The wound skin care market is estimated to secure a valuation of US$ 8.5 Billion in 2023 and is estimated to rise to US$ 13.2 Billion by 2033. The market is anticipated at a CAGR of 4.5% during the forecast period. The factors accelerating the demand for wound skin care are as follows-
The rising prevalence of diabetes, venous leg ulcers, pressure ulcers, and foot ulcers among the aging population is fueling the demand for the wound skincare market. The demand for wound skin care products in home care settings as well as in hospitals increased owing to their increased application.
Technological advances in wound care result in the launch of new and effective products and increased adoption of wound skin care products is driving the sales of the wound skin care market during the forecast period. The expansion and product launches in emerging nations are expected to boost the growth of the market.
North America accounted for a larger revenue share in the wound skin care market during the forecast period. This dominance can be attributed to an increase in the number of people suffering from different chronic diseases and a well-developed advanced healthcare system. In addition, the presence of leading market players and increased research & development activity in the region drive the market growth.
The surging geriatric in Germany is projected to bolster Europe’s wound skincare market growth during the forecast period. Increased prevalence of diabetes in the region and rising demand for cutting-edge technology and expansion of the healthcare sector are expected to propel market growth in the region
Asia Pacific is expected to witness the highest CAGR during the forecast period owing to the increase in the prevalence of diabetes and increased burn cases in the region. The growing medical tourism activity in countries like China and India is driving market growth in the region.
Some of the leading players operating in the wound skin care market are Derma Science Inc, Medline Indutries Inc, Advancis Medical USA LLC, B. Braun Melsungen AG, Baxter International Inc, Coloplast Corp, Medtronic Plc, The 3M Company, Smith & Nephew PLC, Acelity, ConvaTec Group PLC,?Ethicon Inc among others.
The market for wound skin care is expected to flourish during the forecast period owing to the increase in cases of surgical & traumatic wounds, venous leg ulcers, and pressure ulcers. With the increased demand for wound skin care products, start-ups are entering the market with innovative products and services.
The prominent players are coming up with innovative wound skin care products to offer better treatment options. Furthermore, leading players are involved in mergers, acquisitions, and collaborations to strengthen their product portfolios.
| Data Point | Key statistics |
|---|---|
| Expected Market Value in 2023 | US$ 8.5 Billion |
| Projected Market Value in 2033 | US$ 13.2 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.5% |
The market has been a semi-consolidated market growing at a rapid rate and is expected to witness lucrative growth with the rising number of patients with acute and chronic wounds, favorable reimbursement policies in emerging countries and the introduction of advanced products are anticipated to drive the market's growth in the forecast period.
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There are various factors that are help in driving the wound skin care market. Wound caused by minor and major accidents are constantly increasing since few years whereby depend on effective medications and treatment for rapid healing. Various chronic diseases moreover contribute to the rising concern of the wounds worldwide.
The high rate of SSI (surgical site infection) occurrences in surgeries for patients with cancer and diabetes likewise requires the negative pressure wound therapy. The market growth in the healthcare sector is proved with the fact that around SSIs holds for 38% of all the nosocomial infections in surgical patients. This indicates the need for wound skin care management and treatment thus boosting the demand for the market.
The launch of advanced products and rising investment in research & development by market players is anticipated to boost the demand for these products, especially in emerging countries. This is leading to the market growth.
Physical health conditions, like acute wounds, surgical wounds and chronic wounds have an adverse effect on the wound healing process. The pervasiveness of surgical, chronic, and acute wounds has shown considerably growth over the past decade, mainly because of the rising worldwide geriatric population, the increasing prevalence of conditions like diabetes and obesity, increasing number of surgeries, and rising traumatic wounds.
Obesity and diabetes can lead to growth in overall incidence and complexity of wounds like infections, chronic wounds, and ulcerations (leg or foot ulcers), which require treatments (wound management) and incur excessive medical expenses.
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North America, majorly United States and Canada dominated the Wound Skin Care market. USA. Wound Skin Care market will forecast significant growth due to rising cases of road accidents, sports injuries, and the presence of various major companies in the country.
Also, increase in prevalence of people suffering from various chronic diseases is anticipated to have a positive impact on the market growth. In addition, rise in initiatives undertaken by governments and authorities to develop healthcare systems and spread awareness regarding advantages of wound care products are furthermore projected to drive the growth of the market.
Europe is second-biggest market and is anticipated to register a significant growth because of the well-established infrastructure in countries like the Germany, United Kingdom, etc., and hence rise in the adoption of innovative products in such countries.
Rising prevalence of diabetes is anticipated to drive the market growth over the forecast period. For example, as per the report North West Coast Strategic Clinical Networks of National Health Services, there were around 4.5 million individuals with diabetes in 2017 alone in the United Kingdom As per the same source, in 2017, approximately 200,000 diabetes patients are suffering from diabetic foot ulcers in United Kingdom.
Over 64,000 diabetes patients in Wales and England are expected to have foot ulcers at any given time. These factors add to the market growth over the forecast period.
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Some of the leading manufacturers and suppliers of Wound Skin Care include
The Wound Skin Care market is semi-consolidated, with the existence of a many of large-scale players available in worldwide markets, and various small-scale participants in specific regional markets. Furthermore, a strong focus on the strategic growth of their product portfolio through partnerships & acquisitions is anticipated to provide a strong foothold to the players in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Wound Skin Care Market
