The Global Wound Care Market To Grow To USD 27.8 billion by 2026

 Cancer, as one of the leading causes of death has also been a global healthcare burden. According to WHO estimates, the disease is responsible for nearly one in every six deaths. Furthermore, it was reported that over 70% of cancer-related deaths occur in low-income countries. The number of surgeries performed has increased as a result of the rising prevalence of chronic conditions.

The global wound care market is expected to grow 7.6 percent per year to USD 27.8 billion by 2026, up from USD 19.3 billion in 2021. Factors such as the rising prevalence of chronic conditions resulting in chronic, surgical, acute, and traumatic wounds; rising spending on chronic wounds; and the increasing use of regenerative medicine in wound management are driving the market growth. The high growth potential of emerging economies, as well as the increasing number of acquisitions by key players, have created a plethora of opportunities for the wound care market to expand.

The COVID-19 outbreak will have an immediate impact on the wound care market during the forecast period. Because of nationwide lockdowns, denied wound care services, canceled or postponed elective surgeries, and rising skin injuries among COVID-19 medical care providers, the wound care market is expected to contract during the forecast period.

Physical health conditions such as acute wounds, chronic wounds, and surgical wounds all harm wound healing. The prevalence of acute, chronic, and surgical wounds have risen significantly over the last decade, owing primarily to the growing global geriatric population, rising traumatic wounds, an increase in the number of surgeries, and an increase in the prevalence of condition.

Diabetes and obesity can increase the overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, all of which necessitate treatment (wound management) and incur exorbitant medical costs. The high cost of chronic wound treatments and advanced wound care products may limit their adoption, particularly in cost-sensitive markets such as Asia and the Rest of the World. In these areas, patients and physicians prefer less expensive wound care products.

In comparison to Europe and North America, the Asia Pacific and Latin America are relatively untapped wound management markets with enormous growth potential. As a result, various players are focusing on expanding their presence in these regions. The large patient pool and rising geriatric population in emerging countries provide significant growth opportunities for wound care market participants.

The wound care market is divided into three categories: advanced wound care products, surgical wound care products, and traditional wound care products. The advanced wound care products segment held the largest market share in 2020.

Because advanced wound care products are increasingly being used as the first line of therapy, they will likely cannibalize a portion of the market for traditional wound care products. The key factors driving the growth of this market are the advantages of advanced wound care over traditional wound care.

The wound care market is divided into hospitals and clinics, long-term care facilities, home care settings, and other end users. In 2020, hospitals and clinics held the largest share of the global wound care market. This segment's large share can be attributed to factors such as the increasing prevalence of surgical and chronic wounds.

The global wound care market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, developed countries in North America and Europe will dominate the global wound care market. In 2020, North America will have the largest market share.

The growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds; the increasing incidence of burn injuries; increased spending on surgical and chronic wounds; and technological advancements in this region all contribute to the region's large share of this regional segment.