Global Wound Dressing Market – Analysis and Forecast (2018-2024)

Industry Insights by Product (Advanced, and Traditional), Application (Surgical Wounds, Pressure Ulcers, Diabetic Foot Ulcers, Burns, and Venous Ulcers), and by End User (Inpatient and Outpatient)

Status : Published
Published On : Nov, 2018
Report Code : VRHC1105
Available Format : PDF
Industry : Healthcare
Page : 127

Industry Overview

The global wound dressing market is predicted to grow at 5.7% CAGR during the forecast period with the market size reaching USD 14.3 billion by 2024. Chronic wound imposes a burden on an individual and the healthcare system. Wound healing is a complex process which requires a suitable environment to promote the healing process. Wound dressing helps to heal the wound and prevent issues such as complications or infection.

Different products of wound dressings such as advanced and traditional products contributed to the wound dressing market size. The market has witnessed significant demand for advanced wound dressing over the last few years due to escalating occurrence of diabetes-associated ulcers, pressure ulcers, and venous leg ulcers and the mounting need for inventive & innovative wound dressings for the treatment of such wounds.

Market Segmentation

Insight by Product

Based on products, the wound dressing market is categorized into advanced, and traditional, of which advance wound dressing hold the larger share in the wound dressing market, globally. Escalating occurrence of diabetes-associated ulcers, pressure ulcers, and venous leg ulcers and the mounting need for inventive & innovative wound dressings for the treatment of such wounds led to the faster growth of the advanced wound care dressing segment during the historical period, which is also predicted to continue during the forecast period.

The advanced wound dressing is further subdivided into foams, hydrogels, hydrofiber, films, collagen, alginates, wound contact layers, hydrocolloids, and super absorbent. Among the all advance wound dressings, the foam segment accounted the largest share in the market and is expected to grow at the fastest rate in the market, due to escalating patient awareness regarding advanced wound products, the mounting occurrence of diabetes, and expanding the geriatric population.

In addition, the traditional wound dressing segment is further subdivided into bandages, gauzes, abdominal pads, sponges, and others. Among the all traditional wound dressing, the bandages segment accounted the largest share in the market. The market for gauzes is expected to grow at the fastest rate in the market.

Insight by Application

On the basis of the application, the wound dressing market is segmented into surgical wounds, pressure ulcers, diabetic foot ulcers, burns, and venous ulcers. Of all, the surgical wound category is predicted to witness the highest CAGR during the forecast period and accounted the largest share in the wound dressing market.

Insight by End User

On the basis of the end user, the market is segmented into inpatient and outpatient. Of all, the wound dressing market size for inpatient accounted for the largest share and is expected to grow at the fastest rate during the forecast period, globally.

GLOBAL WOUND DRESSING MARKET HIGHLIGHT

Wound Dressing Market Size
Industry Dynamics

Growth Drivers

Expanding the geriatric population, mounting government initiatives, escalating occurrence of diabetes and technological advancement in wound dressing are the key factors leading to the growth in the wound dressing market, globally. For instance, according to the World Health Organization (WHO), globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In addition, according to IDF in 2017, globally approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045.

Some of the other key factors driving the growth of the industry are the escalating awareness of novel technologies, upsurge in number of burn cases, increasing number of surgeries, and mounting healthcare expenditure. For instance according to the WHO, approximately 96% of the mortal fire-related burns take place in low and middle income countries.

Challenges

Key factors hindering the growth of the wound dressing market are the high cost of technologically advanced products, and incompetence of traditional wound dressing to treat acute wounds.

Geographic Overview

Geographically, North America is the largest wound dressing market as in the region the occurrence of diabetes is augmenting. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.

In addition, mounting awareness regarding wound care, escalating occurrence of the acute and chronic wound, mounting government initiatives, and favorable reimbursement policies are also fueling the growth of the North American wound dressing market. For instance, according to the study conducted by National Center for Biotechnology Information on Challenges in the Treatment of Chronic Wounds in 2017, in the U.S approximately 2.4 million to 4.5 million people were affected with chronic lower extremity ulcers wound in 2013.

GLOBAL WOUND DRESSING MARKET SHARE, BY REGION, 2017

Wound Dressing Market Share

Asia-Pacific is observed to witness significant growth in the wound dressing market during the forecast period, as the region comprises of a large population. Moreover, intensifying healthcare expenditure, the mounting occurrence of diabetes and chronic wound, and expanding research activity are also facilitating the significant growth of Asia-Pacific wound dressing industry.

Competitive Insight

Market players in the wound dressing industry are investing capital to develop technologically advanced systems. In June 2018, Acelity L.P. Inc., acquired Crawford Healthcare, to expand its product portfolio of advanced wound dressings. Acelity L.P., Inc., Integra Lifesciences Holdings Corporation., Medline Industries, Inc., Smith and Nephew PLC, Mölnlycke Health Care, Medtronic Plc., ConvaTec, Inc., 3M Company, Coloplast Corporation, and Hollister, Inc. are some of the key players offering solutions for wound dressing.

PRIMARY RESEARCH INTERVIEWS - BREAKDOWN

Wound Dressing Market Analysis

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