Market Size of Patch Based Wound Healing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Patch Based Wound Healing Market Analysis
The patch-based wound healing market is expected to register a CAGR of 4.0% during the forecast period.
The COVID-19 pandemic impacted the growth of the patch-based wound healing market. The declined number of transport injuries and burns, as well as elective surgeries cases, due to the lockdown measures imposed by the government across the countries, reduced the demand for wound healing patches during the pandemic. Due to the pandemic and associated restrictions, healthcare settings such as hospitals and specialty clinics temporarily closed their wound care services. According to an article published by the Dermatological Practical and Conceptual in January 2021, the outbreak had a detrimental impact on the majority of dermatology services, leading to a considerable decrease in the amount of time spent consulting with chronic patients suffering from diabetic ulcers. Thus, the decreased consulting time spent with chronic patients resulted in a significant drop in patient visits, which also impacted the demand for treatment and services related to wounds and reduced the demand for patches. However, resumed services and the high number of road accidents increased patient visits to hospitals and clinics, which further propelled the demand for various types of patches, such as collagen formulation patches, povidone-iodine formulation patches, and other patches. Thus, the studied market is expected to regain its full potential in the next 2-3 years.
Factors such as the increasing geriatric population and rising prevalence of diabetes, accidents, and burns, along with new product launches with advanced technologies and a preference for instant wound healing products, are boosting the market's growth.
The rising number of accidents and burn cases is the key factor driving the demand for various types of wound-healing patches. As per the StatBel statistics published in June 2022, there were 34,640 road traffic accidents in 2021, bringing the total casualties to 42,566, including 38,952 slightly injured and 3,098 seriously injured, in Belgium. As per an article published in the JFPMC in March 2022, about 1 million cases of moderate to severe burn injuries requiring high-quality medical care are recorded annually in India. Thus, the high burden of accidents and burns among the population may lead to minor or major wounds that need the care to prevent infection. This trend is expected to increase the demand for wound healing patches, propelling the market's growth.
Increasing government initiatives to launch awareness programs are also contributing to the market's growth. For instance, Wounds Australia developed the Wound Awareness Week (WAW21) campaign in 2021 to educate people regarding chronic wound complications and raise awareness about the risks, warning signs, and treatments. In 2022, the campaign focused on the solutions needed to drive national change for those living with wounds.
Therefore, owing to these factors, the studied market is expected to grow over the forecast period. However, the highly expensive procedures and treatment and unfavorable reimbursement policies are expected to restrain the growth of the patch-based wound healing market over the forecast period.
