The International Diabetes Federation (IDF) estimates that the number of diabetic patients within the age group of 20–49 years will surge from 463 million in 2019 to by 2045. This disease caused nearly 4.2 million deaths in 2019. Currently, around 374 million people across the world are at an increased risk of type 2 diabetes. With the surging prevalence of diabetes, the requirement for wound care products will escalate rapidly as it regularly leads to nasty wounds that need frequent dressing.
Additionally, the rising aging population is expected to accelerate the wound care market at a CAGR of 5.5% during 2021–2030. According to P&S Intelligence, the market revenue is expected to increase from $20,368.2 million in 2020 to $34,459.2 million by 2030. According to the World Population Ageing 2020 report, the population of people aged 65 years and above will grow from 727 million in 2020 to 1.5 billion by 2050. Aging results in the surging risk of wounds and skin damage, which require frequent dressing changes.
At present, hospitals and clinics use the highest volume of advanced wound care dressings, therapy devices, and biologics, traditional wound care products, and wound closure products. Advanced wound dressings include superabsorbents, foams, films, Hydrofiber, hydrocolloid, wound contact layers, antimicrobial, and collagen, while traditional wound care products include gauze, bandages, sponges, fixation tapes, and abdominal pads. Additionally, hospitals and clinics also use pressure relief devices and negative-pressure wound therapy (NPWT) devices for treating wounds. Moreover, wound closure products include hemostats, sutures, surgical tapes, adhesives, and tissue sealants.
Globally, North America dominated the wound care market in the past, and it is expected to retain its dominance throughout the forecast period. This can be credited to the booming geriatric population, mounting healthcare expenditure, and rising research and development (R&D) initiatives in the region. Whereas, the Asia-Pacific (APAC) region will witness the fastest-increasing adoption of wound care products in the foreseeable future due to the growing elderly population and increasing incidence of traumatic wounds and burns in the region.
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