The wound care market comprises products such as advanced wound dressings, wound care devices, active wound care, and wound care biologics which aids in effective wound healing. Advanced wound dressings help manage wound exudate and maintain a moist wound environment. Wound care devices help debride dead tissue from chronic wounds through cleansing and irrigation. Active wound care products promote granulation, epithelialization, and angiogenesis through growth factors. With rising cases of diabetic foot ulcers, burn injuries, and surgical site infections, wound care has become vital in avoiding amputation and scarring.
The Global Wound Care Market is estimated to be valued at US$ 25739.26 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Wound Care are Novozymes (Denmark), UPL (India), Chr. Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc. (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), Kiwa Bio-Tech, product group cooperation (China), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotec Pt Ltd (Australia), Seipasa (Spain), Agrilife (India). The major players are focusing on new product launches, technological advancements, and mergers & acquisitions to increase their market share in the wound care market.
The growing prevalence of chronic wounds worldwide owing to the rising incidence of diabetes, pressure ulcers, and venous leg ulcers is fueling the demand for wound care products. According to the World Health Organization, around 60% of diabetic foot ulcers lead to lower leg amputation. This growing burden of chronic wounds is translating into rising adoption of advanced wound care solutions in hospitals and clinics.
Several companies operating in the Wound Care Market are expanding their geographical footprint to augment their presence in high-growth markets in the Asia Pacific, Latin America, and Middle East & Africa. These regions present lucrative opportunities owing to the large patient pools, improving access to healthcare, and increasing awareness about advanced wound management.
Market key trends
The wound care market is witnessing increased adoption of single-use negative pressure wound therapy devices. These portable single-use NPWT devices help deliver negative pressure to the wound site with ease of use and minimal risk of infection. Their disposable nature eliminates the need for canisters and tubing change-outs, making them ideal for home healthcare and chronic wound management.
Porter’s Analysis
Threat of new entrants: The wound care market has high initial costs related to R&D and manufacturing facilities. This makes the threat of new entrants moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established brands in this market. However, buyers can choose cheaper substitutes if brands do not offer favorable prices.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many raw material suppliers for products like bandages, antiseptics, etc. Substitution is easy if any supplier demands higher prices.
Threat of new substitutes: The threat of new substitutes is low as wound care products from established brands have customer loyalty. However, new advanced products can pose a threat.
Competitive rivalry: The competitive rivalry is high as the market is dominated by global players. Companies compete based on product quality, innovation, and pricing.
Geographical Regions:
North America holds the largest share of the wound care market, valued at USD 9.7 billion in 2024 owing to rising chronic wounds, healthcare infrastructure, and availability of advanced products.
The Asia Pacific region is poised to grow at the fastest pace during the forecast period. This is attributed to factors such as increasing healthcare expenditure, greater medical reimbursements, and rising awareness about advanced wound management in developing nations like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
