The patch-based wound healing market is expected to register a CAGR of 4.0% during the forecast period.
The COVID-19 pandemic impacted the growth of the patch-based wound healing market. The declined number of transport injuries and burns, as well as elective surgeries cases, due to the lockdown measures imposed by the government across the countries, reduced the demand for wound healing patches during the pandemic. Due to the pandemic and associated restrictions, healthcare settings such as hospitals and specialty clinics temporarily closed their wound care services. According to an article published by the Dermatological Practical and Conceptual in January 2021, the outbreak had a detrimental impact on the majority of dermatology services, leading to a considerable decrease in the amount of time spent consulting with chronic patients suffering from diabetic ulcers. Thus, the decreased consulting time spent with chronic patients resulted in a significant drop in patient visits, which also impacted the demand for treatment and services related to wounds and reduced the demand for patches. However, resumed services and the high number of road accidents increased patient visits to hospitals and clinics, which further propelled the demand for various types of patches, such as collagen formulation patches, povidone-iodine formulation patches, and other patches. Thus, the studied market is expected to regain its full potential in the next 2-3 years.
Factors such as the increasing geriatric population and rising prevalence of diabetes, accidents, and burns, along with new product launches with advanced technologies and a preference for instant wound healing products, are boosting the market’s growth.
The rising number of accidents and burn cases is the key factor driving the demand for various types of wound-healing patches. As per the StatBel statistics published in June 2022, there were 34,640 road traffic accidents in 2021, bringing the total casualties to 42,566, including 38,952 slightly injured and 3,098 seriously injured, in Belgium. As per an article published in the JFPMC in March 2022, about 1 million cases of moderate to severe burn injuries requiring high-quality medical care are recorded annually in India. Thus, the high burden of accidents and burns among the population may lead to minor or major wounds that need the care to prevent infection. This trend is expected to increase the demand for wound healing patches, propelling the market’s growth.
Increasing government initiatives to launch awareness programs are also contributing to the market’s growth. For instance, Wounds Australia developed the Wound Awareness Week (WAW21) campaign in 2021 to educate people regarding chronic wound complications and raise awareness about the risks, warning signs, and treatments. In 2022, the campaign focused on the solutions needed to drive national change for those living with wounds.
Therefore, owing to these factors, the studied market is expected to grow over the forecast period. However, the highly expensive procedures and treatment and unfavorable reimbursement policies are expected to restrain the growth of the patch-based wound healing market over the forecast period.
According to an article published in the Polymers in June 2021, collagen proteins are the most popular component of hydrogels used as topical drug carriers and wound dressings as they are not only a biocompatible and biodegradable component of the human extracellular matrix (ECM) but also actively contribute to wound healing. Thus, the high demand for these patches can be attributed to their antimicrobial properties, which increase safety and offer several benefits like fibroblast production, prompting the growth of newer collagen on the wound and speeding up healing, as well as maintaining a healthy temperature on the wound, thereby boosting the market growth.
The increasing number of diabetic people are at high risk of developing diabetic wounds or ulcers that heal slowly, which increases the risk of infections and severe complications. This factor is anticipated to fuel the demand for patches that help in faster healing, thereby fueling the market’s growth. For instance, according to an article published in NLM in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. As per the 2022 statistics published by IDF, about 537 people had diabetes globally in 2021, and this number is expected to increase to 643 million and 783 million by 2030 and 2045, respectively. Thus, the expected increase in the population suffering from diabetes further increases the demand for wound-healing patches.
Therefore, the rising diabetes population and increasing adoption of collagen-based wound healing patches are expected to boost the studied market over the forecast period.
The growing prevalence of diabetes among the population increases the risk of developing diabetic wounds and ulcers while also increasing spending on healthcare management. For instance, according to 2022 statistics published by IDF, about 32.2 million people in the United States had diabetes, which may grow to 36.3 million by 2045. As per the same source, about 2.9 million people in Canada and 14.1 million people in Mexico had diabetes in 2021, and this number is projected to reach 3.4 million by 2045.
As per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 were admitted to a hospital or treated in an emergency department due to fire or burn injuries each year. Fires and burns were the fifth leading cause of unintentional injury-related deaths in people aged 1-19 in the United States. A high incidence of burns is likely to drive the demand for patches for faster healing of burns, which may fuel the market over the forecast period.
According to the US NHTSA 2021 data, an estimated 20,070 traffic fatalities were recorded in the first half of 2021 in the United States, an increase of 18.4% from the previous year. The high number of road accidents may lead to severe injuries, increasing the demand for wound-healing patches and boosting the market’s growth.
Therefore, the increasing burden of diabetes and the rising number of accidents and burn cases in the region are expected to boost the market’s growth over the forecast period.
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The COVID-19 pandemic impacted the growth of the patch-based wound healing market. The declined number of transport injuries and burns, as well as elective surgeries cases, due to the lockdown measures imposed by the government across the countries, reduced the demand for wound healing patches during the pandemic. Due to the pandemic and associated restrictions, healthcare settings such as hospitals and specialty clinics temporarily closed their wound care services. According to an article published by the Dermatological Practical and Conceptual in January 2021, the outbreak had a detrimental impact on the majority of dermatology services, leading to a considerable decrease in the amount of time spent consulting with chronic patients suffering from diabetic ulcers. Thus, the decreased consulting time spent with chronic patients resulted in a significant drop in patient visits, which also impacted the demand for treatment and services related to wounds and reduced the demand for patches. However, resumed services and the high number of road accidents increased patient visits to hospitals and clinics, which further propelled the demand for various types of patches, such as collagen formulation patches, povidone-iodine formulation patches, and other patches. Thus, the studied market is expected to regain its full potential in the next 2-3 years.
