3M Company (US) and Smith & Nephew (UK) are Leading Players in the Advanced Wound Care Market
The advanced wound care market is valued at an estimated USD 11.3 billion in 2022 and is projected to reach USD 17.7 billion by 2027, at a CAGR of 9.4% during the forecast period. Growth in this market is mainly driven by factors such as the growing prevalence of diseases & conditions affecting wound healing capabilities, increasing spending on chronic wounds, and technological advancements. However, the high cost and risks associated with the use of advanced wound care products are the major factors hampering the growth of this market.
The key players in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).
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In 2021, 3M Company (US) held the leading position in the advanced wound care market. The company has maintained a leading position in the market through its well distributed and dominant networks across North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. The company believes in inorganic growth strategies such as acquisitions and partnerships to maintain its grip and dominance in this market. For example, in October 2019, the company acquired Acelity Inc. (US).
In 2021, Smith & Nephew (UK) accounted for of the advanced wound care market. Its leading position in this market can be attributed to its strong worldwide sales and distribution network, allowing it to effectively market its products in all countries. In addition, Smith & Nephew invests a satisfactory amount of its revenue in R&D for new product launches and distribution. In March 2020, the company launched the PICO 14 Single-use NPWT System (NPWT) and dressing in the US. Such product launches have helped the company majorly to expand its product portfolio and enhance its market visibility in the advanced wound care market globally.
Related Reports:
Advanced Wound Care Market by Product (Dressings (Foam, Hydrocolloid, Film, Alginate), NPWT, Debridement Devices, Grafts, Matrices, Topical Agents), Wound Type (Surgical, Traumatic, Ulcers, Burns), End User (Hospital, Homecare) - Global Forecast to 2027
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