Topical Wound Agents Market Size, Share & Trends Analysis Report By Product (Creams, Gels), By Application, By End Use, By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2019 - 2026

Report Overview

The global topical wound agents' market size was valued at USD 1.0 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2019 to 2026. The demand for topical wound agents is on a rise owing to technological advancement, increasing prevalence of chronic injuries, and a rising number of surgical procedures.

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's launched a topical lotion, DUOBRII, and recently received FDA approval for its product. This lotion contains a combination of halobetasol propionate and tazarotene, which is suitable for long term use.

Furthermore, as per data reported 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 or diabetes. Such a high prevalence rate of chronic diseases in the U.S. is a major factor that results in high disability and fatalities among individuals in the country. Also, a high prevalence rate of diabetic foot ulcers is anticipated to drive the topical wound agents market. For instance, as per the report published by the American College of Physicians in 2017, diabetic foot ulcer is one of the most common conditions associated with diabetes with an annual incidence rate of around 6.3% globally.

Globally, the number of surgeries being performed has observed an increasing trend owing to the rising prevalence of various chronic diseases. Topical wound agents are increasingly being used to prevent surgical site infections. Most surgical bruises, post-cancer surgery, are relatively deeper and larger, releasing exudates that require regular management. The enzyme-based formulation products help to manage large bruises, thereby significantly reducing the risk of infection. Thus, the rising incidence of chronic diseases and surgical site infections are expected to boost demand for topical wound agents, thereby propelling the industry growth globally.

Rising cases of traumatic events and road accidents are also one of the major reasons for the growth of topical wound agents. For instance, as per the American Association for the Surgery of Trauma, in 2017, around 1.2 million people got killed globally, 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.

Key players are also adopting various strategies to strengthen their foothold in the market for topical wound agents. For instance, in July 2019, MediWound launched EscharEx, which is currently in an advanced clinical trial. This product is used to treat hard-to-heal chronic injuries. Thus, such initiatives by key players are anticipated to propel the market for topical wound agents over the forecast period.

The topical cream segment held the largest market share in 2018 and is anticipated to witness the fastest growth over the forecast period. Topical creams are used in burn and chronic injuries as it allows rapid healing. Besides, it reduces the risk of any further complications. Increasing cases of burn wounds and chronic conditions across the globe are major driving factors for the segment’s growth over the forecast period.

Product Insights

The topical gel segment is also anticipated to witness a considerable growth rate over the forecast period. Topical gels are popularly used in burn and surgical bruises. These gels contain hydrogel which allows rapid cooling of wounds and helps in relieving pain. Topical gels also provide adequate moisture to wounds and offer potential resistance against contamination.

Application Insights

Based on the application, the topical wound agents market is categorized into acute and chronic wounds. The acute wounds segment dominated the market for topical wound agents in 2018. Acute wounds in general, have a high prevalence rate globally, comparable to surgical and traumatic bruises, and burns. For instance, as per the National Fire Chiefs Council (NFCC), in 2017, around 15,000 patients suffered from scalds and burns, which were treated by NHS burn services in the U.K.

The chronic wound segment is anticipated to witness the fastest growth rate over the forecast period. Increasing cases of chronic diseases across the globe, especially diabetes, are among major factors driving the segment growth. For instance, as per a report published by the Fight Chronic Disease Organization in 2018, around 47.7% of people of the U.S. suffered from chronic conditions in 2015, which is expected to increase to 49.2% by 2030. Therefore, such increasing incidences of chronic diseases are expected to relatively drive segment growth of chronic injuries over the forecast period.

End-use Insights

Based on end-use, the market for topical wound agents is segmented into hospitals, clinics, and others. The hospital segment held the largest market share in 2018 owing to the increasing demand for treatment of acute and chronic injuries. Also, increasing incidence of diabetic foot ulcers and venous leg ulcers is anticipated to drive the segment growth. Topical wound agents are majorly used for the rapid healing of leg ulcers.

The clinic 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 segment growth. Wound management after surgeries is an essential requirement that has resulted in a growing demand for topical wound agents among clinics and patients. Hence, such factors are expected to propel segment growth over the forecast period.

Regional Insights

North America dominated the market for topical wound agents in 2018. 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. Also, the availability of skilled professionals and developed healthcare infrastructure are expected to drive the market for topical wound agents over the forecast period.

Asia Pacific market is anticipated to witness the fastest growth over the forecast period. The presence of developing countries such as China, India, and Japan is anticipated to boost the market growth in the Asia Pacific region. Also, increasing cases of chronic diseases in this region, especially diabetes, is expected to surge the growth of the Asia Pacific market over the forecast period.

Key Companies & Market Share Insights

Key players are adopting various strategies such as merger and acquisitions, product launch, and partnerships to strengthen their position in the market.

For instance, in February 2016, Mölnlycke Healthcare acquired Sundance Solutions, a market leader in developing innovative solutions for the prevention of pressure ulcers. This acquisition was expected to expand its product range for the treatment of pressure ulcers, thus increasing its market share. Some of the prominent players in the topical wound agents market include:

• Smith & Nephew PLC.

• Teva Pharmaceuticals USA, Inc.

• Mölnlycke Health Care AB

Topical Wound Agents Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the global topical wound agents market report based on product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2026)

  • Creams

  • Gels

  • Sprays

  • Others

• Application Outlook (Revenue, USD Million, 2015 - 2026)

  • Chronic Wounds

    • Diabetic Foot Ulcers

    • Pressure Ulcers

    • Venous Leg Ulcers

    • Others

  • Acute Wounds

    • Surgical & Traumatic

    • Burns

• End-use Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospitals

  • Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia