SEATTLE, Nov. 15, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global wound care market is estimated to account for 31,824.6 Mn in terms of value by the end of 2028.
Wound care products are utilized in covering wounds and preventing microbial infection, spreading of necrosis in the tissue and improving healing of wound in a shorter duration. Wounds are caused by injury to tissue due to accidents, physical activities such as sports, burns and chronic diseases such as diabetes. Wound dressings can be performed by medical professionals as well as trained professionals and even patients themselves over a period of time. The wound care market is growing continuously as a result of increasing incidences of accidents, chronic diseases and burns. Innovative technological advancements in wound dressings techniques, new dressings and healing methods, aging population, and awareness among patients are other reasons contributing significantly to the global wound care market.
Launch of new products is expected to propel growth of the global wound care market over the forecast period. For instance, in April 2020, Arch Therapeutics, Inc. received CE mark for its first-in-class would care product, AC5TM Topical Hemostat, intended as a dressing and to control bleeding in skin wounds in both out- and in-patient settings.
Moreover, R&D in wound care is also expected to propel growth of the global wound care market over the forecast period. For instance, in December 2019, MediWound Ltd. initiated Phase 2 clinical study of EscharEx, a topical biologic drug candidate designed to enzymatically debride chronic wounds, for the treatment of venous leg ulcers.
Increasing funding in wound care is expected to offer lucrative growth opportunities for players in the global wound care market. For instance, in March 2020, Synedgen, Inc. received US$ 1 million from the Defense Health Agency Small Business Innovation Research Program to commercialize its products, SynePure Wound Cleanser (SynePure) and Catasyn Advanced Technology Wound Hydrogel (Catasyn)
Moreover, R&D of products that offer less patient discomfort is also expected to aid in growth of the market. For instance, in 2019, Sanara MedTech Inc. launched its Wound Irrigation and Debridement System to remove biofilms while simultaneously debriding wounds with less patient discomfort.
Major players operating in the global wound care market are focused on adopting various strategies to enhance their market share. For instance, in April 2021, SANUWAVE Health, Inc., focused on the development and commercialization of a robust and innovative advanced wound care product portfolio for the repair and regeneration of skin and vascular structures, announced its rebranding.
Major players in the market are also focused on R&D of new products. For instance, in December 2019, Misonix, Inc., a manufacturer of minimally invasive ultrasonic medical devices used for precise bone sculpting, removal of soft and hard tumors and tissue debridement, announced publication of two new large real-world studies proving the clinical effectiveness of its all human split thickness skin allograft TheraSkin for the treatment of complex wounds.
Major players operating in the global wound care market include, 3M Company, Acelity L.P., Inc., Baxter International, Inc., Cardinal Health, ConvaTec Group PLC, Coloplast A/S, Integra Lifesciences, Johnson & Johnson, Inc., Organogenesis Inc., and Smith & Nephew Plc.
Major players operating in the global wound care market are focused on development and launch of new products to expand their product portfolio. For instance, in October 2021, Healthium Medtech launched TRUSHIELD NXT surgical wound dressing.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.