According to a report by Grand View Research, Inc.; the global wound dressings market is anticipated to reach a valuation of around USD 12.9 billion by 2022. High demand for advanced wound care products among patients and healthcare professionals is anticipated to propel the market in near future. Wound dressings can protect wounds and injuries from bacterial infections and accelerate healing process for quicker recovery.
Population from the age group of 60 years and above is likely to be prone to chronic wounds such as pressure ulcers and venous stasis ulcers. In addition, the skin of older people can get damaged easily and their cells cannot multiply quickly as compared to youngsters. Hence, they are highly vulnerable to wounds and injuries driving demand for appropriate dressings to timely heal those wounds. This factor is likely to drive the global market in the years to come.
High prevalence of diabetes liable to chronic wounds such as foot ulcers are expected to influence growth of the wound dressing market. Injuries related to sports activities and road accidents are anticipated to further boost the market. Growing awareness among patients regarding wound care management through timely advice from physician can also stimulate market expansion in the forthcoming years. Continual technological advancements in healthcare sector to develop advanced dressings to protect and heal severe wounds can fuel growth of market in the years to come.
Full Research Report On Wound Dressing Market Analysis:
To cater to the rising demand, most companies are focusing on research and development (R&D) activities to develop highly-effective wound dressings. For instance, a team of researchers from the Indian institute of technology in Madras recently developed a wound dressing material using graphene-based components. This dressing can heal wounds faster in diabetic as well as healthy people. The ability of this material to expedite formation of blood vessel at certain concentrations can bode well for the product in near future. According to trials performed on animals, normal wounds treated with this new dressing healed in 16 days as compared to 23 days in untreated normal wounds.
In another instance, a team of researchers from the Wyss Institute for Biologically Inspired Engineering and Harvard John A. Paulson School of Engineering and Applied Sciences, recently developed two new kinds of wound dressings. Both the types of dressings use naturally occurring proteins to accelerate healing process of wounds. Presence of fetal tissue in biomaterials offering high level of protein called fibronectin can promote cell binding and adhesion.
The worldwide wound dressing market can be segmented on the basis of product and region. Based on product, the market can be bifurcated into traditional and advanced wound dressings. The advanced wound dressings segment is expected to dominate the market in the forthcoming years. It can be segmented further into antimicrobial, moist, and active dressings. Such dressings can be used to treat chronic and non-healing wounds. High demand for these dressings is likely to bode well for market growth.
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Among advanced wound dressings, the moist dressings segment is expected to witness the maximum demand attributed to the ability of these dressings to provide fast wound healing. These dressings can create wet environment around wound and maintain it to expedite the healing process. Chronic wounds such as diabetic ulcers, pressure ulcers, and burns can be healed using moist dressings. This factor is expected to impel the growth of the overall. In addition, antimicrobial dressings can also exhibit remarkable growth during the forecast period. Prevalence of antiseptic technology to kill microorganisms and expedite wound healing can fuel demand for antimicrobial dressings in near future.
Regional segmentation includes North America, Europe, Asia Pacific, and rest of world (ROW). In 2015, North America dominated the market and accounted for around 35.1% market share in terms of revenue. Growing awareness among patients coupled with rising number of geriatric population can fuel growth of the regional market. In addition, growing cases of chronic wounds such as pressure ulcers, diabetic foot ulcers, and venous ulcers can positively influence market growth in the years to come.
In Asia Pacific, the wound dressing market is expected to witness significant growth during the forecast period attributed to rising cases of diabetic patients in the region. Growing health awareness among patients coupled with rising disposable income can augment market growth.
Some of the leading companies in the wound dressings market are 3M Healthcare, Coloplast, Medline Industries, Medtronic plc, and Smith & Nephew. The market is expected to be highly competitive and dynamic in nature attributed to the presence of major players competing with each other to gain maximum revenue share. Business strategies such as new product launches and mergers & acquisitions (M&A) are expected to help them gain competitive edge.
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