The Global Wound Dressings Market was valued at US$ 8,269.5 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidence of injures, burns and wound ulcers to support the growth of the global wound dressings market over the forecast period.
According to the World health Organization (WHO), there are nearly 265,000 deaths globally every year due to burns. Moreover, according to Diabetes UK, prevalence of diabetic foot ulcers in diabetic patients is estimated to be 2.5%, accounting to nearly 86,000 people in the UK in 2015. Also, foot complications are the most common reason for hospitalization globally among the diabetic patients. With a large diabetic population base in India and China, opportunity for wound dressings market is considered to be highly lucrative in these countries. With annual incidence of 1%-7% globally (article published in Diabetes Journal, 2014), wound dressings market is expected to witness growth at a CAGR in a similar range.
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There are a lot many options for wound dressing available in the global market. Selecting the correct one is critical to ensure effective and faster healing at a lower cost. Introduction of more effective products in the global wound dressings market would fuel the market growth in near future. Crawford Healthcare received FDA approval for its new wound dressing KerraCel AG in February 2017. The product is the only wound dressing in the global wound dressings market containing silver to kill bacteria including those resistant to antibiotics. There are other antimicrobial wound dressings utilizing honey, iodine or polyhexamethylene biguanide (polyhexanide, PHMB) for effective wound management. These wound dressings besides being protective, also promote healing of wounds. Such innovative therapies are expected to propel wound dressings market growth.
Moreover, Healogics, Inc. initiated an integrated wound care community model in 2014, which provides inpatient consultation and ensures safe transition of patients out of hospitals. A small research in Midwestern U.S. from 2014 to 2016 revealed that average length of stay in acute care setting decreases from 9.41 days to 5.64 days, reducing the overall treatment cost too. Thus, an integrated approach between the stakeholders of ecosystem in the global wound dressings market is recommended to improve patient outcomes.
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Alternative treatment options such as negative pressure wound therapy (NPWT) and surgical wound care products (sutures, staples, adhesives, and sealants) are expected to hinder market growth in respective applications. Therefore, in this mass competitive market, companies need to innovate consistently and offer complete range of products to address all types of wound treatment needs. Until then companies need to expand geographically to sustain their share in the global wound dressings market.
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Key takeaways of the market:
- The global wound dressings market is expected to expand at a CAGR of 6.0% during the forecast period (2016–2024). Rising prevalence of wound injuries, ulcers, and burns is expected to favor the market growth for wound dressings over the forecast period.
- Advanced wound therapy is expected to dominate the market throughout the forecast period. The segment is expected to create nearly double the revenue generated by traditional wound therapy segment.
- North America is expected to dominate the market throughout the forecast period. In 2015, North America and Europe collectively accounted for 62.0% of global wound dressings market. However, is expected to lose significant market share to developing regions – Asia Pacific and Latin America.
- Much of the demand for wound dressings is expected to generate from hospitals followed by clinics and ambulatory surgical units.
- Some of the major players present in the global wound dressings market include Smith & Nephew plc, B. Braun Melsungen AG, Acelity L.P. Inc., Coloplast A/S, Organogenesis Inc., Mölnlycke Health Care AB, 3M Company, Derma Sciences, Inc., Medtronic, Medline Industries Inc., Alliqua BioMedical, Inc., MiMedx Group, Inc
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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