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Wound Care Market – Insights

Global wound care market has witnessed various technological advancements and emerged as a standard solution to treat acute and chronic wounds. Conventional measures of wound care management are being rapidly replaced with advanced wound measure products due to the effectiveness of the latter for managing wounds, which enables faster healing. Increasing launches of innovative wound care management products is expected to drive the global wound care market growth. For instance, in 2017, Johnson & Johnson’s Ethicon and DePuy Synthes (a subsidiary company of J&J) launched customized wound closure kits designed for orthopedic surgery in the U.S. The newly-launched kits include Ethicon's Stratafix knotless tissue control devices and the Dermabond Prineo skin closure system.

The global wound care market size was valued at US$ 17,790 million in 2018, and is expected to witness a CAGR of 4.6% over the forecast period (2019–2026).

Global Wound Care Market Share (%) Analysis, By Product Type, 2018

Source: Coherent Market Insights Analysis (2019)

Technological Advancements and Increasing Product Launches for Wound Care Product is Expected to Drive Growth of Global Wound Care Market

The global wound care market is expected to witness significant growth during the forecast period, owing to increasing research and development in wound care. For instance, in April 2019, Binghamton University and State University of New York researchers developed skin-inspired electronics to conform to the skin, allowing for long-term, high-performance, real-time wound monitoring in users

Increasing innovative product launches in wound care management is expected to be another factor aiding in growth of the market over the forecast period. For instance, in February 2019, Axio Biosolutions, an India-based MedTech company, launched MaxioCel, a next generation wound care dressing made of chitosan in New Delhi, India. The product is expected to provide comfort and faster healing to patients suffering from chronic wounds such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, donor sites, and post-operative surgical wounds.

Global Wound Care Market - Restraints

Increasing number of product recalls due to product failure, component inconsistency, and packaging problems may hamper growth of the global wound care market. For instance, in May 2018, U.S. Food and Drug Administration (FDA) initiated product recall of Hyalomatrix products from Anika Therapeutics, Inc., due to its susceptibility to degradation as a result of decomposition of PVC in the packaging material during sterilization, which resulted in degradation of the film. Over the long-term, it is possible that product integrity may be compromised. The product was terminated on May 10, 2019.

Global Wound Care Market - Regional Insights

On the basis of region, the global wound care market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global wound care market during the forecast period, owing to increasing launches of new wound care product in the U.S. For instance, in April 2017, ConvaTec Group Plc. Company launched its Foam Lite ConvaTec dressing in the U.S. for the management of acute and chronic wounds. Moreover, in December 2018, Acelity LP, launched its V.A.C.RX4 Therapy System for multiple traumatic wounds in the U.S.

Asia pacific is expected to witness a rapid growth in the global wound care market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing incidence of chronic wounds. For instance, according to the National Center for Biotechnology Information, in 2015, the incidence of diabetic foot ulcer (DFU) ranged from 4% to 10% among hospitalized patients in China.

Global Wound Care Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026

Source: Coherent Market Insights Analysis (2019)

Key players operating in the global wound care market include Acelity L.P., Inc., 3M Company, Baxter International, Inc., Coloplast A/S, Integra Lifesciences, Johnson & Johnson, Inc., Smith & Nephew Plc., Cardinal Health, ConvaTec Group PLC, and Organogenesis Inc.