Topical Wound Agents Market
Number of pages: 100 | Report Format: PDF | Published date: February 21, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.8 billion |
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Revenue Forecast in 2030 |
US$ 3.97 billion |
|
CAGR |
9.2% |
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Base Year for Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global topical wound agents market was valued at US$ 1.8 billion in 2021 and is expected to register a revenue CAGR of 9.2% to reach US$ 3.97 billion by 2030.
Topical Wound Agents Market Fundamentals
The global topical wound agents market has been growing steadily in recent years and is expected to continue to do so in the coming years. The increasing incidence of chronic wounds and the rising development and adoption of advanced wound care products drive the global topical wound agents market revenue growth.
Geographically, the global topical wound agents market is dominated by North America, with the largest revenue share due to the high incidence of chronic wounds and the presence of major companies in the region. Moreover, the market in Asia Pacific is expected to register growth at the fastest revenue CAGR due to the increasing focus of regional governments on healthcare, the growing geriatric population, and rising investments in healthcare infrastructure.
Topical wound agents are medications or substances applied directly to a wound or the surrounding area to promote healing and prevent infection. These agents can come in different forms, such as creams, gels, sprays, and ointments. They can contain various active ingredients that serve several purposes. These products can include antimicrobial agents, debriding agents, moisture-retentive dressings, growth factors, and wound sealants.
Examples of topical wound agents include antiseptics, such as hydrogen peroxide or povidone-iodine, which disinfect the wound and prevent infection. Topical antibiotics, such as neomycin or bacitracin, may also prevent or treat infections. Other topical wound agents may contain corticosteroids, which can help reduce inflammation and itching or growth factors that promote tissue regeneration.
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Topical Wound Agents Market Dynamics
Chronic wounds, such as venous and diabetic foot ulcers, are becoming increasingly common due to factors such as an aging population, rising rates of diabetes and obesity, and an increase in chronic diseases. This has led to a growing demand for topical wound agents that can effectively treat these wounds. The development of new wound care products and technologies, such as advanced dressings, negative pressure wound therapy, and bioactive wound care products, drive revenue growth in the topical wound agents market. The increased popularity of advanced wound care products, such as bioactive dressings and growth factors, leads to a higher demand for topical wound agents that combine cutting-edge technologies, propelling the global topical wound agents market revenue growth. Healthcare expenditure is increasing globally, with many governments investing more in healthcare infrastructure and programs, driving the demand for chronic wound care products, including topical wound agents.
A growing awareness among the general public about the importance of wound care and the need to treat wounds quickly and effectively and prevent complications is fueling the market revenue growth. Moreover, the demand for topical wound agents is rising as patients have become more proactive in personal health management.
However, the reimbursement for topical wound agents can be limited, which may make it difficult for some patients to access these products, restricting the topical wound agents market revenue growth. The wound care industry is subject to stringent regulatory requirements, which can increase the time and cost involved in bringing new products to the market, leading to sluggish revenue growth of the topical wound agents market.
Topical Wound Agents Market Ecosystem
The global topical wound agents market is analyzed from three perspectives: product, application, end-user, and region.
Topical Wound Agents Market by Product
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Based on the product, the global topical wound agents market is segmented into gels, creams, sprays, and others.
The gels segment dominated the topical wound agents market with the largest revenue share in 2021. Gels are easy to apply and do not require special training, making them a popular choice among healthcare providers and patients, thus driving the segment revenue growth. Gels promote wound healing by providing a moist environment that helps prevent infection and facilitate tissue regeneration. Moreover, gels can treat a wide range of wound types, including burns, abrasions, and surgical wounds, making them a versatile option for healthcare providers and boosting segmental growth. Additionally, gels can help reduce pain and discomfort associated with wounds, improving patient comfort and satisfaction, which is also expected to propel the segment revenue growth.
Topical Wound Agents Market by Application
Based on the application, the global topical wound agents market is segmented into chronic wounds and acute wounds.
The acute wounds segment accounted for the largest revenue share of the topical wound agents market in 2021. The acute wounds segment is further sub-segmented into surgical & traumatic wounds and burns. Acute wounds are more common than chronic ones, hence dominating the global market with greater revenue share. According to the American Burn Association, about 400,000 people receive treatment for burns each year in the U.S. Acute wounds typically heal faster than chronic wounds, which means that patients may require treatment for a shorter period. This has made the acute wounds segment a more attractive target market for companies developing topical wound agents.
Topical Wound Agents Market by End-user
Based on the end-user, the global topical wound agents market is segmented into hospitals, clinics, and others.
The hospitals segment accounted for the prominent revenue share of the global topical wound agents market in 2021. The footfall of patients with surgical wounds and pressure ulcers is higher in hospitals, driving the demand for topical wound agents. Hospitals are more likely to use advanced wound care products, such as bioactive dressings and growth factors, than other healthcare settings due to the greater accessibility to and availability of knowledgeable healthcare professionals. Hospitals typically have a high number of trained healthcare professionals, such as wound care nurses and specialists, who can provide more advanced wound care. Therefore, the combined effect of these factors supports the dominant position of the hospitals segment in the global topical wound agents market.
Topical Wound Agents Market by Region
Geographically, the global topical wound agents market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for a significant market revenue share in 2021. Chronic wounds, such as diabetic foot ulcers and pressure ulcers, are a major healthcare concern in North America. This has driven demand for advanced wound care products, including topical wound agents, driving the market revenue growth in North America. The aging population in North America is increasing, leading to a higher incidence of chronic wounds and other health issues requiring wound care. The United States has one of the highest healthcare spending rates in the world, leading to increased investment in advanced wound care technologies and products. There have been significant technological advancements in the development of topical wound agents, including the usage of nanotechnology and other advanced materials. These advancements have driven the North America topical wound agents market to occupy the largest revenue share on the global front.
Topical Wound Agents Market Competitive Landscape
The prominent players operating in the global topical wound agents market are:
Topical Wound Agents Market Strategic Developments
The global topical wound agents market is expected to be valued at US$ 3.97 billion by 2030.
The global topical wound agents market is estimated to register a revenue CAGR of 9.2% during the forecast period.
Smith & Nephew PLC, 3M Company, Mölnlycke Health Care AB, Novartis AG, and Pfizer Inc are among the top companies in the market.
Asia Pacific is the key revenue growth region in the global topical wound agents market.
The acute wounds segment dominates the global topical wound agents market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain