The global wound care market is projected to reach USD 28.6 billion by 2028 from USD 21.5 billion in 2023, at a CAGR of 5.9% during the forecast period. The wound care market is experiencing significant growth primarily due to factors like heightened acquisition activities by major industry players and a growing emphasis on technological advancements in wound care products. Nevertheless, a major obstacle to this market's growth is the substantial cost associated with advanced wound care products.
The major players in wound care 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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As of 2022, 3M Company (US) emerged as the top player in the wound care market, attributed to its robust market presence and expansive distribution network spanning various regions, including North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. The company strategically pursued inorganic growth approaches to bolster its dominance in the market, exemplified by the acquisition of Acelity Inc. (US).
During 2022, Medtronic PLC secured the second position in the wound care market. The company is a significant player in the wound care market, holding a prominent position. The company is renowned for its expertise in medical technologies and solutions, and it has leveraged its capabilities to establish a noteworthy presence in the wound care sector. The company's extensive geographic reach spans across key regions such as North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. This broad market presence is supported by a robust distribution network, allowing Medtronic to effectively supply and market its wound care products to healthcare facilities and patients in these regions.
In the year 2022, Cardinal Health emerged as the leader in the wound care market. The company's prominent position in this market is a result of its robust global sales and distribution network, which facilitates effective product marketing across diverse countries. Additionally, Cardinal Health has placed heightened emphasis on research and development (R&D) initiatives to create innovative and superior products compared to its competitors. By dedicating substantial investments to R&D, the company aims to optimize its product portfolio and strategically allocate capital, fueling its future growth and ensuring competitiveness within the wound care segment.
Wound Care Market by Product (Dressings (Foam, Hydrocolloid, Collagen), Devices (NPWT, Debridement), Biological Skin Substitutes, Sutures, Staplers), Wounds (Traumatic, Surgical, Burns), End User (Hospitals, Clinics), and Region - Global Forecast to 2028
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