Wound Management Market Size

Wound Care Management Market Analysis

The Wound Management Market size is estimated at USD 11.70 billion in 2024, and is expected to reach USD 14.11 billion by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).

The COVID-19 outbreak impacted the wound care management market. It affected the global economy and greatly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals. For instance, according to the NCBI research article published in September 2021, a significant percentage of patients with chronic wounds delayed preventative and emergent wound care during the pandemic. In addition, during the pandemic, huge importance was placed on wound care to prevent serious wound complications by minimizing hospitalizations and surgeries. For instance, an article published by UpToDate Inc. in June 2022 stated that the delivery of wound care, which should be regarded as an essential medical service, shifted during the COVID-19 pandemic. Thus, the low availability of wound care management services during the pandemic adversely impacted the market. However, with a decrease in COVID-19 cases and the resumption of healthcare services, the market has started to gain traction and is expected to continue the upward trend over the forecast period.

The increasing incidences of chronic wounds, ulcers, and diabetic ulcers, the rising volume of surgical procedures worldwide, and the increasing product advancements are the major factors propelling the market's growth. Diabetes is a major wound-causing disease, along with other chronic diseases. The incidence of chronic wounds, especially foot ulcers, is increasing among the diabetic population. As per the International Diabetes Federation (IDF) report 2021, there were around 537.0 million people with diabetes worldwide. The same report suggested that the number of people with diabetes is increasing drastically every year, contributing to the high incidence of diabetic ulcers. With rising cases of ulcers, the demand for wound care management is expected to rise, thus contributing to the market's growth over the forecast period.

The increasing geriatric population is also propelling the demand for wound care management. For instance, as per Germany Federal Statistical Office 2021 report, there were about 83.0 million people in Germany, of which 16.2 million people were above 67 years of age. This number is projected to reach 21.4 million by 2040. Since the elderly population is more prone to chronic diseases like diabetes and diabetic foot ulcers, the increasing geriatric population is anticipated to surge the market's growth. With an increasing number of older people across major countries, the need for wound management related to diabetes and other chronic conditions is expected to increase. Thus, considerable market growth is expected over the forecast period.

However, the lack of reimbursement policies and high treatment costs may hinder the market's growth over the forecast period.