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Increasing severity and awareness about chronic wounds are constantly influencing the customer demand thereby boosting the wound care market

HYDERABAD, TELANGANA, INDIA, February 7, 2023 /EINPresswire.com/ -- The Wound Care Market is projected to increase at a CAGR of 4% during the forecast period of 2019-2025. The global wound care market size crossed $18.7 billion in the year 2018. This huge commercial prospect was facilitated by the usage of newer and effective wound care products, growing chronic wounds, and the availability of wound treatment in several hospitals across the globe. Moreover, the launch of advanced solutions and newer methods in treating wounds is also increasing the wound care market size. The healthcare industry is one of the largest macroeconomic sectors in the global market which has leveraged lucrative prospects owing to the constant adoption of advanced technological and biological solutions. The wound care market is remarkably acquiring huge scope of opportunity owing to a novel wound healing treatment-the bioactive wound care solution.

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Wound Care Market Key Application

1. With readily available advanced solutions and treatment, constant innovations, and effective management, the global wound care market gained huge demand from the healthcare industries. The application of wound care solutions in hospitals and clinics is estimated to grow at a 5.4% CAGR through 2025. The high rate of surgical site infection (SSI) incidences in surgeries for patients with diabetes and cancer also necessitates negative pressure wound therapy.

2. The wound care market growth in the healthcare sector is evident with the fact that approximately SSIs account for 38% of all nosocomial infections in surgical patients. This signifies the resulting need for wound care treatment and management thereby increasing the demand for the wound care market. Additionally, with the increase in advanced and chronic wounds across the world, there is a huge dependency on hospitals for precision treatment and medication to eliminate associated complexities.

3. As per Stanford Health Care, nearly 40% of advanced wounds are treated in hospital outpatient wound centers and about 20% are treated in hospital inpatient wards. Significantly, this statistic provides the analysis of the required assistance of advanced wound care products and devices in hospitals. Concurrently, skin grafting with tissue membranes, tilapia fish skin, and alternative skin substitutes promote healing in burn injuries.

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Segment Analysis

1. Wounds caused by major and minor accidents are incessantly rising in the past few years whereby relying on effective treatment and medications for quick healing. Several chronic diseases also contribute to the increasing concern about wounds across the world. High blood pressure and diabetic disorders affect the natural healing processes of the body. This implicates a larger dependency on wound treatment products and devices for the treatment of accident-injured persons worldwide. Furthermore, globally, nearly 20-30 million people are injured or disabled, and road crash injuries will become the fifth leading cause of death by 2030.

2. North America contributed a major regional share of 43% to the global wound care market in 2018. The increasing rate of accidental incidences, growth in chronic diseases, and huge expenditure on wound care treatment aid North America’s dominance over this market. Also, advancements in wound care management such as the availability of non-invasive treatment and high-precision wound healing products also aid this growth. It is important to note that around 2.35 million people in the United States are injured or disabled each year.

Competitive landscape:

The top 5 players in the Wound Care Industry are:

1. Johnson & Johnson
2. Medtronic plc
3. Kinetic Concepts, Inc.
4. Smith & Nephew plc
5. Mölnlycke Health Care

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