The global wound care market was estimated to be worth USD 20.6 billion in 2021. This number will increase at a compound annual growth rate of 4.2% between 2022-2031.
Patients with chronic and acute wounds are experiencing a greater demand for wound care products, and Mary Ann Liebert, Inc. published an article that estimated 2.5% of Americans would have chronic injuries by 2021. The market’s key players continue to concentrate on developing advanced wound care products to address unmet needs. This has seen a rise in people using traditional bioactive wound care products and other types.
Governments of developing countries and other private and non-profit organizations are promoting widespread knowledge of wound awareness programs. These programs raise awareness about advanced products and advanced wound care. These factors, combined with favorable reimbursement policies in developed nations, help increase the adoption of wound care products. This has significantly contributed to the market’s substantial growth rate over the forecast period.
Read More: “Worldwide Wound Care Market: Worth the Investment?”
Technologically advanced products are driving market growth
These products are expected to be in demand because of increased research and development investment and the launch by market leaders ConvaTec PLC (and B. Braun Melsungen AG) of innovative products. ConvaTec Group PLC introduced ConvaMax in January 2020 to the global marketplace. ConvaMax was an ultra-absorber dressing that could be used for high-exuding wounds, such as pressure ulcers and leg ulcers.
Due to the unique clinical benefits of NPWT (neopreneurotic pressure wound treatment), healthcare professionals are increasingly embracing NPWT systems. Market players have also introduced new features, such as single-use NPT systems. Smith & Nephew created the “PICO14” single-use NPWT System in March 2020 in the United States to reduce surgical wound infection and dehiscence.
Introducing novel products that promote rapid healing will increase patient acceptance and acceptance by healthcare professionals. This will increase the global growth of wound care markets shortly.
Due to product adoption limitations, there is a delay in diagnosing advanced or chronic wounds in emerging economies.
There are serious complications when you don’t know how to diagnose and treat chronic wounds like those in feet derived from diabetes, pressure ulcers, and leg ulcers which can lead to foot amputations. In developing countries, such as India and Brazil, delays in diagnosis are more common than in developed countries. This is partly due to a lack of awareness among populations about difficult-to-heal injuries, limited access, the developing healthcare infrastructure, and the absence of established guidelines and action plans by governing bodies.
In India, foot ulcers are often diagnosed in the middle of the night. These factors and the lack of favorable reimbursement policies for chronic and acute wounds are the major reasons for low diagnostic rates. This limits the adoption rate for these products in emerging markets.
Suggested Reading: “Revolutionizing Wound Care: Advanced Market Growth”
Bioactive Therapies for late-stage or severe wounds are more commonly used to promote growth.
Bioactive therapies like skin substitutes and growth factors are increasingly becoming popular in wound healing. This is especially true for those who have to treat advanced wounds. The market has seen many new players, and they concentrate on allografts/xenografts/nanofibers, dermal substitutes, and cell therapies to address the growing need for compelling wound management.
Sanara MedTech Inc. created FORTIFY TRG in November 2021. To treat chronic wounds, the tissue repair graft is combined with FORTIFY FLLOWABLE extracellular matrix. These include pressure ulcers and diabetic ulcers, venous ulcers and chronic and/or venous infections. Technological advancements in bioactive therapy attract patients as these include a decrease in cost and length of treatment. This segment provided a unique opportunity for established and new players to grow. It also saw new bioactive products launched to address the rising demand in international markets.
Recent developments
- November 2021 – ConvaTec Group PLC expanded its partnership with Vizient, Inc. for advanced wound care products, technologies, services, and technology for three years, 2025 through 2025.
- October 2021: Cutimed Wund Navigator was launched by Essity Akiebolag, Germany. It allows for wound assessment and documentation. This streamlines workflows for healthcare professionals and ensures consistency in care. This enabled the company to expand its product lines.
