Global Wound Dressing Market, By Product Type (Advanced Wound Dressings (Foam Dressings, Hydrocolloids, Hydrofiber, Film Dressings, Alginates, Collagen Dressings, Hydrogels Dressings, Wound Contact Layers, Superabsorbent Dressings) Traditional Wound Dressings (Surgical Tapes, Anti-Infective Dressings, Dry Dressings)), By Application (Surgical Wounds, Trauma Wounds, Burns, Diabetic Foot Ulcers, Pressure Ulcers, Venous Ulcers), By End-User (Inpatient Facilities, Outpatient Facilities), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global wound dressing market in 2020 is estimated for more than US$ 7.0 Bn and expected to reach a value of US$ 14.5 Bn by 2028 with a significant CAGR of 9.6%.
As per the report, the invariably increasing prevalence of diabetes across the world, comprising diabetic and pre-diabetic patient population worldwide is one of the leading factors that is driving the growth of the global wound dressing market. Strikingly, patients suffering from diabetes are considered more vulnerable and at risk, nearly at 30 times higher risk to undergo amputation surgeries, in comparison to general mass, which in turn creates the demand for wound dressing in the global markets, ultimately ensuring a substantial growth of the global wound dressing market in the years to come. By the same token, the swelling incidence of other diseases among the masses, including diabetic ulcers, pressure ulcers, and venous stasis ulcers also positively triggers the demand of wound dressing in the global market.
Wound healing is a complicated and effective process which demands a relevant environment to encourage the wound healing process. There has been a bunch of technological advancement in the healthcare sector as well as specifically in the area of wound dressing, which has resulted in development of more than 3000 products for the purpose of treatment of various kinds of wounds by aiming several different aspects of the healing process. The rapidly soaring patient pool, globally, and consequently, rising count of amputation surgeries stimulate the demand of effective wound dressing in order to prevent any kind of post-surgery infections and quick healing. Owing to which, the global wound dressing market is expected to climb higher in the forthcoming future. In addition, the surging population of geriatric population worldwide is also giving a positive push to the global market of wound dressing.
Moreover, post-surgery wound infection is one of the big concerns for patients as well as for healthcare workers, thus the overall wound care phase is considered an essential part of the whole medical treatment process in order to safeguard patients from side-effects and infections and promote their well-being. Attributing to which, there have been massive advancements and innovations in the space of wound dressing in order to make it more safe and effective for the patients, therefore further creating higher demand for the wound dressing. Additionally, there are various kinds of wound dressing available in the global markets to meet all kinds of needs of the patients. Such factors are also estimated to support the growth of the global wound dressing market over the forecast period.
Another major factor that expeditiously accelerates the demand of wound dressing is the increasing incidence of burns every year. Noticeably, as per the reports of the World Health Organization (WHO) 2016, there are approximately 265,000 casualties worldwide each year due to burns, while burns are considerably the second most common laceration in Nepal reporting for 5% of disabilities. Attributable to which, the wound dressing products are anticipated to observe high demand in the upcoming time, thus the global wound dressing market is estimated to witness significant growth in the coming years. However, factors like huge cost and inadequacy of knowledge and awareness in developing economies may limit the growth of the global wound dressing market. Furthermore, the skepticism and uncertainty of the patients in choosing the novel treatments is also likely to hold the growth of the global wound dressing market to the bounds in the years to come.
MMC Study identifies some of the key participating players in the wound dressing market globally are Smith & Nephew plc, Acelity L.P., Integra Lifesciences Corporation, Coloplast Corporation, 3M Company, Organogenesis Inc., ConvaTec Inc., Hollister Wound Care, Mölnlycke Health Care AB, BSN Medical, among others.
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