Wound Care Market to exceed USD 29.3 Billion by 2027 Globally |CAGR: 6.8%| UnivDatos Market Insights

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NOIDA, India, May 10, 2022 /PRNewswire/ -- A comprehensive overview of the Wound Care Market is recently added by UnivDatos Market Insights to its humongous database. The wound care market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the wound care market. The wound care market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the wound care market at the global and regional levels. The Global Wound Care Market is expected to grow at a CAGR of 6.8% from 2021-2027.

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Market Overview

The significant growth in the market can be attributed to factors, such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2. Furthermore, the increasing aging population is playing a pivotal role in the growth of the wound care market. According to the World Population Ageing 2019 report, published by the United Nations (UN), there were 703 million people aged 65 years or above in 2019, and this number is set to rise up to 1.5 billion by 2050. Aging leads to increased risks of skin damage and wound problems. Common age-related changes, like reduced skin elasticity, slower collagen replacement, and weakened body functions, lead to a longer recovery period for a wound to heal, in comparison to adults.

COVID-19 Impact

The COVID-19 outbreak will impact the wound care market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, canceled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers; the wound care market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for wound care products is expected to rise drastically.

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The global wound care market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product Type, the market is primarily fragmented into

• Advanced Wound Care Products
• Advanced Dressings
• Wound Therapy Devices
• Grafts & Matrices
• Topical Agents
• Traditional Wound Care
• Surgical Wound Care

Based on product type, the wound care market is segmented into advanced wound care products, surgical wound care products, and traditional wound care products. In 2020, the advanced wound care products segment accounted for the largest market share. Advanced wound care products are increasingly being used as the first line of therapy, making it likely that they will cannibalize the share of the traditional wound care products market. Furthermore, market growth is driven by the increasing spending on chronic wounds, technological advancements, and the growing prevalence of diseases & conditions affecting wound healing capabilities

By Wound Type, the market is primarily segmented into

• Chronic Wounds
• Diabetic Foot Ulcers
• Pressure Ulcers
• Venous Leg Ulcers
• Others
• Acute Wounds
• Surgical & Traumatic Wounds
• Burns & Other Wounds

Based on wound type, the wound care market is divided into chronic wounds and acute wounds. The chronic wound segment occupied the major share of the wound care market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The increasing number of geriatric populations, along with the rising prevalence of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds is expected to drive the segment growth. For instance, according to the Administration for Community Living's profile on older Americans, the U.S. population aged 65 and above was expected to be 54.1 million in 2019, which is about 19% of the U.S. population.

By End-Users, the market is primarily segmented into

• Hospital & Clinics
• Homecare Settings
• Others

Based on end-users, the market is fragmented into hospital & clinics, home care settings, and others. In 2020, hospital & clinics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is due to the large number of treatment procedures conducted in hospitals and the easy availability of reimbursements.

Wound Care Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific)
• Rest of the World

Geographically, the North America region dominated the wound care market with almost US$ 7.5 billion in revenue in 2020 owing to the well-established market players in the region.

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The major players targeting the market include

• 3M Company
• Smith & Nephew plc.
• Mölnlycke Health Care AB
• ConvaTec Group plc
• B. Braun Melsungen AG
• Cardinal Health
• Integra LifeSciences Holdings Corporation
• Johnson & Johnson
• Medtronic Plc
• Paul Hartmann AG 

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the wound care market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the wound care market?
• Which factors are influencing the wound care market over the forecast period?
• What are the global challenges, threats, and risks in the wound care market?
• Which factors are propelling and restraining the wound care market?
• What are the demanding global regions of the wound care market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know if you have any custom needs.

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