Topical Wound Agents Market Size, Share & Trends Analysis Report By Product (Creams, Gels, Sprays, Others), By Application (Chronic Wounds, Acute Wounds), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Topical Wound Agents Market Size & Trends

The global topical wound agents market size was valued at USD 1.48 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2030. The increasing occurrence of chronic wounds, including diabetic foot ulcers and pressure ulcers, drives the market for topical wound agents. The aging worldwide population, more prone to chronic wounds, further expands the market. The rise in diabetes cases, improvements in wound care technology, and a greater emphasis on infection control all significantly contribute to the market's growth.

According to IDF Diabetes Atlas (2021), around 10.5% of adults aged 20 to 79 years have diabetes, but almost half of them may not know they have it. The projections suggest that by 2045, about 1 in 8 adults, or approximately 783 million people, are expected to have diabetes, a 46% rise from 2021. Type 2 diabetes, which affects over 90% of people with diabetes, is influenced by factors such as how people live, their genes, and more. In simple terms, many people globally have diabetes and its prevalence is expected to grow substantially in the coming years, with type 2 diabetes being the most common.

The rising prevalence of chronic and acute wounds and the introduction of advanced wound care products are major factors anticipated to drive the market for topical wound agents. For instance, in April 2019, Bausch Health Companies Inc. announced that its DUOBRII topical lotion had obtained U.S. FDA approval. Halobetasol propionate and tazarotene are incorporated in this lotion, making it safe for prolonged usage.

As per data by the Centers for Disease Control and Prevention (CDC), in 2018, six out of ten Americans suffered from at least one chronic disease, such as cancer, cardiovascular diseases, and diabetes. Such a high prevalence rate of chronic diseases in the U.S. is a major factor that results in the high incidence of disabilities and fatalities among individuals. Also, a high prevalence rate of diabetic foot ulcers is anticipated to drive the topical wound agent market.

According to an article published by the National Center for Biotechnology Information (NCBI), there are 9.1 to 26.1 million diabetic foot ulcer cases yearly. Among individuals with diabetes mellitus, 15–25% are expected to develop a diabetic foot ulcer throughout their lifetime. The frequency of diabetic foot ulcers is expected to increase as the number of people newly diagnosed with diabetes increases yearly.

Due to the rising frequency of several chronic conditions, there has been an increase in the number of surgeries performed globally. Topical wound treatments are used more frequently to avoid surgical site infections. Post-cancer surgery, most surgical bruises are deeper and larger, releasing exudates that require regular management. Enzyme-based formulation products help to manage large bruises, greatly reducing the possibility of infection. Thus, the increased prevalence of chronic conditions and surgical site infections is anticipated to increase demand for topical wound agents, propelling industry growth.

Rising cases of traumatic events and road accidents are also a major reason for the growth in demand of topical wound agents. For instance, as per the American Association for the Surgery of Trauma, around 1.2 million people get killed globally every year, which is around 3,242 fatalities per day, as a result of road accidents. Various topical wound agents are used for such bruises as they provide a quicker and complete coverage of traumatic injuries.

Application Insights

The chronic wounds segment accounted for the dominant revenue share of around 80% in 2022. According to a report published by Mary Ann Liebert, Inc., nearly 2.5% of the US population suffers from chronic wounds that reduce their quality of life, and managing wounds has a substantial economic effect on healthcare. Chronic wounds are anticipated to continue to be a significant clinical, social, and economic challenge due to the steadily rising aging population, the ongoing global threat of diabetes and obesity, and the present infection issues.

The acute wound segment is expected to expand significantly at 7.8% CAGR during the forecast period. Acute wounds generally have a high prevalence rate globally, comparable to surgical and traumatic bruises and burns. For instance, according to the Institute of Health Visiting, 7,661 children were burnt or scalded in 2021 in England and Wales. These children were badly injured & had to be admitted to a Specialist Burns Unit.

Product Insights

The creams segment accounted for the largest revenue share of over 40% in 2022. The segment is expected to further expand at the fastest CAGR of 8.4% during the forecast period. Topical creams are used in burns and chronic injuries as they enable rapid healing. Besides, they reduce the risk of any further complications. According to the WHO, scabies affects at least 200 million individuals annually throughout the world. It affects 5-50% of children in areas with limited resources, though it can be treated with creams.

