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.
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.
Advanced Wound Dressing Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global advanced wound dressing market. The study provides detailed assessment of key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the advanced wound dressing market structure. The market study presents exclusive information about how the advanced wound dressing market will grow during the forecast period (2020-2030).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes definitions, drivers, and opportunity analysis by region and by product, which helps in the deep understanding of the market segment details by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the advanced wound dressing market during the forecast period.
The study is relevant for manufacturers, physicians, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researchers, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the advanced wound dressing market. Furthermore, small businesses and new entrants in the advanced wound dressing market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
PMR’s study on the advanced wound dressing market offers information divided into four important segments—product, indication, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Segments of Advanced Wound Dressing Market
Questions Answered in PMR’s Advanced Wound Dressing Market Report
Advanced Wound Dressing Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the advanced wound dressing market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the advanced wound dressing market study include statistics from government healthcare organizations, medicines journals, research journals, press releases, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as validation from companies in the advanced wound dressing market, and makes PMR’s projections on the growth prospects of the advanced wound dressing market more accurate and reliable.