Global Wound Dressings Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 6.7% in the Forecast Period
Published | June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global wound dressings market was worth USD 5.19 billion in the year 2020. The data yielded by this study further reveals that the market is estimated to grow at the CAGR of 6.7%, earning revenue of around USD 8.20 billion by the end of 2027. The growing geriatric population in need of surgeries and wound care, as well as an increase in patients suffering from diabetic wounds, are driving the growth of the global wound dressings market.
Developing Healthcare Infrastructure will drive the Market Forward During The Forecast Period
The scarcity of adequate diagnostic centers was a major impediment to the growth of the wound dressings market. This is because, in the absence of a proper diagnosis, many patients' wounds, particularly those suffering from diabetic foot ulcers, go untreated. However, countries, particularly emerging economies, are now focusing on and spending adequately in the overall development of healthcare infrastructure. This will lead to more diagnoses, of wounds and injuries, as well as their treatment, thereby, propelling the global wound dressings market.
Rising Prevalence of Chronic Diseases and Surgeries
Chronic diseases, surgeries, and traumatic wounds are all common causes of wounds and injuries on the human body. The rising frequency of chronic diseases among the general population has boosted the wound dressings market significantly. Furthermore, the increasing number of patients visiting hospitals for various types of surgeries has resulted in a rapid increase in the demand for wound dressing. People have now learned how to utilize wound dressings in-home care as well as in hospitals and other healthcare facilities, which is projected to drive market growth over the forecast period.
Antimicrobial Products will Witness a Substantial Growth in the Forecast Period
There are various types of wound dressings available in the market like alginate dressings, film dressings, hydrocolloid dressings, hydrogel dressings, antimicrobial dressings, foam dressings, and others. Among these, the antimicrobial dressing segment is likely to have the highest CAGR during the forecast period. The antimicrobial dressing protects the wound from germs, which helps to keep the wound from becoming infected. An antiseptic agent is used in antimicrobial dressings to prevent the growth of bacteria in the wound. Recent improvements in antimicrobial antiseptic technology have resulted in the development of a number of dressing solutions that are less damaging to healthy tissue and highly efficient in eliminating infections effectively.
Global Wound Dressings Market - Regional Insights
Geographically, the global wound dressing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. North America has the largest market share both in terms of demand and revenue share. However, Europe and Asia-Pacific are growing at a very considerable rate. Developing countries such as India and China have enormous prospects for the wound dressing market because these regions have not yet been fully tapped. Additionally, growing awareness surrounding the treatment of wounds and rising disposable income are said to be propelling the market growth.
Impact of Covid-19 on the Global Wound Dressings Market
The Covid-19 epidemic has hampered the global wound dressings market's overall operation. As the number of Covid-19 infections surged around the world, healthcare facilities started focusing more on treating coronavirus patients. As a result, all surgical and non-emergency cases were put on hold to ensure the safety of both patients and healthcare staff. As a result, the demand for wound dressings fell precipitously. Furthermore, as a result of the lockdown, supply lines were disrupted, as imports and exports were prohibited.
The leading market players in the global wound dressings market are Coloplast Corp., Derma Sciences, Integra Lifesciences, KCI Licensing, Inc., 3M, Smith & Nephew, Molnlycke Health Care AB, ConvaTec Inc., Medline Industries, Urgo Medical, Shield Line, Zeni Medical, Winner Medical Co., LTD, Deroyal Industries, Inc., and other prominent players. The market is highly competitive with market players significantly focusing on expanding their product ranges to cover the larger share of the revenue. Competitive strategies like partnerships, mergers, acquisitions, product launches are rampant in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global wound dressings market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global wound dressings market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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