Market Size of North America Wound Care Management Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 5.34 Billion |
Market Size (2029) | USD 6.34 Billion |
CAGR (2024 - 2029) | 3.50 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Wound Care Management Market Analysis
The North America Wound Care Management Market size is estimated at USD 5.34 billion in 2024, and is expected to reach USD 6.34 billion by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
The Covid-19 pandemic created havoc in the North American healthcare system and impacted the studied market diversly during the initial phase. However, there was increasing research on the impact of Covid-19 on wound care and management in North America. For instance, as per an article published in Advances in Wound Care (AWC) Journal in May 2021, comorbidities like diabetes, vascular issues, hypertension, and other disease are linked to chronic non-healing wounds (CNHW). These risk factors put people with CNHW at a high risk of experiencing severe and fatal results from infection with the coronavirus two pathogens. Such instances increased the need for wound care and management during the pandemic in North America, positively impacting the market growth. Additionally, with surgeries coming to standard terms as pre-pandemic days, the demand for wound care and wound closure products is increasing. Therefore, the pandemic has significantly and considerably impacted the studied market growth.
The increasing geriatric population and rising incidences of chronic wounds are the primary factors contributing to the market growth. For instance, according to an article published in the WRR journal in February 2022, the incidence of chronic wounds is high and increasing, while venous ulcers and active or healed wounds are present in 1% of the population in the United States. In addition, several other sources also mentioned that chronic injuries commonly occur in 1 to 2 per 100,000 population in the United States. This incidence will lead to increased adoption of wound care and management products in the United States, driving the growth of the studied market.
Furthermore, as per the ITF's road safety report-2021, Mexico recorded 13,630 road fatalities at a rate of 10.5 per 100,000 inhabitants in 2020. Therefore, the burden of road accident cases and injuries within Mexico is growing. As accidents and injuries require dressings and stitching for wound healing purposes, the burden of injuries in the country is estimated to boost the demand for wound closure and wound care products, which is expected to fuel the overall market growth.
Therefore, due to the factors mentioned above, the studied market is expected to grow significantly during the study period. However, the high cost of the procedures is expected to restrain the market growth.
North America Wound Care Management Industry Segmentation
As per the scope of the report, wound care management products are majorly used to treat complex wounds. Wounds and injuries are common afflictions that affect many people. The North America Wound Care Management Market is Segmented by Product (Wound Care and Wound Closure), Wound Type (Chronic Wound and Acute Wound), and Geography (United States, Canada, and Mexico). The report offers the value (in USD million) for the above segments.
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North America Wound Care Management Market Size Summary
The North America wound care management market is poised for significant growth over the forecast period, driven by several key factors. The increasing geriatric population and the rising incidence of chronic wounds are primary contributors to this market expansion. The demand for wound care and management products is further bolstered by the growing prevalence of injuries and trauma, particularly in the United States, where age-related injuries necessitate surgical interventions. The Covid-19 pandemic initially disrupted the healthcare system but ultimately highlighted the importance of wound care, as comorbidities linked to chronic non-healing wounds increased the risk of severe outcomes from infections. This led to a heightened demand for wound care products as surgeries resumed to pre-pandemic levels. Additionally, the burden of road accidents in Mexico is expected to drive the demand for wound closure and care products, further fueling market growth.
The competitive landscape of the North America wound care management market is characterized by the presence of several significant global players, such as 3M, Baxter, Coloplast, and Johnson & Johnson (Ethicon), among others. These companies are actively developing novel products and forming strategic partnerships to enhance their market presence. Innovations in wound care, such as the development of next-generation sutures that address tissue damage and offer additional benefits like drug delivery and infection prevention, are expected to drive segment growth. Educational initiatives, such as the Wound Care Champion Program in Ontario, aim to improve wound care knowledge among healthcare professionals, supporting market development. Despite the high cost of procedures posing a potential restraint, the overall market is anticipated to experience robust growth, particularly in the United States, due to the factors mentioned.
North America Wound Care Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in the Geriatric Population
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1.2.2 Rising Incidences of Chronic Wound
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1.3 Market Restraints
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1.3.1 High-cost and Risk associated with Advanced Products
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1.4 Porters Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Wound Care
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2.1.1.1 Dressing
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2.1.1.2 Bandages
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2.1.1.3 Topical Agents
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2.1.1.4 Wound Care Devices
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2.1.2 Wound Closure
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2.1.2.1 Suture
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2.1.2.2 Surgical Staplers
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2.1.2.3 Tissue Adhesive, Sealants and Glue
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2.2 By Wound Type
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2.2.1 Chronic Wound
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2.2.1.1 Diabetic Foot Ulcer
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2.2.1.2 Pressure Ulcer
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2.2.1.3 Arterial and Venous Ulcer
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2.2.1.4 Others
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2.2.2 Acute Wound
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2.2.2.1 Surgical Wounds
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2.2.2.2 Burns
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2.2.2.3 Others
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Wound Care Management Market Size FAQs
How big is the North America Wound Care Management Market?
The North America Wound Care Management Market size is expected to reach USD 5.34 billion in 2024 and grow at a CAGR of 3.5% to reach USD 6.34 billion by 2029.
What is the current North America Wound Care Management Market size?
In 2024, the North America Wound Care Management Market size is expected to reach USD 5.34 billion.