Chronic Wound Care Market is Expected to Reach USD 15.51 Billion by 2030
As per the report published by Kings Research, the global Chronic Wound Care Market was valued at USD 11.17 billion in 2022 and is projected to reach USD 15.51 Billion by 2030, growing at a CAGR of 4.2% from 2023 to 2030.
The proliferation of effective and innovative chronic wound care, such as the use of improved wound dressings, stem cells, and other biological agents is accelerating the chronic wound care market growth. These therapies aim to stimulate cell proliferation and migration, promote angiogenesis, and increase the production of extracellular matrix proteins which are essential for wound healing.
The market vendors are focusing on adopting innovative approaches to chronic wound care and harnessing the potential of telehealth which help them to alleviate this growing demand and improve patient outcomes. Moreover, the need for effective chronic wound care requires a multi-disciplinary approach that addresses the underlying diseases caused due to chronic wounds which promote the normal stages of wound healing.
- Based on type, the diabetic ulcers segment is expected to have the largest market share during the forecast period with a CAGR of 4.55%
- Based on product, the advanced wound dressings segment is expected to generate the highest revenue with a CAGR of 4.02%
- Based on end-user, the hospitals and wound care center segment dominated the market with a market share of 65% in 2022
- Based on the region, North America held the largest market share of 43% in 2022
Healthium Medtech launched Wound Dressing Product that Strengthens the Product Portfolio
October 2022: Healthium Medtech launched a new line of wound dressings, Theruptor Novo, for the treatment of chronic wounds such as diabetic foot ulcers and leg ulcers. With the launch of Theruptor Novo, Healthium strengthens its existing range of proprietary products in the advanced dressings segment. It is an antimicrobial and non-toxic wound patch whose technology is patented in the US, India, EU, and Canada.
Axio Biosolutions Acquired European CE Certification for the Solution which Treats Complex Chronic Wounds
February 2021: Axio Biosolutions received European CE certification from DNV GL Norway for its next-generation line of advanced wound care products, MaxioCel. It offers a complete solution in the treatment of complex chronic wounds bacteriostatic, fibrinolytic, haemostatic, absorption of exudates.
Emergence of Nanotechnology for Chronic Wound Management Drives the Market Growth
The increasing number of acute and chronic wound cases has resulted in increased attention to managing wound care effectively with advanced technology. Several nanotechnologies have been developed with distinct properties that address concerns related to wound repair mechanisms. Antimicrobial peptides, metal chelators, and amino acids are natural biofilm inhibitors, and additional research into these approaches may result in strategies to supplement present approaches.
As the burden of chronic wounds grows, infection prevention and treatment remain active owing to the rising number of research activities. Recent efforts have combined old and new techniques to deliver medicines that are effective against bacteria while not interfering with normal wound healing.
Increasing Number of Chronic Wound Cases among the Aging Population Drives the Need for Chronic Wound Care
As the population ages, more individuals with non-healing wounds, such as diabetic foot and chronic venous leg ulcers, are being seen by healthcare providers. According to the National Library of Medicine, earlier, chronic injuries are projected to affect approximately 2% of the world's population. The healing processes of these chronic wounds are frequently interrupted by factors such as infection and repetitive trauma, causing great misery, pain, and discomfort to the patients who are impacted.
This can have catastrophic repercussions in people with diabetic foot ulcers, such as foot amputation and to accelerate wound healing, chronic wounds must be addressed promptly and properly. However, repeated clinic visits are required for long-term evaluation and management of the damage, which raises healthcare expenses. Effective chronic wound care can assist mitigate these repercussions and relieve chronic injury patients of unnecessary concern, hence accelerating the need for chronic wound care.
Europe is the Fastest Growing Market holding 29% of Market Share in 2022
The chronic wound care market growth is driven by the availability of better healthcare infrastructure facilities, government support, insurance coverage, and innovative technologies. The availability of newer therapies such as stem cells and other biological agents across the region have also shown potential benefits in promoting wound healing.
Market vendors across the region such as B. Braun SE, Coloplast A/S, Colzyx AB, and many more are focusing on telehealth as an emerging tool for improving chronic wound care. It allows healthcare providers to remotely monitor patients, provide education and support, and facilitate timely intervention when problems arise to help reduce the burden on healthcare systems by minimizing the need for frequent hospital visits.
Asia Pacific Region is Growing Rapidly with a Forecasted CAGR of 5.33%
Regional growth is accelerated by the prevalence of chronic diseases such as diabetes and obesity. There is a significant unmet need in the market due to the increasing economic costs of chronic wounds, which include direct and indirect costs of care, prolonged healing times, and ineffective wound dressings.
Market participants have an excellent opportunity to enter the market by offering new products based on regenerative technology that reduce treatment time and cost. The market for chronic wound care is also growing as more patients suffer from chronic wounds such as diabetic foot ulcers and pressure ulcers. In addition to this, the increase in chronic wounds, trauma cases, and surgical procedures is causing considerable growth in nations such as China and India.
Furthermore, in October 2021, the research team from the Department of Biomedical Engineering of the National University of Singapore (NUS) and the Institute of Health Innovation and Technology (iHealthtech) collaborated with clinical partners at the Singapore General Hospital. The team developed a smart wearable device, a sensor that can wirelessly assess chronic wounds at the point of care in real-time via an app.
The NUS team's innovation can help alleviate these consequences and relieve chronic injury patients of unnecessary anxiety. The market in these nations is predicted to develop due to their large populations, rising patient awareness, and rising disposable incomes.
Market Vendors are Focusing on Launching Innovative Products to Expand the Market Share
The chronic wound care industry is fragmented with key players such as 3M, Braun SE, Cardinal Health, Coloplast A/S, Colzyx AB, Convatec Inc., Integra LifeSciences, Kane Biotech Inc., Medline Industries, Inc., Smith+Nephew. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.