Wound Dressings Market - Growth, Trends, and Forecasts (2020 - 2025)
The major factors for the growth of the wound dressings market include the rising incidences of chronic wounds, ulcers, and diabetic ulcers, and an increase in the volume of surgical procedures worldwide
Chronic wounds lead to complications, such as infection, ulceration, and insufficient blood supply, thus, increasing the wound healing period. The most common chronic wounds include venous ulcers, diabetic foot ulcers, and pressure ulcers. Wound dressing products and appropriate care to address the underlying defect have gained traction in recent times. Diabetes, obesity, and the late effects of radiation therapy are some of the other factors contributing to the rising incidence of chronic wounds.
A study conducted by the Wound Healing Society (WHS), the United States, revealed that, about 8.2 million people had wounds with or without infection during 2018 in the United States. The total cost of Medicare for acute and chronic wounds was valued at about USD 21.1-96.8 billion. Thus, rising cases of wounds are expected to drive the growth of the wound dressing market over the forecast period.
Key Market Trends
Advanced Wound Dressing is the Segment by Type which is Expected to hold Largest Market Share over the Forecast Period
Advanced wound dressing focusses on keeping the wound hydrated to encourage healing and is generally prescribed by clinicians after a visit to the doctor or hospital. Advanced wound dressings include film, foam, hydrogel, hydrocolloid, collagen, contact layers, among others. The National Institute of Health has stated that the incidence of DFU (Diabetic Foot Ulcers) in the United States was 15% in 2018.
Moreover, the availability of wide range of products and the presence of key market players and R&D activities to advance the products in Advanced wound dressings are the adoption. The demand of foam dressings has grown significantly in the last few years. These dressings are specifically useful in preventing dressing-related trauma, managing exuding wounds, and reducing dressing discomfort and pain. Furthermore, the growing geriatric population, rising number of the surgical procedures and associated risk of diabetes projected to fuel the segment growth over the forecast period.
North America is Expected to Hold Largest Market Share over the Forecast Period
The United States is expected to be the largest wound dressings market owing to the presence of better healthcare infrastructure and a rising number of surgical procedures in the region. The statistics show that around 30.3 million people in the United States were suffering from diabetes in 2017, and subsequently, the number is increasing. The high number of diabetic population in the country is indicating that there are chances of rising cases of diabetic ulcers, which are showing moderate prevalence. For instance, the National Institute of Health has stated that the incidence of DFU (Diabetic Foot Ulcers) in the United States was 15% in the year 2018. This is augmenting the demand for the wound dressing products in the country and ultimately, the Wound Dressings market is growing.
The Wound Dressings market studied is a moderately consolidated market owing to the presence of a few major market players. The market players are focusing on R&D to develop new and efficient products in the market. Some of the market players are 3M Company, ConvaTec Group PLC, DermaRite Industries LLC., DeRoyal Industries Inc., Hollister Incorporated, Integra LifeSciences Holdings Corporation, Coloplast A/S, Medtronic plc, Mölnlycke Health Care AB, and Smith & Nephew plc
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