From $20,368.2 million in 2020, the global wound care market is predicted to reach a revenue of $34,459.2 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 5.5% from 2021 to 2030 (forecast period). The major factors driving the expansion of the market are the mushrooming geriatric population, rising incidence of diabetes, increasing occurrence rate of trauma cases and injuries, and the growing incidence of burns and chronic wounds across the world.
Read the full report – Wound Care Market Insight Report
As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2019 to more than 1.5 billion by 2050. As ageing increases the risks of wound problems and skin damages and leads to weakened body functions, such as slower collaged replacement and reduced skin elasticity, geriatric people take a long time to heal from wounds than young adults. Owing to this factor, the growing population of geriatric people is propelling the demand for wound care products.
Additionally, the increasing population of obese and diabetic people is predicted to propel the occurrence rate of diabetes in the coming years. As wounds take a long time to heal in diabetic patients and they need frequent dressing, their surging population is fueling the growth of the wound care market. Depending on product type, the market is divided into wound closure, traditional, and advanced categories. Out of these, the advanced category held the largest share in the market between 2014 and 2020, and this trend is predicted to continue in the upcoming years as well.
North America is predicted to contribute the highest revenue to the wound care market during the forecast period. This is ascribed to the existence of various market players, soaring healthcare expenditure, and increasing research and development (R&D) activities in the region. However, the Asia-Pacific (APAC) region is expected to be the fastest-growing region in the market throughout the forecast period, on account of the mushrooming geriatric population and growing occurrence rate of traumatic wounds and burns in the region.
Thus, the demand for wound care products is certain to shoot up in the forthcoming years, mainly because of the growing incidence of diabetes, burn cases, and injuries and the mushrooming population of geriatric people all over the world.
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