Wound Dressing Market is Predicted to Observe Lucrative Growth till 2022

Posted by Ryan Shaw on January 24th, 2020

Global Wound Dressing Market was valued at USD 9.16 billion in 2014 and is estimated to reach USD 12.9 billion with a lucrative CAGR of 4.4% from 2015 to 2022. Rising prevalence of conditions such as leg ulcers, venous stasis ulcers, pressure ulcers, and diabetic ulcers, that require lesion management, are anticipated to boost global wound dressing market over the forecast period. Additionally, the growing incidences of burns and lesion infection are also expected to demand advanced injury treatment products, such as wound dressing market in coming years. Wound dressing products, with capabilities of faster health recovery from various ulcers disorders, are preferred by patients and healthcare practitioners globally. 

Rising occurrences of sports injuries and increasing medical expenditure incurred by the regional government are also anticipated to boost demand for wound dressing products. The aging population is more susceptible towards diabetic ulcers, foot ulcers, and lesions. Growing geriatric population, rising health awareness, and increasing disposable income are encouraging the consumer to spend a considerable amount on medical facilities, thereby boosting market growth. Evolution of innovative technologies and their applications such as electrical stimulation, metal/alloy bandages, electromagnetic therapy and nanotechnology therapy are projected to drive the wound dressing market over the forecast period. 

Access Research Report of Wound Dressing Market @ http://www.grandviewresearch.com/industry-analysis/wound-dressing-market

Advanced wound products segment includes antimicrobial, active and moist dressings that dominated the global wound dressing market with 56.1% revenue in 2014. This is attributed to cost-effectiveness, improved utility, and increasing usage of the products. Antimicrobial products segment, which encompasses silver and non-silver wound dressing products, is anticipated to exhibit significant growth owing to its associated benefits of wide availability, faster healing rate, and ease of usage. The moist dressing was the leading advanced product segment in 2014 due to its high absorbance capacity to keep lesions dry and clean.

North America was identified as the most lucrative wound dressing market and accounted for over 35.0% of the total revenue in 2014. Growing base of aging population with rising chronic lesions disorders, rising health awareness, and increasing preference for home healthcare services have boosted the market growth for the region and is expected to grow at a significant rate over the forecast period.

The Asia-Pacific wound dressing market is expected to exhibit a considerable growth in the coming years, owing to rising number of advanced healthcare infrastructure, high unmet needs for medical facilities, burgeoning population, rising awareness level and high purchasing power of the consumers. The government is also taking various initiatives to support healthcare market, thereby boosting wound dressing market in the region.

Major market participants include ColoPlast, Systagenix, 3M Healthcare, BSN Medical, Convatec, Medline Industries, Smith & Nephew, Derma Sciences, and Medtronic. Innovation in product development and M&A are some strategic initiatives adopted by players to have a competitive advantage over others. In November 2014, BSN Medical has acquired Sorbian, to broaden their product portfolio related to wound care industry.