Wound Care Market Growth & Trends
The global wound care market size is anticipated to reach USD 29.57 billion by 2030, expanding at 4.15% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing number of surgical cases, a rapidly aging population, as well as a rising number of diabetic patients, are among the major factors driving this market’s growth. For instance, according to Ageing Asia, as of 2019, more than 139 million people, i.e., about 10% of India’s total population, were over 60. This is expected to increase to 19.5% by 2050. The geriatric population is more susceptible to wounds. Hence, due to the increasing number of elderly patients, the wound care industry is anticipated to witness growth during the forecast period.
The wound care industry has seen significant technological advancements in recent years, leading to the development of new and innovative products for treating various types of wounds. Growth factors are naturally occurring proteins that stimulate cell growth and division. These proteins can be used in wound care to promote healing and tissue regeneration. For example, platelet-derived growth factor (PDGF) is effective in promoting the healing of chronic wounds. Similarly, 3D printing technology has revolutionized the production of custom-made wound care products, such as prosthetic limbs, orthotics, and wound dressings.
In addition, many leading manufacturers are undertaking strategic initiatives such as product launches, partnerships, and geographic expansion, which may help them capitalize on the increasing demand for wound care products during the forecast period. For instance, Human Biosciences planned on launching two new wound care products in the Indian market. The launch of these products in the Indian market is expected to help the company to capture the post-pandemic wound care industry in India. Thus, similar initiatives by other market players are anticipated to boost the wound care industry’s growth post-pandemic.
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Wound Care Market Report
Wound Care Market Report Scope
Report Attribute Details
Market size value in 2023 — USD 22.25 billion
Revenue forecast in 2030 — USD 29.57 billion
Growth Rate — CAGR of 4.15% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030
Wound Care Market Report Highlights
- Based on product, advanced wound dressing dominated the market with a share of 34.7% in 2022, owing to the advantages offered by these dressings over traditional dressings
- Based on application, the chronic wound segment dominated the market with a revenue share of 59.9% in 2022, owing to increased diabetic foot ulcers and pressure ulcers worldwide
- Based on end-use, the hospital segment dominated the market in 2022, owing to the increasing number of surgical site infections among hospital patients. On the other hand, the home care segment is anticipated to witness the fastest growth during the forecast period
- Based on the mode of purchase, the prescribed segment dominated the wound care market, with a share of 62.2% in 2022
- Based on the distribution channel, the institutional sales segment dominated the market in 2022. However, the retail sales segment is anticipated to witness the fastest growth, with a CAGR of 4.53% over the forecast period
- North America dominated the wound care market with the highest revenue share of 45.4% in 2022 owing to the increasing number of surgical procedures and technological advancements
