Global Wound Care Market - Focused Insights 2024-2029

MARKET INSIGHTS

The global wound care market was estimated at USD 33.13 billion in 2023 and is projected to grow to USD 46.77 billion by 2029, with a compound annual growth rate (CAGR) of 5.91% during the anticipated period. The increasing occurrence of accidental injuries, a rise in the number of surgical procedures and related wounds, along with the steadily growing aging population suffering from chronic wounds, are key factors driving the demand for wound care solutions. The expanding potential patient population and the growing prevalence of chronic diseases are also contributing to market growth.

MARKET TRENDS & DRIVERS

Rise of Innovative Smart Dressings

The advent of smart bandage technology provides significant potential advantages for chronic wound care and may improve healing outcomes. Rather than relying on traditional dressings, healthcare providers can now use smart dressings equipped with wireless technology to identify issues like inflammation or infection and notify patients and healthcare professionals through Bluetooth while administering real-time treatments. Smart bandages created with advanced materials, such as bioelectronic substances, can assist in healing by supplying electrical stimulation to tissues and cells.

Significant Patient Population Demand

Globally, the prevalence of chronic wounds is increasing swiftly due to a growing elderly population and the rise of chronic diseases. Those suffering from chronic wounds frequently have multiple health conditions, complicating the healing process. According to the Wound Asia Report 2024, chronic wounds represent a major public health issue worldwide, creating substantial demand for resources from healthcare systems, providers, and patients. Additionally, challenges to market growth include complications related to surgical wound care solutions, product recalls, stringent regulations, and concerns regarding the costs of wound care.

INDUSTRY RESTRAINTS

Complications Related to Surgical Wound Care Solutions

Several complications are associated with surgical wound closure devices. For example, surgical sealants present certain disadvantages. Since these sealants are derived from human plasma, they are generally more costly and less readily available than synthetic alternatives. The risk of disease transmission associated with blood products poses a significant limitation, hindering the broader use of natural surgical sealants. It is estimated that over one million individuals in the United States experience severe cases of sepsis each year, with almost half of these cases resulting in death. Wound dehiscence is another prevalent complication related to surgical wound closure devices, arising when a wound opens, or the surgical incision fails along the sutures.

GLOBAL WOUND CARE MARKET INSIGHTS

• By Product Type: The segment for advanced wound care products holds the largest share of the global market for wound care at 39%. These advanced products are frequently employed to enhance the speed of wound healing. Chronic wounds, including venous leg ulcers, diabetic foot ulcers, and pressure injuries, are primarily managed with advanced wound care solutions. The healing process is more effective in moist environments, resulting in a rise in the utilization of moisture-retaining dressings in standard clinical practices. Significant innovations are occurring in the advanced wound care sector, where the rapid recovery and healing capabilities of these advanced solutions, along with increased focus from healthcare professionals, have spurred growth in this segment. Advanced wound care is crucial for treating burn injuries, particularly for larger patient populations. Additionally, advancements in biotechnology and tissue engineering have facilitated the creation of new advanced wound care products.
• By Wound Type: The global wound care market is classified by wound type into acute and chronic wounds. The acute wound category is experiencing substantial growth, showcasing the highest CAGR throughout the forecast period. Acute wounds are commonly encountered and impose a substantial strain on healthcare systems. This category encompasses everything from minor to serious injuries, including surgical wounds. The rising incidence of accidental injuries and an increase in surgical procedures have contributed to the escalating burden of acute wounds and surgical site infections, thereby driving growth in this segment. Innovations like smart sutures and adhesives that serve as alternatives to traditional sutures are emerging, providing effective solutions for acute wound treatment.
• By End-User: According to end-user analysis, hospitals and specialty wound care facilities hold the largest share of the global wound care market. Hospitals are the principal revenue sources for wound care products, offering extensive medical services and specialties, which allows them to address various acute and chronic wound issues. These facilities come equipped with advanced healthcare infrastructure, enabling them to carry out complex diagnostics, treatments, monitoring, and surgeries. They employ a qualified workforce and utilize advanced equipment, leading to heightened demand for wound care products. Specialty wound care clinics serve as the primary access point for wound treatments. These clinics provide a diverse range of services, from emergency care to minor procedures like tissue closures, thereby contributing to growth in this segment.

GEOGRAPHICAL INSIGHTS

APAC is experiencing notable growth, with a rapid CAGR of 7.46% in the global wound care market during the forecast period. The growth in APAC can be attributed to several key factors, such as a significant increase in the aging population, related chronic health issues, and a higher volume of surgical procedures. Moreover, the prevalence of chronic conditions, including cardiovascular disease, diabetes, cancer, and chronic respiratory diseases, is rising and accounts for over 61% of deaths in the region. Furthermore, smart technologies, such as smart wound care and bioactive dressings, are gaining traction in APAC. These elements have led to a greater demand for advanced wound care technologies across health systems.

COMPETITIVE LANDSCAPE

The global wound care market features unique data on 60 vendors. The market shows high fragmentation, with major companies holding a significant share. Nevertheless, there are considerable growth prospects for new entrants. While leading players dominate, numerous smaller firms are emerging with innovative products and technologies. The principal companies in this sector include 3M, B. Braun SE, Cardinal Health, Convatec Group Plc, Medtronic, Mölnlycke Health Care, PAUL HARTMANN AG, Smith & Nephew, Coloplast Group, and Johnson & Johnson (Ethicon), which collectively account for a substantial portion of the market. These organizations are consistently engaged in the development and enhancement of medical equipment and are anticipated to maintain their market leadership through ongoing efforts in refurbishing medical tools.

RECENT VENDOR ACTIVITIES

• In 2024, Convatec Group Plc announced significant results from a clinical study on its AQUACEL Ag+ Extra dressing product for managing venous leg ulcers.
• In 2024, Mölnlycke Health Care acquired P.G.F. Industry Solutions GmbH, a prominent manufacturer of wound cleansing and moisturizing products, thereby enhancing its wound care offerings.
• In 2021, Coloplast launched the Wound Care Partnership Program (WCPP) in collaboration with Primary Care Warwickshire, aimed at improving outcomes for local patients with wounds in the UK.
• In 2019, 3M acquired the specialty surgical solutions and advanced wound care segments of Acelity and its subsidiary KCI to enhance the company’s product range.