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Albany, NY, March 16, 2016 -- According to this report, the global wound dressings market will expand at a 4.50% CAGR during the forecast period from 2014 to 2020.
In 2013, the global wound dressings market was worth over US$7.5 bn and by 2020, the market is projected to be worth more than US$10.1 bn. Some of the key factors driving the global wound dressings market are the rising geriatric population and surge in chronic conditions. Moreover, the faster healing time related to wound dressings will favor their use among ICU and emergency care staff, in turn driving the overall wound dressings market. Additionally, the rising patient awareness, growing healthcare expenditure, and increasing incidence of wound infections will promote the sales of wound dressings.
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The key factors responsible for this growth are rise in chronic diseases, growth of geriatric population, and increase in healthcare expenditure and patient awareness, rising incidence of wound infections, and growing demand from emergency care and ICU staff. Investing in emerging economies and focusing on the development of combination dressings is projected to enhance the growth of the wound dressings market.
In contrast, unfavorable reimbursement scenario, high cost of advanced wound dressings, and skepticism expressed by general practitioners over accepting novel technologies are likely to hamper the growth of the global wound dressings market.
Among the two major types of wound dressings, traditional dressings hold precedence over advanced ones in terms of revenue. However, advanced wound dressings are gaining popularity owing to rise in demand and affordability for improved wound care products.
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The wound dressings market has been categorized based on types of products and geography. The product segment has been further sub-segmented into traditional wound dressings and advanced wound dressings. The traditional wound dressings segment includes wound closure products (gauze tapes, sponges, surgical cotton swabs and others), basic wound care products, and anti-infective dressings. The advanced wound dressings segment includes emerging and advanced wound dressings such as films, foams dressings, hydrofiber, hydrocolloids, hydrogels, collagen and alginates. Foams is the leading sub-segment of the advanced wound dressings segment in terms of revenue. This is because foams are versatile, in terms of applicability and healing, and are readily available in stores.
North America is the largest market for wound dressings and is likely to retain its lead over the next five years. Asia Pacific, however, is projected to be the fastest developing regional segment by 2020 owing to growth of medical tourism, rise in number of surgical procedures, and increasing efforts to generate awareness among healthcare professionals as well as patients.
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The competitive landscape of the global wound dressings market is rather fragmented and even small companies have a firm foothold in particular regional and product segments. The players profiled and analyzed in the research report are Molnlycke Health Care, ConvaTec, Inc., B. Braun Melsungen AG, Medline Industries, Inc., Kinetic Concepts, Inc., Systagenix Wound Management, Ltd., Smith & Nephew plc, 3M Health Care, Coloplast A/S, Derma Sciences, Inc., and PAUL HARTMANN AG.
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