Advanced Wound Dressing Market

Introduction

Increasing number of chronic disorders and surgeries across the globe, leading to growing usage of advanced wound products, is the main factor aiding the growth of the advanced wound dressing market. For instance, as per data from epidemiological studies, chronic ulcers incidence in surgical patients in Brazil is 4% to 12% per year. Globally, there are over 100 million surgical incisions per year, increasing at a 3% to 4% CAGR.

Road accidents and violence are the major causes of trauma. Brazil, Mexico, and Chile are some of the countries with a rising number of road accident cases due to lack of traffic safety measures and awareness. Traumatic injuries and burns are also the major causes of acute wounds, which need advanced therapies.

Advanced Wound Dressing Market Trends

?Shifting Preference toward Advanced Wound Dressing Products Accelerating Market Growth: There is steady demand for traditional first-aid products for wound management, globally, in both, hospitals and home care settings.

However, growing preference for advanced wound dressing products by healthcare practitioners for the treatment of wounds such as foot ulcers, lower limb ulcers, and diabetes-related wounds is fueling the expansion of the advanced wound dressing market size. Products such as alginate, collagen, hydrofiber, and hydrogel dressings are increasingly being preferred for the treatment of chronic wounds.

Growing Demand for Alginate Dressings Products Creating Lucrative Growth Opportunities: Due to favorable properties for wound healing and their cost-effectiveness, alginates have gained popularity over the past years. Owing to their properties to maintain a physiologically moist environment, absorb excess wound fluid, and minimize bacterial infections at the wound site, alginates have witnessed increasing demand among the medical fraternity.

Further, due to low cost, comfort, and easy availability, the demand for alginates is steadily increasing in developing countries, as such, creating lucrative growth opportunities for the advanced wound dressing markets in these regions.

Introduction of Cost-effective Wound Dressing Products Propelling Growth: Manufacturers in the advanced wound dressing market are focusing on introducing new, cost-effective products with better clinical outcomes, which maintain a moist wound environment, reduce pain, and increase overall patient comfort.

Manufacturers have also been making efforts to differentiate their products from other competitors to fulfil consumer needs as well as increase consumer convenience. Key market leaders of the advanced wound dressing market are concentrating on differentiating their product portfolio by adding advanced functionalities to hold a better position in the market.

These efforts of manufacturers, as well as the concentration of consumers on therapeutic care, are expected to drive the growth of the advanced wound dressing market in the coming years.

Regional Outlook of Advanced Wound Dressing Market

North America holds a noteworthy advanced wound dressing market share, with around 42% of total global revenue, and is expected to progress at a CAGR of 2.3% during the forecast period. Growing incidence of chronic wounds and rising awareness among individuals are factors expected to contribute to the dominance of North America in the global advanced wound dressing market.

Owing to an increase in the demand for innovative products and favourable reimbursement policies, Europe is set to be the second-most lucrative region in the advanced wound dressing market during the forecast period.

However, increasing chronic ulcer patient pool, growing economy, and continuous government support for new healthcare product development are factors that are expected to boost the demand for advanced wound dressings in Asia Pacific.

Competitive Landscape of Advanced Wound Dressing Market

The advanced wound dressing market is characterized as a consolidated market space, with key players active across the globe, such as Ethicon Inc. (Sub. of Johnson & Johnson), 3M, Smith & Nephew PLC., B. Braun Melsungen AG, Mölnlycke Health Care, ConvaTec Group plc.

Coloplast A/S, Medline Industries, Inc., and Essity AB (BSN medical), among others. Manufacturers in the advanced wound dressing market are actively focusing on launching new products and the acquisition of other companies to expand their product portfolio.

Further, investments in product development and collaboration with different healthcare organizations are also key strategies being adopted by stakeholders in the advanced wound dressing market to increase their market share.

COVID-19 Impact Analysis on Advanced Wound Dressing Market

While the COVID-19 has severely impacted most markets, globally, the medical device market is one that has experienced polarizing effects of the pandemic. The rapid spread of the pandemic has resulted in healthcare systems being overwhelmed, with resources and staff being re-directed to address the surge in the number of patients.

Medical device markets that are imperative to supplying hospital equipment for the management of COVID-19, such as personal protective equipment (PPE), ventilators, and general hospital supplies, have experienced a surge in sales and the need to fulfil the overwhelming demand.

However, the pandemic has also resulted in a temporary pause of all non-essential and elective procedures. Medical device markets that manufacture devices for these procedures have been severely impacted, with companies reporting significant drops in revenue due to the cancellation of non-essential procedures.

The wound care management market is likely to face a moderate impact due to the COVID-19 pandemic. Decrease in surgical procedures may have a high impact on the market for wound closure devices. However, the chronic wound patient pool will continue to receive treatment, and will contribute a consistent stream of revenue for manufacturers.

Chronic wound patients often present multiple comorbidities, making them especially susceptible to COVID-19. The use of telehealth technology can help optimize wound care by helping doctors determine when a patient needs to be seen in person. This minimizes hospitalization for otherwise manageable cases, and potential patient exposure to COVID-19.

While telehealth can help patients access medical attention during COVID-19, in-person treatment is still vital for the accurate assessment of chronic wounds, and may not be a viable long-term alternative for some patients. Wound care, especially the advanced wound care market is expected to remain resilient, as it relies on a diverse mix of care strategies for sales.

Analysts’ Viewpoint

Increasing prevalence of chronic diseases and growing adoption of advanced wound dressing products over traditional products among consumers are expected to accelerate market growth during the forecast period. Besides, continuous focus of manufacturers toward improvements in the functionalities of advanced wound dressing products is also responsible for market growth at an impressive rate. North America and Europe hold a considerable share of the global advanced wound dressing market. Moreover, increasing demand for advanced wound dressing to treat sports injuries and road accidents are promising factors for investors to invest in the advanced wound dressing market for the future.

Key Segments of Advanced Wound Dressing Market

Key Segments of Advanced Wound Dressing Market

Questions Answered in PMR’s Advanced Wound Dressing Market Report

• Which regions will continue to remain the most profitable regional markets for advanced wound dressing market players?
• Which factors will induce a change in the demand for advanced wound dressing during the assessment period?
• What are the different opportunities available for emerging players in the advanced wound dressing market?
• How are supply-side and demand-side drivers impacting the advanced wound dressing market?
• How will changing trends impact the advanced wound dressing market?
• How can market players capture the low-hanging opportunities in the advanced wound dressing market in developed regions?
• Which companies are leading the advanced wound dressing market?
• What are the winning strategies of stakeholders in the advanced wound dressing market to upscale their position in this landscape?