Wound Care Management Devices Market size was valued at USD 2.81 billion in 2023 and is set to cross USD 5.11 billion by 2036, expanding at more than 4.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of wound care management devices is evaluated at USD 2.92 billion. The growth of the market can be attributed to the increasing number of road accidents, escalating prevalence of chronic disorders, which delays the process of healing of surgical, acute, traumatic, and other wounds. Additionally, the growing medical spending for the treatment of chronic wounds in developed nations is a major factor assessed to boost the growth of the market in the future. Along with this, high growth potential of emerging economies and the growing number of acquisitions by key players is anticipated to open an array of opportunities for the growth of the market. Furthermore, ageing population serves as a stimulus for the expanding usage of wound care management devices, which in turn is projected to fuel the progress of the wound care management devices market. According to the United Nations, it is expected that by the year 2050, one in every 6 individuals will be 65 years or older, which is 16% of the total world population. Additionally, the number of individuals aged above 80 years is also expected to get triple by the end of 2050.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
4.7% |
|
Base Year Market Size (2023) |
USD 2.81 billion |
|
Forecast Year Market Size (2036) |
USD 5.11 billion |
|
Regional Scope |
|
The wound care management devices market is segmented based on product into advanced wound management, surgical wound care, and traditional wound care, out of which, the advanced wound management devices segment is expected to grab the largest share in the global market over the forecast period on account of increasing number of launches of technologically advanced products across the world. Additionally, on the basis of end-user, the hospitals & clinics segment is expected to hold a notable major share in the wound care management devices market on the back of the increasing number of surgeries performed in hospitals.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
Wound Type |
|
|
End-User |
|
Geographically, the wound care management devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The Asia Pacific is anticipated to account for largest revenue share by 2036, on the back of increasing number of accident cases and rising investments by major market players to develop better-wound care management services in the region. Additionally, a growing ageing population in Asian countries is another vital factor expected to aid the market’s growth over the forecast period. Furthermore, the North American wound care management devices market is predicted to hold the largest share in terms of revenue during the forecast period, which can be attributed to the increasing launch of new devices for wound management and the presence of major manufacturers which are heavily investing in the R&D activities for development of innovative products.
August 2020: Smith+Nephew announced the launch of their digital application platform ARIA, which is designed to connect the patients with physicians throughout the clinical and surgical episode.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?