Patch Based Wound Healing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Patch-based wound healing (PBWH) market studied was anticipated to grow with a CAGR of nearly 6.1%, during the forecast period. The major factors attributing to the growth of the market are the rise in the global prevalence of sports injuries, accidents, physical damages due to unintentional falls among the geriatric population. For instance, according to the Accident and Emergency (A&E) statistics for the year 2019, England has registered with the largest number of accident cases with over 3 million injuries representing the highest rate of attendance with just over 55,600 attendances for every 100,000 people indicating the higher demand for effective and quicker wound healing of the injuries driving the growth of the global market.

Key Market Trends

Collagen Formulation Patches are Expected to Hold the Largest Market Share in the Patch Based Wound Healing Market

Collagen formulation patches are expected to dominate the market throughout the forecast period owing to the huge rise in the adoption of rapid wound healing products due to the rise in diabetes and post-operative infections. Furthermore, the huge demand of these patches can be attributed to their antimicrobial nature which enhances the safety along with certain advantages like production of fibroblast which induces the growth of newer collagen on the wound promoting the quick healing along with maintaining a suitable temperature on wound fueling the growth of global patch-based wound healing market revenue during the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the overall patch-based wound healing market throughout the forecast period. The dominance is due to the rise in the prevalence of diabetes, burns, accidents leading to surgeries coupled with rising events of Surgical Site Infection (SSI) in the region necessitating effective management of these wounds. For instance, according to the Centers for Disease Control and Prevention survey report published in January 2020, SSI is the highest expensive healthcare-associated infection (HAI) type in the US, which accounted for an estimated annual cost of about USD 3.3 billion and affects more than 1 million additional inpatient-days annually which is expected to further drive the product demand in near future. Also, several factors such as rise in diabetic foot ulcers, venous leg ulcers which require faster healing of the wound along with increased awareness among the patients may favor the market in this region contributing for its outstanding global market share during the forecast period

Competitive Landscape

The Patch-based wound healing market is moderately competitive and consists of several major players. Few of the major players currently dominating the market are making acquisitions with the other companies to consolidate their market positions across the globe and while others are launching new products with advanced technologies to enhance the safety and quicker healing of wounds. For instance, in October 2019, 3M acquired Acelity Inc, a global med-tech company focused on advanced wound care products marketed under the KCI brand and expanded their medical and surgical wound care solutions which are expected to have a positive impact on the overall market growth. Some of the companies which are currently dominating the market are ConvaTec Inc, Human BioSciences Inc, Molnlycke Health Care AB, 3M, and Smith & Nephew.

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• The market estimate (ME) sheet in Excel format
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