Market Size of Wound Management Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 11.70 Billion |
Market Size (2029) | USD 14.11 Billion |
CAGR (2024 - 2029) | 3.81 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wound Care Management Market Analysis
The Wound Management Market size is estimated at USD 11.70 billion in 2024, and is expected to reach USD 14.11 billion by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).
The COVID-19 outbreak impacted the wound care management market. It affected the global economy and greatly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals. For instance, according to the NCBI research article published in September 2021, a significant percentage of patients with chronic wounds delayed preventative and emergent wound care during the pandemic. In addition, during the pandemic, huge importance was placed on wound care to prevent serious wound complications by minimizing hospitalizations and surgeries. For instance, an article published by UpToDate Inc. in June 2022 stated that the delivery of wound care, which should be regarded as an essential medical service, shifted during the COVID-19 pandemic. Thus, the low availability of wound care management services during the pandemic adversely impacted the market. However, with a decrease in COVID-19 cases and the resumption of healthcare services, the market has started to gain traction and is expected to continue the upward trend over the forecast period.
The increasing incidences of chronic wounds, ulcers, and diabetic ulcers, the rising volume of surgical procedures worldwide, and the increasing product advancements are the major factors propelling the market's growth. Diabetes is a major wound-causing disease, along with other chronic diseases. The incidence of chronic wounds, especially foot ulcers, is increasing among the diabetic population. As per the International Diabetes Federation (IDF) report 2021, there were around 537.0 million people with diabetes worldwide. The same report suggested that the number of people with diabetes is increasing drastically every year, contributing to the high incidence of diabetic ulcers. With rising cases of ulcers, the demand for wound care management is expected to rise, thus contributing to the market's growth over the forecast period.
The increasing geriatric population is also propelling the demand for wound care management. For instance, as per Germany Federal Statistical Office 2021 report, there were about 83.0 million people in Germany, of which 16.2 million people were above 67 years of age. This number is projected to reach 21.4 million by 2040. Since the elderly population is more prone to chronic diseases like diabetes and diabetic foot ulcers, the increasing geriatric population is anticipated to surge the market's growth. With an increasing number of older people across major countries, the need for wound management related to diabetes and other chronic conditions is expected to increase. Thus, considerable market growth is expected over the forecast period.
However, the lack of reimbursement policies and high treatment costs may hinder the market's growth over the forecast period.
Wound Care Management Industry Segmentation
As per the scope of the report, wound management products are mainly used to treat complex wounds. Wounds and injuries are common afflictions that affect billions of people worldwide. The products are highly resistant to environmental inhibitors and foreign particles and are used by a nurse under the physician's orders and supervision.
The wound care management market is segmented by product (wound care and wound closure), wound type (chronic wound and acute wound), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Wound Management Market Size Summary
The wound care management market is poised for steady growth over the forecast period, driven by an increasing prevalence of chronic wounds, ulcers, and diabetic foot ulcers. The market's expansion is supported by the rising volume of surgical procedures and advancements in wound care products. The geriatric population, which is more susceptible to chronic diseases such as diabetes, is also contributing to the market's growth. Despite the challenges posed by the COVID-19 pandemic, which temporarily disrupted wound care services, the market has begun to recover as healthcare services resume. The demand for effective wound management solutions is expected to rise, fueled by the growing incidence of diabetic ulcers and the need for preventive care to avoid complications like amputations.
North America is anticipated to experience significant growth in the wound care management market, driven by the high prevalence of chronic diseases and associated wounds. The region's market growth is further supported by key product launches, strategic partnerships, and a concentration of major market players. The United States, in particular, is witnessing a rise in diabetic cases, which is expected to increase the demand for wound care management solutions. The competitive landscape of the market is characterized by the presence of several major players, such as Johnson & Johnson, 3M Company, and Medtronic PLC, who are focused on developing innovative products to meet the evolving healthcare needs. These companies are actively expanding their portfolios and investing in research and development to enhance their market position.
Wound Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidences of Chronic Wounds, Ulcers, and Diabetic Ulcers
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1.2.2 Increasing Volume of Surgical Procedures Worldwide
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1.2.3 Increasing Product Advancements
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1.3 Market Restraints
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1.3.1 Lack of Reimbursement Policies
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1.3.2 High Treatment Costs
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Wound Care
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2.1.1.1 Dressings
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2.1.1.2 Wound Care Devices
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2.1.1.3 Topical Agents
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2.1.1.4 Other Wound Care Products
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2.1.2 Wound Closure
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2.1.2.1 Suture
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2.1.2.2 Surgical Staplers
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2.1.2.3 Tissue Adhesive, Strips, Sealants, and Glue
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2.2 Wound Type
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2.2.1 Chronic Wound
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2.2.1.1 Diabetic Foot Ulcer
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2.2.1.2 Pressure Ulcer
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2.2.1.3 Arterial and Venous Ulcer
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2.2.1.4 Other Chronic Wounds
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2.2.2 Acute Wound
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2.2.2.1 Surgical Wounds
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2.2.2.2 Burns
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2.2.2.3 Other Acute Wounds
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Wound Management Market Size FAQs
How big is the Wound Management Market?
The Wound Management Market size is expected to reach USD 11.70 billion in 2024 and grow at a CAGR of 3.81% to reach USD 14.11 billion by 2029.
What is the current Wound Management Market size?
In 2024, the Wound Management Market size is expected to reach USD 11.70 billion.