U.S. And Latin America Chronic Wound Care Market Size, Share & Trends Analysis Report By Product (Advanced Wound Dressing, Surgical Wound Care), By Application (Diabetic Foot Ulcers, Pressure Ulcers), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The U.S. and Latin America chronic wound care market size was valued at USD 6.22 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.11% from 2024 to 2030. The demand for chronic wounds is increasing owing to the increasing prevalence of chronic diseases and conditions affecting wound healing capabilities and the rising geriatric population. Also, the introduction of innovative and advanced wound products. For instance, in January 2023, Convatec launched the ConvaFoam in the U.S. ConvaFoam is a family of advanced foam dressings designed to meet the demands of medical professionals and their patients. These factors are expected to propel the market growth over the forecast period.

The prevalence of chronic conditions that impact the integrity of the skin, such as diabetes and peripheral vascular diseases (like venous hypertension and arterial insufficiency), is on the rise, largely driven by an increasing elderly population. These conditions often lead to skin deterioration, ulceration, and the formation of long-lasting wounds. In addition, wound management becomes increasingly challenging in the elderly, given their heightened susceptibility to infections and weakened immune systems, particularly when dealing with severe wounds, thereby boosting the need for wound care products. For instance, as per the report of Economic Commission for Latin America and the Caribbean (ECLAC) published in December 2022, in Latin America and the Caribbean there are 88.6 million people aged 60 years and above are living in the region as of 2022, representing 13.4% of the total population, a proportion that is expected to reach 16.5% by 2030. These factors are expected to propel the market growth over the forecast period.

The rising technological advancements in chronic wound care is one of the major drivers for the chronic wound care market. For instance, in April 2023, the innovative 3M Veraflo Therapy dressings from 3M Healthcare Care received the first-ever FDA approval for hydromechanical removal of nonviable tissue. Furthermore, In June 2022, Medline introduced the Optifoam Gentle EX Foam Dressing, designed to work in conjunction with a pressure injury prevention protocol to alleviate pressure. This product features five distinct layers that aid in the absorption of shear stress, friction, and moisture. Furthermore, increased R&D expenditure and the introduction of enhanced wound healing products by key players are among the factors likely to drive the adoption of advanced wound dressing and active therapies for managing chronic & acute wounds. These factors are expected to propel the market growth over the forecast period.

Moreover, a rise in the number of hospitals & urgent care centers and an increase in hospital admissions is expected to drive the market. The rising number of hospitals is leading to an increase in the demand for chronic wound care products. For instance, according to the American Hospital Association, in January 2022, the number of all U.S. hospitals was 6,129, federal government hospitals were 206, and nonfederal psychiatric hospitals were 659. Furthermore, according to the Urgent Care Association Report, as of 2019, there were around 9,616 urgent care centers in the U.S. Thus, with an increasing number of hospitals, the market growth is expected to propel during the forecast period.

Market Concentration & Characteristics

Market growth stage is high, and pace of the market growth is accelerating. Technological advancements are projected to have a significant impact on chronic wound care industry in the coming years. As technology continues to advance and becomes more accessible, it enhances the quality of life for individuals living with chronic wounds. This improvement can primarily be attributed to the growing affordability and effectiveness of advanced wound care & closure products. These innovative solutions are progressively supplanting traditional wound care and closure products because they enable faster healing & more efficient wound management.

The market is also characterized by a high level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to gain access to new technologies and strengthen their market positions.

The U.S. & Latin America chronic wound care market is also subject to increasing regulatory scrutiny. This is due to concerns about the patient’s safety, efficacy, and quality of medical devices and products related to wound care. These regulations could have a significant impact on the U.S. & Latin America chronic wound care market, affecting the development and adoption of chronic wound care products.

There are no direct product substitutes for chronic wounds. Chronic wound care products are specialized products and there are no substitutes available for these products. Thus, there is a very low threat of substitutes for these products.

End-user concentration is a significant factor in the market. Since there are a number of end-user industries that are driving demand for chronic wound care products. The concentration of demand in a small number of end-user industries creates opportunities for companies that focus on developing chronic wound care products for these industries. However, it also creates challenges for companies that are trying to compete in a crowded market.

End-Use Insights

The hospitals end-use led the market in 2023. Hospitals use wound care products to treat a variety of wounds, including surgical wounds, burns, pressure ulcers, and diabetic foot ulcers. The demand for advanced wound care products in hospitals is driven by factors such as the growing incidence of chronic wounds, an increase in the number of surgeries, and a rise in the aging population. Surgical wound care dressings and Negative Pressure Wound Therapy (NPWT) are predominantly suitable for hospital use and are not feasible for homecare. This results in the increasing patient pool in hospitals will propel the segment growth over the forecast period.

The home healthcare segment is expected to grow at the highest compound annual growth rate (CAGR) from 2024 to 2030. An increase in the aging population and technological advancement in chronic wound care is expected to drive the segment growth. Furthermore, home healthcare services are often more cost-effective than inpatient care, making them an attractive option for patients, insurers, and healthcare providers. These factors are expected to boost the segment growth over the forecast period.

