New York -- The global wound care market size is projected to cross $38.3 billion by 2022, growing at a CAGR of 6.7% during the forecast period. The wound care market is growing due to increasing geriatric population, increase in volume of surgeries and increasing awareness about wound care products. Increasing cases of diabetes leading to pressure ulcer formation is further generating an increased demand for wound care products.
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The increase in road accidents across the globe is expected to increase the demand for wound care products. The wound formed as a result of accident is exposed to debris, soil, bodily fluids and microbes. In addition, tissue is also lost during road accidents that increases the time to heal the wound. Wound care products are commonly used for cleaning, dressing and preventing a wound from microbial infections.
The high cost of wound care products acts as major barrier in the growth of global wound care market. The high cost of advanced wound care, traditional wound care and wound closure products including foam, bandage, staples, hydrocolloid, film, alginate, hydrogel, and collagen, limits the affordability of the users. As a result, consumption of wound care products decreases despite higher therapeutic efficiency. Thus, this hampers the growth of global wound care market.
The North American wound care market is growing due to increasing geriatric population, increasing road accidents, increasing diabetes and obesity cases, and burn cases. Geriatric population is more susceptible to slow healing of wounds as they have low recovery power, which results in increased utilization of wound dressing.
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Moreover, wound care products are also used to prevent hospital acquired infections, which are formed at the site of surgery. According to an article published by Center for Disease Control and Prevention (CDC), approximately 157,500 patients acquired infection after surgery at hospitals in the U.S. in 2011. Increased utilization of wound care products can prevent such cases and alleviate patients’ condition.
Some of the key companies operating in the global wound care market include 3M Company, Coloplast Corporation, Medtronic plc, Smith and Nephew plc, ConvaTec, Integra Life Sciences Holdings Corporation and Johnson and Johnson.