The global wound care market is expected to reach USD 20.4 Billion by 2021 from USD 17.0 Billion in 2016, growing at a CAGR of 3.6% from 2016 to 2021.
On the basis of type of wound, the wound care market is segmented into chronic wound and acute wound. On the basis of end users, the wound care market is segmented into hospitals and specialty wound care clinics, long-term care facilities, and home healthcare. Based on the type of products, the wound care market is segmented into traditional wound care, surgical wound care, and advanced wound management products. Among various segments, the advanced wound management product segment commanded the largest share in 2015, and is forecasted to be the fastest-growing segment in the wound care market. Factors such as rising awareness regarding new technologies for wound care, government support in the form of funding, and rising diabetic and aging population are driving the growth of the wound care market.
Based on geography, the global wound care market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of the market by the end of 2016. This large share can be attributed to various factors, including the increase in acute and chronic conditions such as diabetic foot ulcers, venous ulcers, and pressure ulcers and government support for wound care research in the form of funds.
The prominent players in the wound care market are 3M Company (U.S.), Baxter International, Inc. (U.S.), Coloplast A/S (Denmark.), Convatec Healthcare B.S.A.R.L (U.S.), Covidien PLC (Ireland), Derma Sciences, Inc. (U.S.), Ethicon, Inc. (U.S.), Hollister, Inc. (U.S.), Kinetic Concept, Inc. (U.S.), Mölnlycke Health Care (Sweden), and Smith & Nephew (U.K.).