Chronic Wound Care Market to Expand at a Modest 4.17% CAGR through 2031 | SkyQuest Technology
Westford, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the chronic wound care market size will attain a value of USD 30.85 billion by 2031, with a CAGR of 4.17% over the forecast period (2024-2031). High prevalence of chronic diseases and advancements in wound care technologies are expected to drive chronic wound care market growth over in the future. Rising investments in wound care research are also expected to create new business scope for chronic wound care companies going forward.
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Browse in-depth TOC on "Chronic Wound Care Market"
- Pages - 201
- Tables – 69
- Figures – 71
Chronic Wound Care Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 22.25 Billion |
| Estimated Value by 2031 | $ 30.85 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.17% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing incidence of chronic diseases |
| Key Market Opportunities | Use of telemedicine and remote wound care practices |
| Key Market Drivers | Advancements in wound care technologies |
Chronic Wound Care Market Segmental Analysis
Global Chronic Wound Care Market is segmented by Product, application, end user and region.
Based on Product, the market is segmented into Advanced Wound Dressing, Foam Dressing, Hydrocolloid Dressing, Film Dressing, Alginate Dressing, Hydrogel Dressing, Collagen Dressing, Other Dressing, Surgical Wound Care, Suture & Staples, and Tissue Adhesive & Sealants.
Based on Application, the market is segmented into Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Others.
Based on end user, the market is segmented into Hospitals, Specialty Clinics, Home Healthcare, Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Increasing Cases of Chronic Wounds Boosting Adoption of Advanced Wound Dressing
High incidence of diabetes and other chronic diseases has resulted in increased prevalence of chronic wounds such as diabetic ulcers. High emphasis on treating such chronic wounds with advanced care to improve recovery and quality of care for patients is forecasted to help advanced wound dressing hold a prominent chronic wound care market share through 2031.
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High Prevalence of Trauma Wounds Slated to Create New Opportunities for Acute Wound Applications
Chronic wound care companies can focus on acute wound applications as incidence of inflammatory lesions and trauma wounds rises globally. Rising demand for reduced patient stays and reduced surgical site infections are key factors that create new opportunities for chronic wound care providers focusing on the acute wound application segment going forward.
Presence of a Developed Healthcare Infrastructure Allows North America to Lead Chronic Wound Care Adoption
Growing incidence of different types of injuries and wounds in North America coupled with rapid adoption of advanced wound care technologies helps it dominate the global chronic wound care market outlook. High incidence of diabetes, rising sports injuries, and high investments in R&D of novel wound care technologies and products are also cementing the dominance of this region. Canada and the United States present lucrative opportunities for all market players in this region.
Chronic Wound Care Market Insights:
Drivers
- Rapid expansion of the aging population around the world
- High incidence of chronic diseases resulting in chronic wounds
- Advancements in wound care technologies and products
Restraints
- High costs of advanced wound care products
- Dearth of skilled professionals to provide advanced wound care
- Lack of reimbursement for chronic wound care
Prominent Players in Chronic Wound Care Market
- JOHNSON & JOHNSON
- BAXTER INTERNATIONAL
- Coloplast Corp.
- 3M
- Medline Industries, Inc.
- ConvaTec Group PLC
- Derma Sciences (Integra LifeSciences)
- Mölnlycke Health Care AB
- Paul Hartmann AG
- Smith & Nephew PLC
- Mölnlycke Health Care AB
- Tissue Regenix
- B. Braun Melsungen AG
- Integra LifeSciences Corporation
- Cardinal Health
- MiMedx
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Key Questions Answered in Chronic Wound Care Market Report
- Why is demand for chronic wound care rising around the world?
- Which region is most opportune as per this chronic wound care market forecast?
- Why are developing countries lagging in this industry?
- Which key companies are listed in this chronic wound care market analysis?
This report provides the following insights:
Analysis of key drivers (emphasis on improcing reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of chronic wound care market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the chronic wound care market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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