Increasing cases of burn wounds and chronic conditions across the globe are the major driving factors for the segment’s growth over the forecast period. For instance, as per a report by the WHO, there are 11 million burn injuries per year, 180,000 of which prove fatal. The frequency of burn injuries varies considerably. Children living in low-income nations are 7 to 11 times more likely to die from burns than those in high-income ones.

The gel segment is expected to expand significantly at a CAGR of 8.2% over the forecast period in the topical wound agents market. Topical gels are popularly used in burns and surgical bruises. These gels contain hydrogel, which allows rapid cooling of wounds and helps relieve pain. Topical gels also provide adequate moisture to wounds and offer potential resistance against contamination.

Regional Insights

North America dominated the market with a revenue share of around 45% in 2022. The increasing cases of burns, the rising prevalence of chronic diseases, and the presence of several key players in the region are anticipated to drive the market in North America. For instance, according to the Centers for Medicare & Medicaid Services, there were 131.1 million hospital visits in the U.S. in 2020, of which 38 million were due to injuries. The availability of skilled professionals and developed healthcare infrastructure are expected to drive the regional market for topical wound agents over the forecast period.

Asia Pacific is expected to expand at the fastest CAGR of 8.7% over the forecast period. The presence of developing countries such as China, India, and Japan are anticipated to boost the market growth in this region. Also, increasing cases of chronic diseases, especially diabetes, are expected to surge the growth of the Asia Pacific market over the forecast period. According to the International Diabetes Federation (IDF), the prevalence of diabetes in South East Asia is expected to rise by 68%, reaching 152 million by 2045.

The prevalence of diabetes will also increase by 30%, reaching 11.3% in this period. In 2021, around USD 65.3 billion was spent on diabetes in the South America and Central America regions, accounting for 6.7% of the total global spending. The SEA region has the third-highest proportion of undiagnosed diabetes at 51.2%, and it has the highest proportion of pregnancies affected by hyperglycemia with 25.9%, among all regions identified by the IDF.

End-use Insights

The hospitals segment is expected to hold a significant market share in 2022 due to the increasing demand for treating acute and chronic injuries. Also, the increasing incidence of diabetic foot ulcers and venous leg ulcers is anticipated to drive segment growth. For instance, as per an article published by the NCBI in 2022, a North American medical institution saw the presence of DFU in 2.4% of its hospitalized patients. Over a nearly 2-year study period, patients had an overall mortality of 13% and a 25% incidence rate of limb amputation. Topical wound agents are mainly used for the rapid healing of leg ulcers.

The clinics segment is expected to witness significant growth over the forecast period. An increasing number of clinics and rising surgical procedures are major factors contributing to the segment’s growth over the forecast period. Moreover, increasing cases of surgical wounds are among the major driving factors for the strong segment demand. Wound management after surgeries is essential, resulting in a growing demand for topical wound agents among clinics and patients.

Such factors are expected to propel segment growth over the forecast period. For instance, according to the Ministry of Road Transport and Highways, in 2021, there were 412,432 reported road accidents in India, leading to the loss of 153,972 lives and injuries to 384,448 individuals. The age group most affected by these accidents is 18 to 45 years, with about 67% of the total accidental deaths occurring in this age range.

Key Companies & Market Share Insights

Key players are adopting strategies such as mergers and acquisitions, product launches, and partnerships to strengthen their position in the market. For instance, in February 2023, SERDA Therapeutics announced the submission of an Investigational New Drug Application to the U.S. FDA for its flagship product, SN514 hydrogel. SN514 hydrogel is a pioneering enzymatic wound debriding agent developed by the company. It is a specialized topical debridement solution to efficiently eliminate eschar from chronic ulcers and severe burn wounds, such as venous leg ulcers (open leg), pressure injury ulcers, and diabetic foot ulcers.

Topical Wound Agents Market Report Scope

Global Topical Wound Agents Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global topical wound agents market report on the basis of product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Creams

  • Gels

  • Sprays

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Chronic wounds

    • Diabetic Foot Ulcers

    • Pressure Ulcers

    • Venous Leg Ulcers

    • Others

  • Acute wounds

    • Surgical & Traumatic

    • Burns

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait