3M Company (US) and Medtronic PLC (Ireland) are Leading Players in the Wound Care Market
The global wound care market is projected to reach USD 27.2 billion by 2027 from USD 20.8 billion in 2022, at a CAGR of 5.4% during the forecast period. Growth in the wound care market is mainly driven by factors such as the increase in acquisitions by leading players in the market and increasing focus on technological advancements for wound care products. However, high cost of advanced wound care products are the major factors hampering the growth of this market.
The major players in this market are 3M Company (US), Smith & Nephew PLC (UK), Cardinal Health (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Mölnlycke Health Care AB (Sweden), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Organogenesis Holdings Inc. (US), MiMedx Group, Inc. (US), Integra Life Sciences Holdings Corporation (US), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Ethicon, Inc. (US), DeRoyal Industries (US), Kerecis (Iceland), Acell (US), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela Ag (Switzerland), Talley Group (UK), Welcare Industries SPA (Italy), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Pensar Medical (US), Haromed BVBA (Belgium), DermaRite Industries LLC (US), Medline Industries, Inc. (US), Advancis Medical LLC (UK) and Mil Laboratories Pvt. Ltd. (India).
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In 2021, 3M Company (US) held the leading position in the wound care market. The companies leading position is due to its strong market presence and distribution networ across many countries like North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. The company has adopted inorganic growth strategies to increase its dominance in this market. For instance, the company acquired Acelity Inc. (US).
In 2021, Medtronic PLC held the second position in the wound care market. It has a wide geographic presence that spans North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa, with a strong distribution network. To sustain its leading position in the market, the company pursues inorganic growth strategies.
Cardinal Health held the leading position in the wound care market in 2021. Its leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its products in various countries effectively. Also, Cardinal Health has increased its focus on R&D activities to develop unique and better products than its competitors. Its R&D investments to optimize its portfolio and capital allocation strategies help fuel its future growth and ability to remain competitive in the wound care segment.
Related Reports:
Wound Care Market by Product (Dressings (Foam, Film, Hydrocolloid, Collagen), Devices (NPWT, Assessment, Debridement), Graft, Matrix, Suture, Stapler), Wound(DFUs, Trauma, Surgical, Burn), End User (Hospitals, Clinics) & Region - Global Forecast to 2027
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