Wound Care Centers Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Wound Care Centers Market


The global wound care centers market size was estimated at USD 34.5 billion in 2018. Increasing number of surgical procedures worldwide, along with growing geriatric population prone to various disorders, is anticipated to drive the market. In addition, growing number of conditions such as sun radiation sores, pressure sores, foot ulcers caused by diabetes, and disorders caused by bad blood circulation are expected to fuel the market in future.
According to the American Hospital Associations 2019 Hospital Statistics report, hospitals total outpatient revenue amounted to USD 472 billion in 2017, whereas total inpatient revenue was USD 498 billion. The ratio of hospitals inpatient grew from 83% in 2013 to 95% in 2017. Such growing admission of wound patients in care centers is expected to increase the service demand, thereby driving the market over the forecast period.

Growing prevalence of diabetes is also expected to fuel the market over the next few years. According to the International Diabetes Federation, approximately 425 million adults in the age group 20-79 years suffered from diabetes in 2017 and this number is expected to cross 629 million by the end of 2045. Diabetic patients are expected to develop slow healing wounds, which can cause wounds to rot easily and cause various complications ranging from infection near the tissue or bone to life-threatening cases. For instance, foot ulcers due to diabetes are expected to affect 1 in 4 patients with diabetes, which, on progression, could lead to foot amputation. As per an article in the American Journal of Managed Care (AMJC), approximately 230 amputations due to diabetes are reported in the U.S.

Chronic wounds such as pressure ulcers, diabetic foot ulcers, and leg ulcers are some of the highly prevalent disorders observed among the elderly. As per the Journal of German Society of Dermatology, the number of people with venous leg ulcers was more than those with pressure ulcers. Venous leg ulcers caused by venous hypertension require long term stay in care centers. As per studies, one in 170 adults is affected by venous leg ulcers. Thus, growing prevalence of leg ulcers is expected to drive the market for wound care centers in future.

In addition, rising number of long term care patients in the U.S. is anticipated to propel the market over the forecast period. Long term care is an insurance-based service sold in the U.S. due to significant growth in the number of geriatric patients. According to the American Affairs Journal, approximately 11 million patients are currently utilizing long term care and this number is anticipated to double by the end of 2050. The population of individuals over 85 years of age is high in developed economies, increasing the incidence and prevalence of different chronic conditions.

Type Insights of Wound Care Centers Market

By type, the market is categorized into hospitals and clinics. The hospital segment led the market in 2018 and is expected to grow in the forthcoming years as well owing to well-established healthcare facilities and growing patient pool in developed economies. In addition, growing number of professional caregivers and staff in hospitals is expected to fuel the market for wound care centers in future.

Advancements in wound care centers is also driving the market. U.S. Wound & Podiatry Registry (USWR) has developed various risk-stratified wound healing quality techniques for venous leg ulcers (VLUs) and diabetic foot ulcers (DFUs) on account of its Qualified Clinical Data Registry (QCDR). The different intervention approaches used in care centers include compression bandaging, advanced dressings, cellular and/or tissue-based therapies, off-loading, negative pressure wound therapy, hyperbaric oxygen therapy, antibiotics, and debridement. This helps practitioners report the progress in healing rates as compared to earlier statistics.

The clinics segment is expected to grow considerably over the forecast period owing to high preference by patients due to growing number of hospital-acquired infections (HAI). Approximately more than 100,000 patients die from HAIs annually in the U.S. as compared to patients with wounds resulting from radiation, car accidents, and more.  In addition, growing number of wound care clinics and specialists is expected to drive segment growth. Wound care clinics are better equipped healthcare and easily accessible for ulcerative wounds and related long term wound treatment, according to patients.

Procedure Insights

By procedure, the wound care centers market is divided into debridement, negative pressure wound therapy, compression therapy, hyperbaric oxygen therapy, specialized dressings, and infection control. Specialized dressings captured a significant market share in 2018 owing growing introduction of new and effective products, such as biological skin products, skin substitute, and other complex dressing products. Growing number of skin substitutes procedures due to burn cases and increasing number of burn victims is expected to boost segment growth. Skin substitutes offer speedy wound healing,  require less vascularized wound bed, improve the dermal component of the healed wound, reduce inhibitory factors of wound healing process, and minimize subsequent scarring. These factors are anticipated to increase the demand for skin substitutes in care centers.

Negative pressure wound therapy is expected to grow lucratively over the forecast period owing to its increasing use in the management of various chronic and acute wounds in care centers. Negative pressure wound therapy is also known as vacuum-assisted wound closure, which constantly or periodically applies sub-atmospheric pressure to the wound surface. This pressure has various benefits on animals too. However, it is not used for all types of wounds since its clinical evidence has not been proven yet.

Regional Insights of Wound Care Centers Market

Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the maximum share in the market in 2018 and is expected to retain its lead over the forecast period as well owing to greater affordability of patients in treating pressure ulcers in healthcare centers. In addition, growing number of research and development activities associated with quick healing of wounds is expected to drive the market in the region.

Increased spending on pressure ulcers is also expected to drive the market in the region. In the U.S., approximately USD 11.0 billion is spent on the treatment of pressure ulcers in healthcare centers every year, with approximately USD 500-70,000 spent on a single wound. In addition, growing prevalence of obesity and cardiovascular disorders is predicted to fuel the market over the forecast period.

Asia Pacific is anticipated to be the fastest growing segment owing to a large geriatric population prone to various disorders. Moreover, rising number of surgeries in care centers, increasing healthcare expenditure, and growing awareness regarding wound care management among patients is driving the market. Large patient pool suffering from diabetes, cancer, and other conditions is another factor likely to propel the market.

Market Share Insights of Wound Care Centers Market

Key players in the market include Hologic, Woundtech, Oxyheal, Wound Care Advantage, Wound Care Specialists, RestorixHealth, Systagenix Wound Management Limited, and Molnlycke Health Care AB. These players are focusing on growth strategies such as new product development and mergers and acquisitions.

ARANZ Medical, a medical equipment supplier based in New Zealand, has developed a wide range of smartphone-based wound imaging products. In early 2018, the company launched two modernized smartphone-based imaging products: SilhouetteLite and SilhouetteLite+. These applications are easy to use, portable, offer high image consistency, and precision. Silhouette helps professionals in quantitative wound assessment at a faster speed. Whereas, the SilhouetteLite+ application is easy to use for multiple locations, which also helps in further analysis and reporting, besides consistency and security.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Wound Care Centers Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global wound care centers market report on the basis of type, procedure, and region:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
Clinics

Procedure Outlook (Revenue, USD Million, 2019 - 2030)

  
Debridement
  
Negative Pressure Wound Therapy
  
Compression Therapy
  
Hyperbaric Oxygen Therapy
  
Specialized Dressings
  
Infection Control