The global wound care market size is projected to cross $38.3 billion by 2022, growing at a CAGR of 6.7% during the forecast period. The wound care market is growing due to increasing geriatric population, increase in volume of surgeries and increasing awareness about wound care products. Increasing cases of diabetes leading to pressure ulcer formation is further generating an increased demand for wound care products.
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The increase in road accidents across the globe is expected to increase the demand for wound care products. The wound formed as a result of accident is exposed to debris, soil, bodily fluids and microbes. In addition, tissue is also lost during road accidents that increases the time to heal the wound. Wound care products are commonly used for cleaning, dressing and preventing a wound from microbial infections.
The high cost of wound care products acts as major barrier in the growth of global wound care market. The high cost of advanced wound care, traditional wound care and wound closure products including foam, bandage, staples, hydrocolloid, film, alginate, hydrogel, and collagen, limits the affordability of the users. As a result, consumption of wound care products decreases despite higher therapeutic efficiency. Thus, this hampers the growth of global wound care market.
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The North American wound care market is growing due to increasing geriatric population, increasing road accidents, increasing diabetes and obesity cases, and burn cases. Geriatric population is more susceptible to slow healing of wounds as they have low recovery power, which results in increased utilization of wound dressing.
The intensity of rivalry is medium in the global wound care market. The moderate degree of product differentiation among existing players increases the intensity of rivalry in the market. In addition, brand loyalty moderately affects the market as buyers are moderately inclined toward established wound care product manufacturers. This increases rivalry among the competitors.
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Some of the key companies operating in the global wound care market include 3M Company, Coloplast Corporation, Medtronic plc, Smith and Nephew plc, ConvaTec, Integra Life Sciences Holdings Corporation and Johnson and Johnson.
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