The patch-based wound healing products market is expected to witness significant growth during the forecast period, with a projected revenue CAGR of 6.2%. The market size was valued at USD 6.07 billion in 2022 and is expected to reach USD 10.43 billion in 2032. The market growth is driven by various factors such as an increasing geriatric population, rising demand for advanced wound care products, high incidence of surgical procedures, and a growing prevalence of chronic diseases.
Chronic diseases, including cancer and diabetes, often lead to slow-healing wounds that require advanced wound care products such as patch-based products. According to the World Health Organization (WHO), the number of people with diabetes has increased from 108 million in 1980 to 422 million in 2014. This rise in the diabetic population is expected to fuel the demand for patch-based wound healing products. As a result, key market players are focusing on developing innovative patch-based wound healing products that cater to the specific needs of patients.
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Segments Covered in the Report
The global patch-based wound healing products market is segmented into various types, including hyaluronic acid-based patches, collagen-based patches, alginate-based patches, foam-based patches, and others. Hyaluronic acid-based patches are expected to witness significant growth during the forecast period due to their high effectiveness in treating chronic wounds and acute wounds.
The market is also segmented by application, including chronic wounds, acute wounds, and surgical wounds. Chronic wounds are expected to have the largest market share during the forecast period due to the increasing prevalence of chronic diseases such as diabetes, which often lead to slow-healing wounds.
Furthermore, the market is segmented by end-use, including hospitals, clinics, and homecare settings. Hospitals are expected to have the largest market share during the forecast period due to the increasing number of surgical procedures and rising demand for advanced wound care products.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to have the largest market share during the forecast period due to the high incidence of chronic diseases and the presence of key market players in the region. Europe is also expected to witness significant growth due to the increasing geriatric population and rising demand for advanced wound care products.
Asia-Pacific is expected to witness significant growth during the forecast period due to the increasing incidence of chronic diseases, rising healthcare expenditure, and the presence of emerging economies such as China and India. Latin America and the Middle East & Africa are also expected to witness significant growth due to the rising demand for advanced wound care products and increasing healthcare infrastructure in the region.
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Strategic development:
Several companies in the wound care market have made strategic developments in recent years. In 2021, Acelity L.P. Inc. launched the V.A.C. VERAFLO CLEANSE CHOICE™ Dressing, which promotes tissue formation and cleanses wounds. Mölnlycke Health Care AB launched Mepilex Border Flex, a foam dressing that provides optimal wound care by conforming to the body's contours. Coloplast A/S acquired Nine Continents Medical, Inc. in 2020 to expand its product offerings and strengthen its position in the wound care market.
In the same year, 3M Company acquired Acelity Inc. and its KCI subsidiaries for $6.7 billion to expand its product offerings in the advanced wound care market. Smith & Nephew plc launched Renasys Go® 50, a portable and lightweight wound healing system in 2020. The company also launched PICO 7Y Single-use Negative Pressure Wound Therapy System in 2021, which provides effective wound healing for up to 7 days.
ConvaTec Group PLC launched AQUACEL® Foam Pro dressing in 2021, providing an optimal healing environment for moderate to highly exuding wounds. Medline Industries, Inc. launched Curad® Germ Shield™ Antimicrobial Wound Gel in 2020, a hydrogel dressing that helps to prevent and treat infections in wounds. Baxter International Inc. launched Actifuse® MIS, a synthetic bone graft substitute that helps in bone regeneration and wound healing in the same year. Lastly, Johnson & Johnson Services, Inc. launched DERMABOND® PRINEO® Skin Closure System, which provides a strong, flexible, and waterproof closure for wounds in 2020.
Competitive Landscape:
The global advanced wound care market is highly competitive, with several established players vying for market share. Among the major players in the market are Smith & Nephew plc, Acelity L.P. Inc., Medline Industries, Inc., ConvaTec Group PLC, Mölnlycke Health Care AB, 3M Company, Baxter International Inc., Hollister Incorporated, Coloplast A/S, B. Braun Melsungen AG, and Johnson & Johnson Services, Inc.
Smith & Nephew plc is a leading player in the advanced wound care market, with a wide range of products and a strong global presence. The company's portfolio includes wound dressings, negative pressure wound therapy systems, and other products for the management of acute and chronic wounds.
Acelity L.P. Inc., a subsidiary of 3M Company, is another major player in the advanced wound care market, with a focus on negative pressure wound therapy systems, wound dressings, and surgical incision management products.
Medline Industries, Inc. is a global manufacturer and distributor of medical products, including advanced wound care products such as wound dressings and negative pressure wound therapy systems.
ConvaTec Group PLC is a leading player in the advanced wound care market, with a strong focus on innovation and product development. The company's portfolio includes a wide range of products for the management of chronic and acute wounds, including dressings, negative pressure wound therapy systems, and skin care products.
Other major players in the advanced wound care market include Mölnlycke Health Care AB, Baxter International Inc., Hollister Incorporated, Coloplast A/S, B. Braun Melsungen AG, and Johnson & Johnson Services, Inc. These companies offer a wide range of products and have a strong global presence, with a focus on innovation and product development.
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In conclusion, the global Patch Based Wound Healing Products Market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.
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