Product Insights

On the basis of product, the market is segmented into advanced wound dressing, surgical wound care, traditional wound care, and wound therapy devices. The advanced wound dressing segment dominated the U.S. & Latin America chronic wound care market with the highest market share of around 34.86% in 2023. Also, it is expected to grow at the highest compound annual growth rate (CAGR) of 4.38% from 2024 to 2030. Advanced wound dressing is mainly used to treat chronic and nonhealing wounds. Some products of advanced wound dressings are equipped with antimicrobial agents, such as honey & silver, for rapid wound healing and preventing further infections. The limitations of traditional wound dressings have propelled the growth of this market.

Moreover, increasing cases of diabetes are also expected to propel segment growth over the forecast period. For instance, in November 2022, according to the Pan American Health Organization (PAHO), about 62 million people live with diabetes in the Americas. Also, the number of people with diabetes in the region is projected to reach 109 million by 2040. These factors are expected to propel the segment growth over the forecast period.

Application Insights

Based on application, the market is segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcers, and others. The diabetic foot ulcers segment dominated the U.S. & Latin America chronic wound care market with the largest market revenue share in 2023. This growth might be attributed to factors such as the increasing incidence of diabetes and diabetic foot ulcers is a major factor driving the segment growth. For instance, according to an NIH report, last updated in August 2023, in the U.S., diabetes is a major cause of non-traumatic amputations. Overall, 5% of patients with diabetes develop foot ulcers, and 1% may lead to amputation. These factors are expected to boost the segment growth over the forecast period.

The pressure ulcers segment is expected to grow at the highest compound annual growth rate (CAGR) from 2024 to 2030. The geriatric population is more vulnerable to pressure ulcers. An increase in the geriatric population may lead to a rise in the number of pressure ulcer patients, which is expected to propel segment growth over the forecast period. For instance, in August 2022, according to NCBI, about 1 to 3 million people in the U.S. develop pressure ulcers every year. Similarly, as per the same source, the incidence of pressure ulcers in hospitalized patients may range from 5% to 15%. These factors are expected to propel the segment growth over the forecast period.

Regional Insights

U.S. dominated the U.S. & Latin America chronic wound care market in 2023 with the largest share of around 83.29%, in terms of revenue. This can be attributed to various factors, such as improved accessibility and the presence of high healthcare spending in countries with efficient reimbursement policies. The region is expected to maintain its dominance over the forecast period. Technological innovations and the growing incidence of chronic conditions are anticipated further to propel the market growth in the U.S.

Latin America is expected to grow at the highest compound annual growth rate (CAGR) from 2024 to 2030. The growth might be attributed to the rapid growth of the geriatric population and increased R&D activity in this region. Moreover, the rising prevalence of diabetes is anticipated the market growth. For instance, as per the report OECD published in April 2023, about 40 million people in Latin America and the Caribbean live with diabetes, and half of them are unaware of developing long-term complications. These factors are expected to boost the segment growth over the forecast period.

Key Companies & Market Share Insights

Some of the key players operating in the market include Smith & Nephew PLC; Mölnlycke Health Care AB; ConvaTec Group PLC; Baxter International; Coloplast Corp.; Medtronic; 3M; Derma Sciences (Integra LifeSciences); Medline Industries, Inc.; Ethicon (Johnson & Johnson); B. Braun SE

• Smith & Nephew is a medical technology company engaged in developing, manufacturing, marketing, and selling services & medical devices. The company provides its services in orthopedics, sports medicine & ENT, and advanced wound care management.

• Mölnlycke Health Care AB is a medical solutions company. The company manufactures single-use wound and surgical care products. It designs & supplies medical solutions for use in pressure ulcers, infection prevention, and wound treatment, which includes custom procedure trays, antiseptics, dental products, surgical gloves, surgical drapes, orthopedic products, dermatology products, and staff clothing.

• Organogenesis Inc.; MIMEDX Group, Inc. are some of the emerging market participants in the artificial intelligence market.

• Organogenesis Holdings Inc. promotes regenerative medicine. Advanced wound care, surgical, and sports medicine are among its product categories. The advanced wound care line of goods is where the corporation makes the most money.

• MiMedx Group Inc. manufactures and sells products. The human amniotic membrane, birth tissues, human skin, and human bone are used to create regenerative biomaterial products & bioimplants. Its goods are largely focused on the markets for orthopedics, sports medicine, burn care, and wound care.

Recent Developments

• In April 2023, Convatec Group Plc acquired 30 Technology Limited's anti-infective nitric oxide technology platform, which includes new product assets and research & development verticals.

• In July 2023, Smith+Nephew introduced the REGENETEN Bioinductive Implant accessible in India. The REGENETEN implant, which has altered how surgeons execute rotator cuff surgery, has been utilized in more than 100,000 procedures.

• In December 2022, MIMEDX announced the expansion of its wound and surgical products pipeline through an agreement with Turn Therapeutics for in-licensing & distribution.

U.S. & Latin America Chronic Wound Care Market Report Scope

U.S. & Latin America Chronic Wound Care Market Report Segmentation

This report forecasts revenue growth at regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. & Latin America chronic wound care market report based on product, application, end-use, and region:

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

  • Advanced Wound Dressing

  • Surgical Wound Care

  • Traditional Wound Care

  • Wound Therapy Devices

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

  • Diabetic Foot Ulcers

  • Pressure Ulcers

  • Venous Leg Ulcers

  • Other Chronic Wounds

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

  • Hospitals

  • Specialty Clinics

  • Home Healthcare

  • Others

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

  • North America

    • U.S.

  • Latin America

    • Brazil

    • Mexico

    • Colombia

    • Panama