As the general population gets older and older, it should come as no surprise that spending related to wound care is at an all-time high worldwide.
According to a press release from Research and Markets, the global wound care market was $19.8 billion in 2019, and it is forecasted to grow to $24.8 billion by 2024.
Warren Center for Rehabilitation and Nursing would like to go over the reasons for the expected growth.
The release states increasing prevalence of conditions (like diabetes) that slow wound healing capabilities, an increase in auto accidents and injuries, and the growing use of regenerative medicine as the primary reasons for the growth of the wound care industry.
What Does the Wound Care Industry Consist of?
The wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products that can be used in the home. It’s expected that by 2024, advanced wound care will be the fastest-growing segment due to an increase in hard-to-heal wounds.
Currently, the largest segment of the wound care market that’s based on wound type is diabetic foot ulcers. Other types include surgical and traumatic wounds, venous leg ulcers, and burns.
What is the Largest-growing Segment that Uses Wound Care Products?
Based on users, the home care market is expected to see the largest amount of growth by 2024 (other users include hospitals and clinics and long-term care facilities). Home care is expected to rise due to the increase of chronic diseases and more people forgoing traditional out- or in-patient care and opting for home health instead.
In a footnote, North America (which includes the United States and Canada, for the purposes of this study) accounts for the largest share of the wound care market in the world due to a rising senior population, the rise of diseases like diabetes, but also the presence of major manufacturers in the region and easier access to advanced care products and technologies.
To learn more about Warren Center for Rehabilitation and Nursing and all of the services they offer, visit https://centershealthcare.com/warren_center/.