Wound care market to hit $24 billion by 2027

The global wound care market size is projected to showcase significant progress and earn $24.55 billion by 2027, according to Fortune Business Insights.

The jump is attributed to the increasing prevalence of chronic diseases such as diabetes, blood pressure and wounds that result from them, such as diabetic foot ulcers and pressure ulcers. Wound care is used for injuries that are unable to heal by themselves. If untreated, they may result in severe consequences, such as mobility issues, decreased elasticity of blood vessels and others.

A recent report by Fortune Business Insights offers an overview of the market. The report states that the market value stood at $15.68 billion in 2019 and is likely to exhibit a CAGR of 6.0% between 2020 to 2027.

The rising prevalence of acute and chronic diseases such as diabetic foot ulcers, pressure ulcers and others are some of the key factors promoting this market growth. This, coupled with the advent and adoption of technologically advanced wound care products, will also add impetus to the market. Additionally, continuous research and development, as well as increasing investments in the launch of advanced wound care products are likely to bolster growth in the coming years.

On the contrary, high treatment costs and the presence of limited or no reimbursement policies, especially in underdeveloped nations, may challenge the growth of the market. Nevertheless, the advent of bioactive therapy for treating chronic wounds is expected to create a lucrative growth opportunity for the market in the coming years.

Based on segmentation by type, the advanced wound dressing segment earned 42.6% wound care market share in 2019 and emerged dominant. This is owing to the presence of a diverse product portfolio.

North America earned a revenue of $6.09 billion in 2019 and emerged dominant, followed by Europe. This is on account of the increasing prevalence of acute and chronic wounds. This coupled with the presence of well-established health care infrastructure and facilities, as well as favorable reimbursement policies by the governments of developed nations are likely to aid in the expansion of the regional market.

On the other side, the market in Asia Pacific is likely to exhibit rapid growth in the coming years on account of the increasing prevalence of acute and chronic diseases as a result of the rising patient population and improving health care and medical infrastructure.

A report from MarketsandMarkets also predicts growth.

“The global wound care market is projected to reach $24.8 billion by 2024 from $19.8 billion in 2019, at a CAGR of 4.6% from 2019 to 2024,” according to MarketsandMarkets.

The emerging economies such as India, China and Brazil are expected to provide a wide range of opportunities for players in the industry, which is driven by growing health care infrastructure, increasing diabetic population, vast population pool and increasing health care spending. Fortune Business Insights