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Wound Therapy Devices Market - A Global and Regional Analysis: Focus on Product, Region, Country-Level Analysis, and Competitive Landscape - Analysis and Forecast, 2023-2030

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    Report

  • 54 Pages
  • June 2024
  • Region: Global
  • BIS Research
  • ID: 5976047
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The global wound therapy devices market, valued at $4.59 billion in 2022, is on a trajectory of robust growth and is anticipated to reach $6.47 billion by 2030. This market is expected to expand at a compound annual growth rate (CAGR) of 4.42% between 2023 and 2030. Such growth is propelled by the rising geriatric population, higher incidence of chronic diseases and acute wounds, and rising need for advanced devices such as NPWT among patients.

Market Introduction

Wound therapy devices encompass a range of medical instruments and technologies designed to manage and facilitate the healing process of different types of wounds. These devices are integral to modern wound care practices, offering targeted treatments that promote tissue repair, reduce complications, and improve patient outcomes. From negative pressure wound therapy (NPWT) systems that apply controlled suction to advanced wound dressings with specialized features such as antimicrobial properties and moisture control, these devices cater to a diverse array of wound types and patient needs. One recent development that has taken place in the market was in April 2023, Sky Medical Technology Ltd. announced the availability of its flagship product, the geko device, on the Government of India e-Marketplace (GeM) procurement portal, providing government hospitals across the country access to Geko device.

Market Segmentation:

Segmentation 1: by Product

  • Negative Pressure Wound Therapy (NPWT)
  • Hyperbaric Oxygen Therapy (HBOT)
  • Offloading Devices
  • Electrical Stimulation
  • Compression Bandages

Based on product, the wound therapy devices market is led by negative pressure wound therapy (NPWT), which held a 44.47% share in 2022.

Segmentation 2: by Region

  • North America: U.S., and Canada
  • Europe: U.K., Germany, France, Italy, Spain, Netherlands, Switzerland, Russian Federation, Turkey, Poland, Belgium, Sweden, Ireland, Norway, Austria, Denmark, Finland, Portugal, Czech Republic, Romania, Greece, Slovakia, and Ukraine
  • Asia-Pacific: Japan, China, India, South Korea, Australia, Malaysia, and Thailand
  • Latin America: Brazil, Mexico, Colombia, Argentina, and Chile
  • Rest-of-the-World

The global wound therapy devices Market is projected to grow from $4,595.3 million in 2022 to $6,473.5 million by 2030 at a CAGR of 4.42%. Regionally, North America is expected to maintain a dominant position through a steady compound annual growth rate (CAGR) of 3.44% from 2023 to 2030. This sustained growth can be attributed to the region's advanced healthcare infrastructure, widespread awareness of wound management, and a notable increase in chronic wounds among its aging populace. The emphasis on R&D in North America has also facilitated the emergence of innovative wound therapy device products, supported by a strong regulatory environment and healthcare policies favoring advanced wound care solutions. Latin America and the Rest-of-the-World regions are projected to experience the highest growth rates, with CAGRs of 6.22% and 6.37% respectively, indicating a rapidly expanding market presence. These regions' growth is likely driven by improving healthcare infrastructure, rising awareness of effective wound care, and increasing accessibility to advanced medical treatments. These dynamics underscore the expanding global need for effective wound care solutions and the significant opportunities for market players across diverse healthcare landscapes.

Recent Developments in the Wound Therapy Devices Market

  • In November 2022, Medela LLC announced a partnership with MedPro Healthcare Sales Solutions aimed at expanding access to Medela’s suite of wound therapy systems. This collaborative effort would strengthen Medela's presence by providing nationwide coverage through 60 skilled account managers who would support acute, post-acute, and government channels.
  • In December 2022, Firstkind Ltd, a Sky Medical Technology subsidiary, and Al Raya Medical Equipment signed an exclusive distributor agreement for the Geko device in Qatar.

How can this Report add value to an Organization?

Product/Innovation Strategy: The report can highlight current market gaps and emerging patient needs, guiding companies in developing new products or enhancing existing offerings.

Growth/Marketing Strategy: Regional analysis offers insights into market size, growth rates, and competitive landscapes across different territories, assisting in strategic planning for geographic expansion or consolidation.

Competitive Strategy: Understanding future market trends and growth forecasts allows companies to anticipate changes in the competitive landscape, adjust their strategies accordingly, and identify early opportunities for innovation and expansion.

Methodology

Key Considerations and Assumptions in Market Engineering and Validation

  • The base year considered for the calculation of the market size is 2022. A historical year analysis has been done for the period FY2019-FY2021. The market size has been estimated for FY2022 and projected for the period FY2023-FY2030
  • The scope of this report has been carefully derived based on interactions with experts in different companies across the world. This report provides a market study of upstream and downstream products of wound therapy devices.
  • The market contribution of wound therapy devices anticipated to be launched in the future has been calculated based on the historical analysis of the solutions.
  • Revenues of the companies have been referenced from their annual reports for FY2022 and FY2023. For private companies, revenues have been estimated based on factors such as inputs obtained from primary research, funding history, market collaborations, and operational history.
  • The market has been mapped based on the available wound therapy device solutions. All the key companies with significant offerings in this field have been considered and profiled in this report.

Primary Research:

The primary sources involve industry experts in wound therapy devices, including the market players offering products and services. Resources such as CEOs, vice presidents, marketing directors, and salespersons have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.

