Patch Based Wound Healing Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
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?
Patch Based Wound Healing Market Analysis
The patch-based wound healing market is expected to register a CAGR of 4.0% during the forecast period.
The COVID-19 pandemic impacted the growth of the patch-based wound healing market. The declined number of transport injuries and burns, as well as elective surgeries cases, due to the lockdown measures imposed by the government across the countries, reduced the demand for wound healing patches during the pandemic. Due to the pandemic and associated restrictions, healthcare settings such as hospitals and specialty clinics temporarily closed their wound care services. According to an article published by the Dermatological Practical and Conceptual in January 2021, the outbreak had a detrimental impact on the majority of dermatology services, leading to a considerable decrease in the amount of time spent consulting with chronic patients suffering from diabetic ulcers. Thus, the decreased consulting time spent with chronic patients resulted in a significant drop in patient visits, which also impacted the demand for treatment and services related to wounds and reduced the demand for patches. However, resumed services and the high number of road accidents increased patient visits to hospitals and clinics, which further propelled the demand for various types of patches, such as collagen formulation patches, povidone-iodine formulation patches, and other patches. Thus, the studied market is expected to regain its full potential in the next 2-3 years.
Factors such as the increasing geriatric population and rising prevalence of diabetes, accidents, and burns, along with new product launches with advanced technologies and a preference for instant wound healing products, are boosting the market's growth.
The rising number of accidents and burn cases is the key factor driving the demand for various types of wound-healing patches. As per the StatBel statistics published in June 2022, there were 34,640 road traffic accidents in 2021, bringing the total casualties to 42,566, including 38,952 slightly injured and 3,098 seriously injured, in Belgium. As per an article published in the JFPMC in March 2022, about 1 million cases of moderate to severe burn injuries requiring high-quality medical care are recorded annually in India. Thus, the high burden of accidents and burns among the population may lead to minor or major wounds that need the care to prevent infection. This trend is expected to increase the demand for wound healing patches, propelling the market's growth.
Increasing government initiatives to launch awareness programs are also contributing to the market's growth. For instance, Wounds Australia developed the Wound Awareness Week (WAW21) campaign in 2021 to educate people regarding chronic wound complications and raise awareness about the risks, warning signs, and treatments. In 2022, the campaign focused on the solutions needed to drive national change for those living with wounds.
Therefore, owing to these factors, the studied market is expected to grow over the forecast period. However, the highly expensive procedures and treatment and unfavorable reimbursement policies are expected to restrain the growth of the patch-based wound healing market over the forecast period.
Patch Based Wound Healing Market Trends
This section covers the major market trends shaping the Patch Based Wound Healing Market according to our research experts:
Collagen Formulation Patches are Expected to Witness Significant Growth During the Forecast Period
Collagen formulation patches are expected to witness significant growth in the patch-based wound healing market over the forecast period due to a huge rise in the adoption of rapid wound healing products and rising diabetes and post-operative infections.
According to an article published in the Polymers in June 2021, collagen proteins are the most popular component of hydrogels used as topical drug carriers and wound dressings as they are not only a biocompatible and biodegradable component of the human extracellular matrix (ECM) but also actively contribute to wound healing. Thus, the high demand for these patches can be attributed to their antimicrobial properties, which increase safety and offer several benefits like fibroblast production, prompting the growth of newer collagen on the wound and speeding up healing, as well as maintaining a healthy temperature on the wound, thereby boosting the market growth.
The increasing number of diabetic people are at high risk of developing diabetic wounds or ulcers that heal slowly, which increases the risk of infections and severe complications. This factor is anticipated to fuel the demand for patches that help in faster healing, thereby fueling the market's growth. For instance, according to an article published in NLM in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. As per the 2022 statistics published by IDF, about 537 people had diabetes globally in 2021, and this number is expected to increase to 643 million and 783 million by 2030 and 2045, respectively. Thus, the expected increase in the population suffering from diabetes further increases the demand for wound-healing patches.
Therefore, the rising diabetes population and increasing adoption of collagen-based wound healing patches are expected to boost the studied market over the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
North America is expected to witness significant growth in the patch-based wound healing market over the forecast period due to the increasing burden of accidents and burns, the growing geriatric population, and the rising diabetes population in the region.
The growing prevalence of diabetes among the population increases the risk of developing diabetic wounds and ulcers while also increasing spending on healthcare management. For instance, according to 2022 statistics published by IDF, about 32.2 million people in the United States had diabetes, which may grow to 36.3 million by 2045. As per the same source, about 2.9 million people in Canada and 14.1 million people in Mexico had diabetes in 2021, and this number is projected to reach 3.4 million by 2045.
