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. The market is driven by factors such as expanding the geriatric population, intensifying awareness of novel technologies, an increasing number of surgeries, escalating number of road accidents, and mounting occurrence of diabetes. Mounting government initiatives, expanding healthcare expenditure, upsurge in a number of burn cases, and escalating government initiatives are further fuelling the growth of the market.
The market for wound dressing is primarily driven by the increasing occurrence of diabetes, and expanding the geriatric population. As in diabetes the normal physiological function in the body hinders thus, delaying the wound healing which further increases the demand of wound dressing for the treatment. Wound dressings have been advanced to such a range that they maintain a moist wound environment which actively promotes wound healing. This offers market players immense opportunities for wound dressing, which will drive their revenue growth.
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For instance, according to the study conducted by National Centre 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.
Among all products, advanced wound dressing holds the largest share and is witnessing the highest growth in the market globally, owing to the mounting need for inventive & innovative wound dressings for the treatment of wounds, escalating occurrence of diabetes, reduced duration of hospital stay, and escalating occurrence of diabetes-associated ulcers, pressure ulcers, and venous leg ulcers.
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 dressing the foam segment accounted the largest share in the market and is expected to grow at fastest rate in the market, due to expanding patient awareness regarding advanced wound products, escalating occurrence of diabetes, and mounting geriatric population. Moreover, the traditional wound dressing segment is further subdivided into bandages, gauzes, abdominal pads, sponges, and others.
The different applications of, the wound dressing market are surgical wounds, pressure ulcers, diabetic foot ulcers, burns, and venous ulcers. Of all these applications, the surgical wound category is predicted to witness the highest CAGR during the forecast period owing to escalating volume of surgeries implemented and mounting number of ambulatory surgical centers.
Based on end user the wound dressing market is segmented into inpatient and outpatient. Of all the end users, inpatient category is expected to grow at the fastest rate during the forecast period, globally, as the majority of the surgical procedures executed in hospitals generally demand the patient to stay till retrieval and healing of wounds.
North America accounted for the major share in the wound dressing industry in 2017, globally as in the region awareness regarding wound care is increasing, and mounting government initiatives. In addition, the mounting occurrence of diabetes, escalating occurrence of the acute and chronic wound, and favorable reimbursement policies are some of the factors facilitating the growth of the North American wound dressing market.
Moreover, Asia-Pacific is observed to witness the fastest growth in the wound dressing market, owing to mounting healthcare expenditure, and a large population base. Expanding research activity, increasing disposable income, escalating number of burn and road accident cases, boosting patient awareness level, and mounting occurrence of chronic wound and diabetes are some of the factors fuelling the growth of the Asia-Pacific wound dressing market.
Key players in the wound dressing industry are investing in the development of advanced, which is strengthening their position in the market. 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 wound dressing.
Global Wound Dressing Market Coverage
Product Insight and Forecast 2014-2024
Application Type Insight and Forecast 2014-2024
End User Insight and Forecast 2014-2024
Wound Dressing Market by Region
Rest of the World