Wound Dressings Market Projected to Reach USD 17.7 Bn by 2028 Growing with CAGR of 7.5% – Global Analysis by Transparency Market Research
Consistent research & development activities conducted by several market players coupled with increased funding from governmental organizations toward the development of advanced wound dressings are likely to augment the global wound dressings market growth
Wilmington, Delaware, United States, April 29, 2023 (GLOBE NEWSWIRE) — The global wound dressings market was valued at USD 10.1 Bn in 2020 and is projected to reach USD 17.7 Bn by 2028, growing at a CAGR of 7.5% during the forecast period from 2021 to 2028.
The prevalence of both chronic and acute wounds is rising, which is expected to drive the global market for wound dressings. Aging population, rise in number of patients suffering from diabetic foot ulcers, tissue necrosis, and high skin ulcer prevalence drive the global wound dressings market. Other drivers include increased spending on enhancing healthcare infrastructure.
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Participants in the global market are concentrating on offering innovative wound dressing solutions. However, high cost of the materials required for wound dressings and longer nursing times for dressings are challenges hamper the expansion of the global industry. Companies are expected to accelerate the development of novel products in order to sustain market competition. Key companies operating in the market are expanding their service offerings to acquire a competitive edge over other players.
Presence of large diabetic patient pool and continuous technological developments in wound care products are likely to drive market growth during the forecast period.
Global Wound Dressings Market: Key Players
- Systagenix Wound Management Ltd.
- B. Braun Melsungen AG
- Mölnlycke Health Care AB
- Derma Sciences, Inc.
- Smith & Nephew plc
- Derma Sciences, Inc.
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Key Findings of Market Report
- The healthcare industry is witnessing an increase in demand for advanced wound dressing materials. Utilization of traditional wound dressing items, including cotton wool, bandages, plasters, lint, and gauze, has increased to prevent wound contamination. Conventional wound dressings are often recommended for clean, dry wounds with low amounts of exudate or as backup dressings.
Global Wound Dressings Market: Growth Drivers
- Rise in number of diabetic patients and surge in incidence of diabetic foot ulcers across the world are two major factors anticipated to drive the development of novel wound dressings. Several disorders cause chronic wounds, including venous leg ulcers, pressure ulcers, and diabetic foot ulcers. Persistent wounds include issues such as infection, ulceration, and inadequate blood flow, and these conditions lengthen the wound healing process.
- Market players and different governmental organizations are expected to increase their efforts in the development of wound dressings, which is likely to drive industry growth. The global market for wound dressings is driven by the rapidly growing medical and pharmaceutical sectors. Increase in research and development efforts by several public as well as private organizations to create novel therapeutics is expected to drive the global market.
Global Wound Dressings Market: Regional Landscape
- Asia Pacific is anticipated to record the highest growth rates during the forecast period. Furthermore, the market in countries such as Japan, India, and China are expected to grow as a result of the region’s constantly advancing healthcare infrastructure and growing elderly population. Moreover, rise in incidence of ulcers, chronic wounds, and diabetes are bolstering market growth. Increase in traffic accidents is also anticipated to drive business growth in Asia Pacific.
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Global Wound Dressings Market: Segmentation
- Traditional Wound Dressings
- Advanced Wound Dressings
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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