Global Wound Care Devices Market By By Product Type (Negative Pressure Wound Therapy, Oxygen & Hyperbaric Oxygen Equipment, Electric Stimulation Devices, Pressure Relief Devices, and Others), By Application (Chronic Wounds (Diabetic Foot Ulcers, Venous Leg Ulcers, Pressure Ulcers, and Others) and Acute Wounds (Surgical & Traumatic Wounds and Burns)), By End-user (Hospitals, Homecare Settings, Clinics, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Wound Care Devices Market size is expected to be worth around USD 4.2 billion by 2033 from USD 2.6 billion in 2023, growing at a CAGR of 4.8% during the forecast period 2024 to 2033.

The demand for wound care devices is on the rise due to several factors. First, the increasing number of surgical cases and the prevalence of chronic diseases worldwide contribute to this trend. Additionally, sedentary lifestyles have led to a higher incidence of diabetes, which is a major driver for the market. For example, the Centers for Disease Control and Prevention (CDC) reported that 37.3 million Americans have diabetes, with 96 million adults having prediabetes (as of April 2023).

Wound care devices play a crucial role in treating diabetic foot ulcers, which are common among diabetic patients. According to the National Institutes of Health (NIH), diabetes is a leading cause of non-traumatic amputations in the United States, affecting 5% of diabetic patients, with 1% requiring amputation.

Furthermore, traumatic injuries globally contribute to the demand for wound care devices. The World Health Organization (WHO) reported that approximately 1.3 million people die each year due to road traffic accidents (as of June 2022). This surge in traumatic incidents is expected to drive market growth during the forecast period.

Key Takeaways

• Market Size: The Wound Care Devices Market size is expected to be worth around USD 4.2 billion by 2033 from USD 2.6 billion in 2023.
• Market Growth: The market growing at a CAGR of 4.8% during the forecast period 2024 to 2033.
• Product Analysis: Negative pressure wound therapy taking the lead in 2023 with a market share of 56.2%.
• Application Analysis: The chronic wounds segment dominated the market share with 64.1% in 2023.
• End-Use Analysis: The hospitals segment had a tremendous growth rate, with a revenue share of 51.5%.
• Regional Analysis: North America dominated the market with the highest revenue share of 41.6%.
• merging Trends: Growth in the market is supported by increased adoption of digital wound care management platforms and the integration of AI for personalized treatment plans.
• Regulatory Impact: Stringent regulations on medical devices and the need for clinical evidence of effectiveness can impact market entry and product approval timelines.
• Infection Management: There is a growing emphasis on infection management in wound care, leading to the development of antimicrobial dressings and devices.

By Product Type Analysis

The negative pressure wound therapy segment led in 2023, claiming a market share of 56.2% owing to the increasing prevalence of chronic wounds, such as pressure ulcers and diabetic foot ulcers. The effectiveness of negative pressure wound therapy in the reduction of bacterial growth, healing wounds and tissue regeneration promotes its adoption among patients and healthcare professionals. Advances in wearable and portable negative pressure wound therapy devices lead to better convenience for users, further fueling the growth of this segment.

By Application Analysis

The chronic wounds segment dominated the market share with 64.1% in 2023 and is expected to grow significantly during the forecast period. Factors driving this growth include the increasing geriatric population and the rising prevalence of conditions such as diabetic foot ulcers, venous pressure ulcers, and other chronic wounds.

For instance, a United Health Foundation report (published in May 2023) highlighted that over 55.8 million adults aged 65 and older lived in the U.S., accounting for approximately 16.8% of the nation’s population in 2021. Additionally, the incidence of varicose veins is rising, affecting about 23% of U.S. residents (as reported by the Journal of the American Heart Association). The increase in varicose veins may lead to venous leg ulcers, contributing to the growth of this segment.

By End-user Analysis

The hospitals segment had a tremendous growth rate, with a revenue share of 51.5% owing to the global increase in surgical procedures due to sedentary lifestyles and the rising number of bariatric surgeries. These surgeries necessitate wound care products to prevent surgical site infections. Negative pressure wound therapy (NPWT) is particularly suitable for hospital use and is not feasible for home care.

Additionally, hospitals have long-term contracts with wound care suppliers, making them significant buyers in this market. The rise in hospital admissions for surgeries further contributes to the segment’s growth, as surgical patients often require wound care products for post-operative healing. Therefore, the hospital segment is expected to witness substantial growth throughout the forecast period.

Key Market Segments

By Product Type

• Negative Pressure Wound Therapy
• Oxygen & Hyperbaric Oxygen Equipment
• Electric Stimulation Devices
• Pressure Relief Devices
• Others

By Application

• Chronic Wounds
  • Diabetic foot ulcers
  • Pressure ulcers
  • Venous leg ulcers
  • Other chronic wounds
• Acute Wounds
  • Surgical & traumatic wounds
  • Burns

By End-user

• Hospitals
• Homecare Settings
• Clinics
• Others

Drivers

Rise in prevalence of chronic ailments

The rise in prevalence of chronic ailments, such as diabetes, obesity, and cardiovascular diseases, drives the wound care market by increasing the incidence of chronic wounds. These conditions can lead to poor circulation, nerve damage, and impaired healing, resulting in complex wounds that require advanced care.