The key data points taken from the primary sources include:

  • Validation and triangulation of all the numbers and graphs
  • Validation of the report’s segmentation and key qualitative findings
  • Understanding the competitive landscape and business model
  • Current and proposed production values of a product by market players
  • Percentage split of individual markets for regional analysis

Secondary Research:

Open Sources

  • Certified publications, articles from recognized authors, white papers, directories, and major databases, among others
  • Annual reports, SEC filings, and investor presentations of the leading market players
  • Company websites and detailed study of their product portfolio
  • Gold standard magazines, journals, white papers, press releases, and news articles
  • Paid databases

The key data points taken from the secondary sources include:

  • Segmentations and percentage shares
  • Data for market value
  • Key industry trends of the top players of the market
  • Qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
  • Quantitative data for mathematical and statistical calculations

Key Market Players and Competition Synopsis

The global competitive landscape of the wound therapy devices market is defined by the presence of several key players, each contributing to the market's growth through innovation, business expansion, funding, strategic partnerships, and a focus on expanding product portfolios. Leading companies in this space are distinguished by their commitment to research and development, which enables them to introduce advanced wound care solutions that address a range of needs, from basic wound protection to complex wound management scenarios.

Some prominent names established in this market are:

  • 3M
  • Smith & Nephew plc.
  • DeRoyal Industries, Inc.
  • AccelHeal
  • Sky Medical Technology Ltd.
  • Getinge AB
  • Medline Industries
  • ConvaTec
  • Gentell
  • GWR Medical


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Table of Contents

Executive Summary
1 Markets
1.1 Product Definition
1.2 Inclusion and Exclusion Criteria
1.2.1 Inclusion
1.2.2 Exclusion Criteria
1.3 Key Questions Answered
1.4 Analysis and Forecast Note
1.5 Key Findings
2 Products
2.1 Product Segmentation
2.2 Product Summary
2.3 Global Wound Therapy Devices Market (by Product Type)
2.3.1 Negative Pressure Wound Therapy (NPWT)
2.3.2 Hyperbaric Oxygen Therapy (HBOT)
2.3.3 Electrical Simulation
2.3.4 Offloading Devices
2.3.5 Compression Bandages
3 Regions
3.1 Regional Summary
3.2 North America
3.2.1 U.S.
3.2.2 Canada
3.3 Latin America
3.3.1 Argentina
3.3.2 Brazil
3.3.3 Chile
3.3.4 Colombia
3.3.5 Mexico
3.4 Europe
3.4.1 France
3.4.2 U.K.
3.4.3 Spain
3.4.4 Italy
3.4.5 Portugal
3.4.6 Netherlands
3.4.7 Ireland
3.4.8 Belgium
3.4.9 Switzerland
3.4.10 Norway
3.4.11 Denmark
3.4.12 Sweden
3.4.13 Finland
3.4.14 Germany
3.4.15 Czech Republic
3.4.16 Russia Federation
3.4.17 Poland
3.4.18 Austria
3.4.19 Romania
3.4.20 Slovakia
3.4.21 Greece
3.4.22 Turkey
3.4.23 Ukraine
3.5 Asia-Pacific
3.5.1 Australia
3.5.2 Japan
3.5.3 Malaysia
3.5.4 China
3.5.5 India
3.5.6 Thailand
3.5.7 South Korea
3.6 Rest-of-the-World
4 Markets - Competitive Benchmarking
4.1 Key Strategies and Developments
4.2 Key Companies Ecosystem
5 Research Methodology
5.1 Data Sources
5.1.1 Primary Data Sources
5.1.2 Secondary Data Sources
5.1.3 Data Triangulation
5.2 Market Estimation and Forecast
List of Figures
Figure 1: Global Wound Therapy Devices Market, $Million, 2022, 2026, and 2030
Figure 2: Global Wound Therapy Devices Market (by Product), $Million, 2022, 2026, and 2033
Figure 3: Global Wound Therapy Devices Market (by Region), $Million, 2022, 2026, and 2033
Figure 4: Key Industrial Trends in Global Wound Therapy Devices Market, 2023
Figure 5: Strategic Initiatives, 2021-2024
Figure 6: Share of Strategic Initiatives, 2021-2024
Figure 7: Data Triangulation
Figure 8: Top-Down and Bottom-Up Approach
Figure 9: Assumptions and Limitations
List of Tables
Table 1: Market Snapshot
Table 2: Global Wound Therapy Devices Market, Opportunities
Table 3: Global Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 4: Global Wound Therapy Devices Market (by Region), $Million, 2021-2030
Table 5: North America Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 6: U.S. Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 7: Canada Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 8: Latin America Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 9: Argentina Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 10: Brazil Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 11: Chile Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 12: Colombia Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 13: Mexico Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 14: Europe Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 15: France Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 16: U.K. Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 17: Spain Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 18: Italy Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 19: Portugal Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 20: Netherlands Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 21: Ireland Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 22: Belgium Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 23: Switzerland Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 24: Norway Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 25: Denmark Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 26: Sweden Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 27: Finland Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 28: Germany Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 29: Czech Republic Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 30: Russia Federation Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 31: Poland Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 32: Austria Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 33: Romania Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 34: Slovakia Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 35: Greece Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 36: Turkey Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 37: Ukraine Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 38: Asia-Pacific Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 39: Australia Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 40: Japan Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 41: Malaysia Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 42: China Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 43: India Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 44: Thailand Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 45: South Korea Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 46: Rest-of-the-World Wound Therapy Devices Market (by Product), $Million, 2021-2030
Table 47: Key Companies, Global Wound Therapy Devices Market

Companies Mentioned

  • 3M
  • Smith & Nephew plc.
  • DeRoyal Industries, Inc.
  • AccelHeal
  • Sky Medical Technology Ltd.
  • Getinge AB
  • Medline Industries
  • ConvaTec
  • Gentell
  • GWR Medical

Table Information