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Wound Healing Devices Market Insights, Competitive Landscape, and Market Forecast by 2027

About Wound Healing

Wound healing is considered as a dynamic and complicated process wherein the devitalized, cellular structures and missing tissue layers are replaced in the human body. A wound healing device comprise of a wound dressing, cotton wool, gauze dressing, bandage, sutures for dermal wound closures (of less than 30 days). The device might also incorporate an antimicrobial agent or an animal tissue.

About Wound Healing Market

The global wound healing devices market was valued at USD 19,724.65 million in 2021, growing at a CAGR of 5.32% during the forecast period from 2022 to 2027, to reach USD 26,761.38 million by 2027. The increase in demand for Wound Healing Devices is primarily attributed to the shifting focus among the population on lowering the healthcare cost, and the rising shift from the traditional techniques of wound care management towards sophisticated wound care techniques and products across the globe. Moreover, an upsurge in various chronic and acute wounds across the globe, and a rise in the usage of Wound Healing Devices such as dressing products, and wound healing devices among the patient population, among others are also expected to bolster the demand for these services during the forecast period (2022-2027).

Wound Healing Devices Market Dynamics:

The wound healing devices market is witnessing a growth in product demand owing to various reasons, one of the major factors influencing the growth of the wound healing devices market is the rising prevalence of chronic, acute wounds and ulcers among others, worldwide. According to the National Institute of Health 2021, chronic wounds impact the quality of life of nearly 2.5% of the entire population in the United States and the management of wounds has a significant economic impact on health care.

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Also, as per the source Wounds Asia 2021, globally there is an amputation that is observed in every 30 seconds owing to the non-healing diabetic foot ulcers and the 5 year mortality rate following amputations can be observed to be about 40%-70%. Owing to a rise in the number of patients affected by diabetic foot ulcers, there will be an increase in the demand of wound healing devices, affecting the overall wound healing devices or wound care devices market growth.

Additionally, as per the World Health Organization 2021, in the year 2020, the prevalence of foot ulcers among the patients suffering from diabetes was observed to be 3% to 13% globally. According to the Centres for Disease Control and Prevention (CDC) 2021, in 2020, diabetes was considered to be one of the leading cause of non-traumatic lower extremity amputations in the United States, with approximately 5% of the diabetics developing foot ulcers.

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Furthermore, the increasing prevalence of acute and chronic wounds will also lead to an increase in the demand of the wound healing devices, thereby leading to an increase in the wound healing devices market growth. For instance, according to the National Institute of Health 2020, the United States had assumed that the elderly population present was approximately 55 million, suggesting that chronic wounds will continue to be an increasingly persistent problem in the population. As per the same source, overall in the United States approximately 2% of the total population as found to be affected by chronic wounds. However, limitations such as stringent regulations and product recalls are some of the factors expected to limit the Wound Healing Devices market.

The Wound Healing Devices market witnessed a dip in the generated revenue due to the outbreak of COVID-19. The global spread of the COVID-19 had led to undisrupted restrictions and disruptions caused in the business and personal activities. For instance, many governments had issued lockdown order for both personal and local business activities. The direct impact of the COVID-19 and the preventive and precautionary measures had implemented as a result of lockdown and are expected to continue to affect certain industry elements, including operations, commercial organizations, supply chains and distribution systems.

Furthermore, COVID-19 had negatively impacted the value chain stages, primarily owing to strict lockdown guidelines imposed by the government in several countries. Several manufacturing facilities were shut down temporarily for some time. Also, the supply chains and distribution networks were also interrupted owing to restrictions in traveling due to lockdown and decline caused in the sales activity.

Wound Healing Devices Market Segment Analysis:

Wound healing devices Market By Product [Dressings (Foam Dressings, Hydrocolloid Dressings, Hydrogel Dressings, Alginate Dressings, Collagen Dressings), Bandages (Elastic Bandages, Compression Bandages, Adhesive Bandages, Liquid Bandages), Topical Agents (Hemostatic Agents, Antimicrobials, Wound Cleansers), Wound Closure Agents (Sutures - Absorbable And Non-Absorbable, Adhesives And Sealants, Staplers - Manual And Powered, Strips - Sterile And Non-Sterile), Gauzes & Sponges (Sterile And Non-Sterile), Tapes (Cloth Tape, Paper Tape, Silicon Tape), Therapy Device (Negative Pressure Wound Therapy Devices, Oxygen Therapy Device)], By Wound Type [Acute Wound (Surgical, Traumatic Wounds, Burns), Chronic Wounds (Infectious Wounds And Others Ischemic Wounds), Ulcers (Pressure Ulcers, Diabetic Foot Ulcers, Arterial & Venous Ulcer)], and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product segment of wound healing devices market, the dressing segment is expected to hold a significant market share in the year 2021. This is owing to several advantages associated with wound dressings. They are used for limiting tissue inflammation, prevention of microbial overgrowth, prevention of tissue infections and in controlling the wound site exudate. Furthermore, some dressings tend to contain materials which help in stimulating the re- epithelialization phase of wound healing, thereby resulting in a faster recovery rate amongst the treated patients. Furthermore, in the dressings sub segment, foam dressings can be anticipated to acquire the largest market share among other products in the year 2021. This is owing to the rising number of cases of surgical and traumatic wounds and the launch and approval of wound healing products in this domain.

For instance, as per the Agency for Healthcare Research and Quality 2019, more than 10 million patients undergo surgical procedures inpatients every year in the United States, with an estimated number of over one-fourth of all the hospital stays. According to the statistics offered by Wound UK 2021, there was an estimated increase in the annual prevalence of wounds from 2.2 million to 3.8 million (almost 71%) from the year 2013 to 2018. Various advantages offered by the foam dressings will also help in increasing the demand of wound healing products, thereby leading to an increase in the overall growth of the wound healing market growth. For instance, the rate of absorbency in foam dressings tend to differ with their composite and thickness. However, some provide absorption capacity up to 7 days. The advantages associated with foam dressing such as moisture wound healing, non-adherent nature, and bacterial barrier are further increasing their demand.

Additionally, a new development in the dressing product lines and new product launches are bolstering the segment growth of the Wound healing devices market forecast period. For instance, in April 2017, Convatec has launched Foam Lite, a light, flexible silicone foam dressing for managing low to non-exuding chronic and acute wounds. Thus, the interplay of all the above-mentioned factors is projected to augment the foam dressing segment market in the upcoming years.

Source:- Wound Healing Devices Competitive Landscape

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