Growing prevalence of chronic wounds and burn cases around the globe is expected to fuel the expansion of the alginate dressings market size during the forecast period of 2020 to 2030. It has been estimated that, in developed countries, around 1 to 2% of the population experiences a chronic wound in their lifetime. In the United States, more than 6 million individuals are affected by chronic wounds annually. Consequently, chronic wounds are one of the major causes of mortality and morbidity, and need advanced therapy such as alginate dressings in order to be treated.
Increasing burn cases are also creating huge public health problems, globally. According to WHO, estimated deaths due to burns are around 180,000 annually. Thus, growing preference for advanced wound dressing products for the treatment of burn ulcers is expected to accelerate growth of the alginate dressings market over the coming years.
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- 3M Co
- Smith & Nephew Plc
- ConvaTec Group Plc
- Coloplast A/S
- BSN medical GmbH
- B. Braun Melsungen AG
- Mölnlycke Health Care
Growing Usage for Complex Wound Treatment to Fuel Market Growth
Traditional first-aid products that are currently used for wound dressings in hospitals and homecare settings have several drawbacks, such as poor absorption of wound exudates, inability of maintaining moist environment, poor gas exchange between the environment and the wound, allergic and non-sterile reactions, removal difficulty of wound dressings after healing, etc. Though there is steady demand for traditional first-aid products, advanced wound dressing products are now more preferred for the treatment and management of chronic wounds. The unique properties of alginate dressings such as greater absorption capacity of wound exudates, minimizing bacterial infection, and improving wound healing makes them the most preferred for chronic wound treatment, a fact that is anticipated to propel the alginate dressings market.
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New Product Launches Propelling Growth of Alginate Dressings Market
Manufacturers in the alginate dressings market are focused on introducing new products with better clinical outcomes to reduce pain, maintain a moist wound environment, and increase overall patient comfort. Key alginate dressings market players also making efforts in order to increase consumer convenience by differentiating their products from other. These market leaders are doing this by adding advanced functionalities to hold a better position in the market. For example, in February 2019, the GEMCORE360 brand of alginate dressings products, which was launched by GEMCO Medical, includes foams, hydrocolloids, alginates, and thin film dressings.
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Regional Outlook of Alginate Dressings Market
North America holds a noteworthy alginate dressings market share - 42.5% of total revenue, and is expected to expand 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 alginate dressings market space. Increase in demand for innovative products and favourable reimbursement scenario makes Europe the second-most lucrative region in the alginate dressings market. Further, growing economy, increasing traumatic ulcer patient pool, and continuous government support for new healthcare product development are major factors expected to boost demand for alginate dressings in the Asia Pacific region.
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Competitive Landscape of Alginate Dressings Market
The alginate dressings market is characterized as a consolidated market space, with key players across the globe, including 3M, Essity AB (BSN medical), Smith & Nephew PLC., Mölnlycke Health Care, B. Braun Melsungen AG, ConvaTec Group plc., and Coloplast A/S, among others. Manufacturers of alginate dressings are actively focusing on launching new products and acquisition of companies to expand their product portfolios in the industry. Further, investments in product development and collaborations with different healthcare organizations are key strategies being adopted by manufacturers to boost sales and revenue.
COVID19 Impact on Alginate Dressings Market
The coronavirus outbreak has become a huge human tragedy, affecting millions of people across the world. It is also having a lasting impact on the global economy. COVID-19 continues to spread rapidly around the world. Almost every country has reported cases, but the burden is asymmetrically distributed. Several international production and manufacturing businesses has been affected significantly. Some of the leading companies are unable to manufacture enough products to meet global demand due to shortage of manpower. However, there is no clear visibility a deep impact on the alginate dressings businesses around the globe, owing to constant demand for the diagnosis and treatment of chronic wounds and burn ulcers using alginate dressings products.
Increasing prevalence of chronic diseases and growing adoption of alginate dressings products as compared to traditional wound dressing products are expected to accelerate market growth during the forecast period. Besides, continuous focus of manufacturers on improvement in functionalities of alginate dressing products is also responsible for market growth at an impressive rate. North America and Europe hold a considerable share in the global alginate dressings market. However, Asian countries such as India and China will provide more opportunities to market players during the forecast period, due to growing economy and larger patient pool. Moreover, constant demand for alginate dressings for the treatment of wounds developed from burns, diabetes, accidents, and surgeries is creating huge opportunities for investors in the alginate dressings market.