As per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 were admitted to a hospital or treated in an emergency department due to fire or burn injuries each year. Fires and burns were the fifth leading cause of unintentional injury-related deaths in people aged 1-19 in the United States. A high incidence of burns is likely to drive the demand for patches for faster healing of burns, which may fuel the market over the forecast period.
According to the US NHTSA 2021 data, an estimated 20,070 traffic fatalities were recorded in the first half of 2021 in the United States, an increase of 18.4% from the previous year. The high number of road accidents may lead to severe injuries, increasing the demand for wound-healing patches and boosting the market's growth.
Therefore, the increasing burden of diabetes and the rising number of accidents and burn cases in the region are expected to boost the market's growth over the forecast period.
Patch Based Wound Healing Industry Overview
The patch-based wound healing market is moderately competitive and consists of several major players. Some major players are making acquisitions with other companies to consolidate their market positions across the world, while others are launching new products with advanced technologies to enhance the safety and quicker healing of wounds. Some of the companies currently dominating the market are ConvaTec Inc., Human BioSciences Inc., Molnlycke Health Care AB, 3M Company, and Smith & Nephew.
Patch Based Wound Healing Market Leaders
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ConvaTec Inc
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Molnlycke Health Care AB
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3M
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Smith & Nephew plc
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Human BioSciences Inc
*Disclaimer: Major Players sorted in no particular order
Patch Based Wound Healing Market News
- In January 2022, the ACS Nano Journal published a novel wound healing research that utilized self-bonded hydrogel to create a flexible patch.
- In September 2021, Human Biosciences Inc. (HBS) launched two advanced wound care management products, Medifil II collagen particles and SkinTemp II collagen sheets, in India.
Patch Based Wound Healing Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Geriatric Population and Rising Prevalence of Diabetes, Accidents, and Burns
- 4.2.2 New Product Launches with Advanced Technologies and Preference for Instant Wound-healing Products
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4.3 Market Restraints
- 4.3.1 Highly Expensive Treatment and Procedures
- 4.3.2 Unfavorable Reimbursement Policies
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Formulation
- 5.1.1 Povidone-iodine
- 5.1.2 Silver
- 5.1.3 Collagen
- 5.1.4 Other Formulations
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5.2 By Application
- 5.2.1 Chronic Wounds
- 5.2.2 Acute Wounds
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5.3 By Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 ConvaTec Inc.
- 6.1.2 Human BioSciences Inc.
- 6.1.3 Molnlycke Health Care AB
- 6.1.4 3M
- 6.1.5 Smith & Nephew
- 6.1.6 Integra Lifesciences
- 6.1.7 B. Braun SE
- 6.1.8 Coloplast Corp.
- 6.1.9 Essity AB
- 6.1.10 Hartmann Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityPatch Based Wound Healing Industry Segmentation
As per the scope of the report, patch-based wound healing care comprises products that are used to treat various types of acute wounds and chronic wounds where the skin is removed, cut, and perforated. Patch-based wound healing products are made of different types of materials such as povidone-iodine, collagen, and silver, among others. Different types of patches are available as sheets and dressings that can be used for specific types of wounds, reducing the risk associated with the infection without occluding the wound.
The patch-based wound healing market is segmented by formulation (povidone-iodine, silver, collagen, and other formulations), application (chronic wounds and acute wounds), 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.
| By Formulation | Povidone-iodine | |
| Silver | ||
| Collagen | ||
| Other Formulations | ||
| By Application | Chronic Wounds | |
| Acute Wounds | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Patch Based Wound Healing Market Research FAQs
What is the current Patch Based Wound Healing Market size?
The Patch Based Wound Healing Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Patch Based Wound Healing Market?
ConvaTec Inc, Molnlycke Health Care AB, 3M, Smith & Nephew plc and Human BioSciences Inc are the major companies operating in the Patch Based Wound Healing Market.
Which is the fastest growing region in Patch Based Wound Healing Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Patch Based Wound Healing Market?
In 2024, the North America accounts for the largest market share in Patch Based Wound Healing Market.
What years does this Patch Based Wound Healing Market cover?
The report covers the Patch Based Wound Healing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Patch Based Wound Healing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Patch Based Wound Healing Industry Report
Statistics for the 2024 Patch Based Wound Healing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Patch Based Wound Healing analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