The growing number of patients with chronic ailments fuels demand for wound care devices, including dressing, therapies, and support systems. As per the report published by the Centers for Disease Control and Prevention in July 2024, obesity impacts almost 20% children and 42% adults in the US, putting them at risk of chronic ailments such as heart disease, type 2 diabetes, and some cancers. Obesity costs the US healthcare system almost US$173 billion every year.

Restraints

High Cost of Devices

Inadequate reimbursement policies significantly impact the wound care devices market. The high cost of advanced wound care devices restricts adoption, especially in emerging countries like China and India. Limited insurance coverage and insufficient reimbursement rates further limit treatment options for patients. Additionally, reimbursement policies that fail to account for long-term cost-savings of advanced wound care devices can make them less appealing to people.

The factors are anticipated to impede the market during the assessment period. According to mtaa.org, the cost of wound care in the Australian healthcare system is close to US$2-4 billion every year. The pressure ulcers alone build up a bill of US$286 million annually. These numbers cover the hospitalisation costs only.

Opportunities

Launch of Technologically Advanced Wound Care Devices

Technological advancements in wound care devices not only enhance the user experience but also offer improved patient outcomes. The integration with technologies such as bioelectronics, biotechnology, and artificial intelligence accelerates wound healing and reduces the chance of complication, thereby significantly improving the quality of life for the patient.

Through the adoption of cutting-edge technology, manufacturers can increase their product demand and stay ahead of the curve. These factors are anticipated to create lucrative prospects for the market. According to an article published in February 2024 by the Times of India, AIIMS has developed a cost-effective wound healing device that has a combination of oxygen delivery and negative pressure. The device reduces infection, reduces edema, and promotes wound contraction.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors exert a significant influence on the Wound Care Devices market, shaping its growth trajectory and dynamics. Macroeconomic factors such as economic growth, increasing healthcare expenditure, and inflation have a positive impact on the market.

These factors influence the demand and affordability of wound care devices. Geopolitical factors such as trade wars and tariffs lead to supply chain disruption and increment in costs. However, globalization and trade agreements provide access to new markets and technologies, creating lucrative prospects for the market.

Latest Trends

Rise in the number of ambulatory surgical centers (ASCs)

The growing number of ambulatory surgical centers (ASCs) is expected to create lucrative prospects for the market. ASCs perform a growing number of surgical procedures, resulting in a higher number of wounds requiring post-operative care. This shift toward outpatient surgery creates a need for effective and efficient wound care devices that can be used in non-hospital settings.

As per the data from Surgical Information Systems, the number of all the medicare-certified ASCs in the US is more than 6,300. The number of ambulatory surgical center operating rooms (ORs) are more than 18,000.

Regional Analysis

North America is leading the Wound Care Devices Market

North America dominated the market with the highest revenue share of 41.6% owing to a large population base, particularly in countries such as the US. Additionally, the geriatric population in North America is at a higher risk of wounds, further driving the market.

For instance, according to the data published by census.gov in June 2024, during the period from 2020 to 2023, the population of adults aged 65 and over in the United States experienced a remarkable growth of 9.4%, reaching approximately 59.2 million. This increase was observed in all U.S. metro areas except for Eagle Pass, Texas. Furthermore, the increasing number of road accidents and the availability of skilled healthcare professionals in the region contribute to the demand for wound care devices.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

The Asia Pacific region is projected to experience the highest growth in the wound care devices market during the forecast period. Developing economies such as China, India, and Japan play a significant role in boosting the market in this region. Lifestyle changes have led to an increase in chronic diseases, driving the demand for wound care solutions. Technological advancements, a growing geriatric population, and the rising prevalence of chronic conditions, such as diabetes and cancer further contribute to the regional market’s growth.

Additionally, medical tourism in Asia-Pacific has increased the demand for wound care devices. Overall, Asia-Pacific is poised to witness the fastest growth in this market. As per the report of the World Economic Forum published in October 2023, Asia Pacific currently accounts for 45% of all breast cancer cases in the world and 58% of deaths caused by cervical cancer worldwide. The wound care devices are used post-cancer surgeries to prevent infection and strengthen wound closure.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The major players in the Wound Care Devices market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. These key players focus on entering new markets, particularly in emerging economies, to capitalize on the growing demand. They also focus on establishing partnerships with healthcare providers, research institutions, and organizations to promote products and advance research.

Top Key Players

• Talley Group Ltd
• Smith & Nephew
• Medela AG
• Devon Medical Products
• DeRoyal Industries, Inc.
• ConvaTec Inc.
• Cardinal Health
• BSN Medical
• 3M

Recent Developments

• In January 2024, the Medical Solutions Division of 3M Health Care was granted US$ 34.2 million by the US Army Medical Research Acquisition Activity for the development of a wide range of effective solutions for wound management, infection prevention, and wound healing. The program is focused on the development of devices and strategies that can be used in extreme settings, particularly the ones related to delayed evacuation and mass casualty situations.
• In October 2023, Smith & Nephew, one of the prominent market players, launched more than 20 new products in wound care, orthopedics, and sports medicine. The company is implementing advanced technology to develop better devices and solutions, improving the outcomes for patients.

Report Scope