Wound Care Management Devices Market Size

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.