic and acute wounds and increasing aging population. Increasing volume of surgeries and the resulting surgical wounds, as well as the rising number of road accidents will also drive the growth of the market for Wound & Tissue Care products.
Further, an increase in the number of burn cases and rising incidence of diabetes will affect the global Wound & Tissue Care market positively. Another major factor that will propel the growth of the Wound & Tissue Care market is the increasing occurrence of chronic wounds. In the coming years, the demand for advanced wound care products is anticipated to grow faster than the traditional wound care products.
Other factors that will also have a positive impact on market growth are advancements in the field of wound care, increasing R&D for developing advanced wound care products, and rising healthcare spending. However, the high cost of wounds care products, especially advanced wound care products, may dampen the growth of the market to some extent.
But factors like growing healthcare infrastructure, increasing healthcare spending, a large population base, a vast patient pool, rising geriatric population, and increasing prevalence of diabetes in emerging economies like China, India, and Brazil are expected to provide huge growth opportunities for the players in the global Wound & Tissue Care market. The Asia-Pacific wound care market is expected to grow at a faster rate than the other regions.
However, North America will continue to play a dominant role in the market by holding a larger share of the market due to the presence major global players in the region. The region led the global wound care market in 2017. In North America, the US held the largest share in the Wound & Tissue Care market. Next to North America, the European wound care market will also exhibit significant growth.
The global Wound & Tissue Care market is being dominated by major global players such as Smith & Nephew plc, Convatec Group Plc, 3M Health Care, Baxter International Inc., Coloplast A/S, Medtronic plc, Paul Hartmann AG, Integra LifeSciences Holding Corporation, Mölnlycke Health Care AB, Acelity L, Acell, Inc., Alliqua Biomedical, Inc, Amniox Medical, BSN Medical, Inc, Cardinal Health, Inc, Crawford Healthcare Ltd, CyroLife, Inc, and Curaline, Inc.