Europe Wound Care Market - Focused Insights 2023-2028

MARKET INSIGHTS

In Europe, the wound care market is witnessing an upward trajectory, propelled by alarming demographic trends, including an aging population, increased obesity rates, and the prevalence of diabetes. Despite hosting between 1.5 and 2 million individuals grappling with acute or chronic wounds, the wound care arena remains significantly under-resourced, often described as the "silent epidemic." 

The management of these wounds, especially chronic ones, imposes substantial economic strain on the health system, with the cost of managing diabetic foot ulcers alone estimated to be between $4.29 and $6.4 billion annually. For a hospital performing 10,000 operations annually, the financial implications are staggering, with 300-400 infection cases translating into an additional $1.8-2.52 million in costs and up to 20 infection-attributable deaths. 

Despite these challenges, the European wound care market held a significant value of $11.28 billion in 2022 and is projected to escalate to $18.06 billion by 2028, marking a robust CAGR of 8.16%. This growth is fuelled by an increase in chronic wounds and the subsequent surge in patients receiving preventive wound care treatment. 

Unfortunately, the market's progress has been somewhat hindered by fierce competition among manufacturers, pricing pressure resulting from constrained public healthcare budgets, and a perceived lack of differentiation in products, particularly in the chronic business segment. 

In a system where wound management consumes over half of community nurse time and 25-50% of acute hospital beds, the cost drivers extend beyond wound dressings to factors like nursing time, hospital costs, healing time, dressing change frequency, and complications, which collectively account for 80-85% of the total cost. 

The pressing need for a more effective and efficient wound care approach is evident, considering that 64% of wounds treated in home care are chronic, with 16% remaining unhealed for over a year. Moreover, the UK alone reports that wounds account for a colossal 3% of total health system costs, amounting to approximately $5.36 billion annually. To harness the market's full potential, innovative solutions to these pervasive challenges are urgently needed. 

KEY HIGHLIGHTS

• The demand for the advanced wound care segments in the market is high and constitutes a major share of the products segment. It is expected to grow with incremental growth of more than two billion dollars. 
• Hospitals and wound care clinics are major end-users of wound care products and constitute a major market share. Most of the community care clinics in Europe handle wound care patients. 
• Germany has the highest number of specialty wound care clinics. Countries such as Italy have wound care clinics. However, they are not equally distributed and are uncertain as the cost of advanced wound care products is high in these settings. 
• European wound care management committee partners with several institutions in Europe to increase the standard of treatment and reduce re-admission rates among patients. 
• Lack of training among the wound care specialists and nurses treating wounds are one of the major limitations for the market growth. Regulation to launch the wound care product is high, the companies have to undergo multiple sets of evaluations in different countries.