by The wound care market consists of advanced wound dressing, surgical wound closure and traditional wound care products that aid in managing both acute and chronic wounds. Advanced wound care products facilitate faster wound healing along with preventing infection at the site of injury. Products like hydrocolloid dressings, foam dressings, alginate dressings, film dressings and hydrogel dressings form a protective barrier over the wound, manage drainage from wounds and maintain a moist environment that promotes healing.
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 2031.
Key Takeaways
Key players operating in the wound care market are Novozymes (Denmark)UPL (India)Chr. Hansen Holding A/S (Denmark)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 increasing prevalence of diabetic ulcers, pressure ulcers and surgical wounds due to rising geriatric population and lifestyle diseases is fueling demand for wound care products globally.
Key players are focusing on expanding their geographic footprint in developing regions of Asia Pacific, Latin America, Middle East and Africa. Regions in Asia Pacific and Latin America are expected to witness highest growth due to increasing healthcare expenditure, presence of large patient pool and growing medical tourism.
Market key trends
The wound care market is witnessing a major trend of development of advanced Wound Care Market Demand dressings that speed up recovery and help manage chronic and hard to heal wounds more effectively. Players are increasingly investing in development of dressings integrated with bioactive agents, growth factors and dressings made from natural polymers that provide moist environment and prevent bacterial infection at wound site thereby facilitating faster healing.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to relatively low set up costs for wound care products like bandages, dressings etc. However, established players have significant brand recognition and distribution networks.
Bargaining power of buyers: Moderate bargaining power due to availability of substitutes and price sensitivity of buyers. However, specialized needs of wound types increases customer loyalty.
Bargaining power of suppliers: Low due to availability of substitute raw materials and commoditization of basics. However, key innovations increase supplier power temporarily.
Threat of new substitutes: Moderate threat due to continuous innovation. However, wound types require targeted products posing difficulties in substituting entire markets.
Competitive rivalry: Intense competition among major players leveraging extensive R&D and global distribution to diversify product portfolios. pricing pressures exists.
Geographical regions: North America accounts for the largest share currently due to high healthcare spending and adoption of advanced products. Higher wound incidence due to lifestyle diseases also boosts regional market.
Asia Pacific is poised for fastest growth led by China and India on back of growing medical tourism, lower product costs and rising income levels in the region spurring greater access to wound care. Expanding healthcare infrastructure and increasing diabetes/accident rates present ample opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
