The world is full of uncertainties amidst the prevalence of accidents and diseases, alluding to the proactive strategies that wound care market companies need to adopt. Self-medication of wounds is common in our society. Still it's important to note that wounds can lead to diabetic foot ulcers, pressure ulcers, and venous leg ulcers, which can significantly impact quality of life. Therefore, to avoid the negative impact of self-medication, proper wound care is necessary.
Professional medical aid is necessary for all types of wounds, such as surgical, accidental, cut, burn, etc. Many individuals visit hospitals or healthcare institutions for wound care. According to Grand View Research, the global wound care market is witnessing growth. The market size was estimated at USD 22.25 billion in 2023 and is projected to expand at a CAGR of 4.17% from 2024 to 2030.
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The rising number of burn injuries due to fire accidents or fire mishaps is another key factor fueling the market growth. Burning wounds require attention, and wound care SOPs such as keeping the burn injury cool, taking care of blisters, applying cool lotions, and using pain reliever pills are some of the things that need to be done during the wound care of such cases.
Types of Wound Dressings
Irrespective of the wound injury type, there are advanced wound care techniques and traditional ones. Advanced dressing techniques are designed to heal the wound and improve the healing process with more ease to make the patient’s recovery. The advanced dressing includes hydrocolloid dressings, foam dressings, film dressings, hydrogel dressings, collagen dressings and others.
In addition, surgical wounds require special care, such as protecting the wound for the fast recovery of surgical cuts. Surgical injuries can be classified into tissue adhesives and sealants, sutures & staples, and anti-infective dressings. Companies operating in the above categories are increasing their market share by focusing more on surgical wound care expertise.
- Advanced Wound Care
Tech advancements to provide better wound care can make a great impact on marketers in the near future. This technique offers affordable devices and services for people suffering from chronic injuries to quickly recover and protect themselves compared to traditional wound care and closure products.
- Traditional Wound Care
On the other hand, traditional wound care is also performing well, and the market has a demand for products such as cotton, wraps, pads, gauze, bandages, tapes, sponges, etc., to cover and protect a wound.
Similarly, the market trends show that companies making wound therapy devices are witnessing growth. These devices are designed to heal surgical, traumatic, and chronic wounds.
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The Market of Wound Care
The market growth for wound care is being driven by major end-users such as hospitals and home healthcare. The increasing awareness of medical treatments has led to more people seeking professional care for wounds rather than relying on home remedies. As a result, healthcare institutes are becoming more important in the treatment of wounds, leading to an increase in hospitalizations and ultimately improving life expectancies.
During the COVID-19 pandemic, the wound care market was negatively impacted due to the limited accessibility of basic wound care at hospitals and healthcare centers. Patients experienced difficulties as a result of consecutive lockdowns and a shortage of traditional wound care supplies. The market's growth was slow due to the challenges in accessing basic care management centers during the pandemic.
However, post-pandemic, there is a significant demand for the wound care services, resulting in a high number of newly opened clinics. Additionally, wound care material prices are reasonable, and the materials are easily accessible to low-income groups. Recently the market has not witnessed any major supply chain disruption of wound care materials.
Key Challenges for the Wound Care Market
The market faces challenges as injured individuals often delay diagnosis or neglect proper treatment. Lower treatment rates can be a major issue in developing economies, where patients may self-medicate or overlook their wounds. In developing nations, delayed diagnosis occurs more frequently than in developed countries despite the high incidence of chronic wounds.
Way Forward
The market is primarily driven by factors such as the rising prevalence of chronic and acute wound injuries, increasing cases of trauma and burn injuries, and a surge in the prevalence of diabetes. Leading manufacturers of wound care products and devices, along with the global wound care industry, are seeing an increase in the number of hospitals and healthcare institutions. They are also making optimal use of technological innovations to develop advanced products in order to gain a significant market share in the near future.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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