The wound dressing market is estimated to grow at over 4 % CAGR during the forecast period (2015 to 2022). It generated revenues worth around USD 9, 160 million in 2014. Rising prevalence of venous stasis, pressure, and diabetic ulcers has led to demand for advanced wound care products for taking care of these ailments.
Awareness among schools, organizations, and sports clubs to maintain healthcare funds and growing sports wounds are anticipated to accelerate market expansion. Significant investments by people on medical amenities are also boosting market sales. Escalating infections in wounds also add incomes to the wound dressing market.
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Additionally, awareness regarding wound infections among doctors and patients furthers the market. The old population across the globe often suffers from the aforementioned ulcer conditions, thereby raising the demand for wound care products. This, in turn, is positively affecting the market.
Innovations in wound dressing applications have resulted in the growing usage of these products. Moreover, commercialization of advanced treatments like nanotechnology, electrical stimulation, and electromagnetic therapy are furthering market profits. These advancements provide improved patient relief during the treatment of traumas.
Thus, they have a huge positive impact on the wound dressing market. The market is bifurcated into products and regions. The products comprise advanced and traditional. Advanced products led the market in 2014 and accounted for over 56 % share. This can be credited to enhanced utility and high use of these products.
The segment of advanced includes antimicrobial, moist, and active products. With regards to regions, North America was the biggest market in 2014 and captured over 35% of the total incomes. This was due to patient awareness and huge aged population in the region. Inclination towards home medical facilities and growing chronic injuries also helped the region maintain its position.
The Asian Pacific wound dressing market is projected to grow at the fastest pace because of abundant prospects in China and India. Increasing disposable earnings, awareness among patients, and huge population are the root regional propellers. The huge diabetic population would also drive Asia Pacific.
Some distinguished players in the worldwide wound dressing market comprise Derma Sciences, ColoPlast, 3M Healthcare, and Systagenix. They indulge in acquirements and product launches to gain a competing edge.
Information Source: Grand View Research