The global wound care market is growing at a compound annual growth rate of over 5% during the forecast period 2019–2024, according to a report released by Research and Markets, which touts itself as the “world’s largest market research store.”
The adoption of wound-care biologics, which assist in wound healing, is contributing to the growth of the global wound care market. And antimicrobial agents such as chlorhexidine, maggots, silver, iodine and honey increasingly are becoming important.
Beyond wound-care biologics, other factors contributing to the growth of the wound care market during the forecast period are the emergence of stem cell therapy for wound healing, new product approvals/launches and an increasing number of surgical procedures, the report said.
Helping to drive the growth of the advanced wound care market is an increase in the geriatric population as diabetes and other diseases are more prevalent in this age group. Moreover, the long-term care facilities segment is “growing at a steady pace because of the growing incidence of chronic wounds due to the increase in chronic diseases such as diabetes,” according to the report.
The report notes that the global wound care market is highly competitive with more than 400 vendors providing an array of wound care products worldwide. Large and diversified companies account for 48% of the market share.