Factors such as the increasing geriatric population and rising prevalence of diabetes, accidents, and burns, along with new product launches with advanced technologies and a preference for instant wound healing products, are boosting the market’s growth.
The rising number of accidents and burn cases is the key factor driving the demand for various types of wound-healing patches. As per the StatBel statistics published in June 2022, there were 34,640 road traffic accidents in 2021, bringing the total casualties to 42,566, including 38,952 slightly injured and 3,098 seriously injured, in Belgium. As per an article published in the JFPMC in March 2022, about 1 million cases of moderate to severe burn injuries requiring high-quality medical care are recorded annually in India. Thus, the high burden of accidents and burns among the population may lead to minor or major wounds that need the care to prevent infection. This trend is expected to increase the demand for wound healing patches, propelling the market’s growth.
Increasing government initiatives to launch awareness programs are also contributing to the market’s growth. For instance, Wounds Australia developed the Wound Awareness Week (WAW21) campaign in 2021 to educate people regarding chronic wound complications and raise awareness about the risks, warning signs, and treatments. In 2022, the campaign focused on the solutions needed to drive national change for those living with wounds.
Therefore, owing to these factors, the studied market is expected to grow over the forecast period. However, the highly expensive procedures and treatment and unfavorable reimbursement policies are expected to restrain the growth of the patch-based wound healing market over the forecast period.
Key Market Trends
Collagen Formulation Patches are Expected to Witness Significant Growth During the Forecast Period
Collagen formulation patches are expected to witness significant growth in the patch-based wound healing market over the forecast period due to a huge rise in the adoption of rapid wound healing products and rising diabetes and post-operative infections.According to an article published in the Polymers in June 2021, collagen proteins are the most popular component of hydrogels used as topical drug carriers and wound dressings as they are not only a biocompatible and biodegradable component of the human extracellular matrix (ECM) but also actively contribute to wound healing. Thus, the high demand for these patches can be attributed to their antimicrobial properties, which increase safety and offer several benefits like fibroblast production, prompting the growth of newer collagen on the wound and speeding up healing, as well as maintaining a healthy temperature on the wound, thereby boosting the market growth.
The increasing number of diabetic people are at high risk of developing diabetic wounds or ulcers that heal slowly, which increases the risk of infections and severe complications. This factor is anticipated to fuel the demand for patches that help in faster healing, thereby fueling the market’s growth. For instance, according to an article published in NLM in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. As per the 2022 statistics published by IDF, about 537 people had diabetes globally in 2021, and this number is expected to increase to 643 million and 783 million by 2030 and 2045, respectively. Thus, the expected increase in the population suffering from diabetes further increases the demand for wound-healing patches.
Therefore, the rising diabetes population and increasing adoption of collagen-based wound healing patches are expected to boost the studied market over the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
North America is expected to witness significant growth in the patch-based wound healing market over the forecast period due to the increasing burden of accidents and burns, the growing geriatric population, and the rising diabetes population in the region.The growing prevalence of diabetes among the population increases the risk of developing diabetic wounds and ulcers while also increasing spending on healthcare management. For instance, according to 2022 statistics published by IDF, about 32.2 million people in the United States had diabetes, which may grow to 36.3 million by 2045. As per the same source, about 2.9 million people in Canada and 14.1 million people in Mexico had diabetes in 2021, and this number is projected to reach 3.4 million by 2045.
As per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 were admitted to a hospital or treated in an emergency department due to fire or burn injuries each year. Fires and burns were the fifth leading cause of unintentional injury-related deaths in people aged 1-19 in the United States. A high incidence of burns is likely to drive the demand for patches for faster healing of burns, which may fuel the market over the forecast period.
According to the US NHTSA 2021 data, an estimated 20,070 traffic fatalities were recorded in the first half of 2021 in the United States, an increase of 18.4% from the previous year. The high number of road accidents may lead to severe injuries, increasing the demand for wound-healing patches and boosting the market’s growth.
Therefore, the increasing burden of diabetes and the rising number of accidents and burn cases in the region are expected to boost the market’s growth over the forecast period.
Competitive Landscape
The patch-based wound healing market is moderately competitive and consists of several major players. Some major players are making acquisitions with other companies to consolidate their market positions across the world, while others are launching new products with advanced technologies to enhance the safety and quicker healing of wounds. Some of the companies currently dominating the market are ConvaTec Inc., Human BioSciences Inc., Molnlycke Health Care AB, 3M Company, and Smith & Nephew.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ConvaTec Inc.
- Human BioSciences Inc.
- Molnlycke Health Care AB
- 3M
- Smith & Nephew
- Integra Lifesciences
- B. Braun SE
- Coloplast Corp.
- Essity AB
- Hartmann Group
Methodology
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