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The global wound care market is expected to reach USD 29.6 billion by 2030, expanding at a CAGR of 4.1% during the forecast period from 2022 to 2030. The major factors positively influencing the growth of wound care include the rapid increase in the aging population, the growing number of surgical cases, and s, and the rise in the number of diabetic patients globally. The rising number of chronic and acute wounds among people is highly impacting the global demand for wound care products.
In 2019, Aging Asia stated that nearly 10% of India’s total population, i.e. over 139 million people belonged to the senior citizen category of 60 years and above which is expected to increase up to 19.5% by 2050. This group of the population is highly susceptible to wounds and diseases that need care. Hence, the growing geriatric population is projected to drive market growth in the forthcoming years. The upgrading of healthcare infrastructure over a period of time, especially in countries like South Korea, India, and Africa, and Middle Eastern countries like the UAE and Saudi Arabia, is anticipated to significantly drive the market growth for wound care.
The unprecedented COVID-19 pandemic has negatively impacted market growth with a severe fall in demand for wound care across all regions. The global market witnessed a staggering growth of 3.1% in 2021 as compared to 2019. However, with the introduction of the COVID-19 vaccine and the removal of lockdown restrictions, the market is projected to propel during the forecast period.
Prevailing major health concerns like obesity and being overweight further lead to serious health complications like cardiovascular diseases and diabetes which are projected to fasten the demand for related surgeries, and bariatric procedures, hence propelling the market growth in the forthcoming years. In addition, the leading manufacturers of the wound care market are adopting strategies and initiatives like new product launches, geographic expansions, and partnerships, and merging.
Research Support Specialist, USA