Wound Dressings Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Wound Dressings Market: Snapshot
A significant rise in the geriatric population and the growing incidences of diabetes are some of the key factors that are estimated to encourage the growth of the global wound dressings market in the next few years. The rising government initiatives and the growing awareness among people regarding new technologies are anticipated to accelerate the growth of the overall market in the coming years. The key players in the market are focusing on technological advancements and innovations, which is predicted to offer potential growth opportunities for market players in the next few years.
The increasing number of mergers and acquisitions and the increasing growth potential in several emerging nations are some of the other key factors that are estimated to enhance the growth of the overall market in the near future. On the flip side, the high cost of technologically-advanced products is likely to restrict the growth of the global wound dressings market in the next few years. Nonetheless, the rising focus on innovations and developments are predicted to accelerate the growth of the overall market in the near future.
Among the key regional segments, Asia Pacific is projected to lead the global wound dressings market in the coming years. The growing demand for traditional wound dressings and the rising geriatric population are projected to encourage the growth of wound dressing market across Asia Pacific in the next few years. This region is estimated to be followed by North America, thanks to the rising contribution from the U.S.
The competition among the leading players operating in the wound dressings market across the globe are Organogenesis Inc., Convatec, Inc., Acelity L.P., Inc., Derma Sciences, Inc., Covidien PLC, Hollister, Inc., Medline Industries, Inc., Mölnlycke Health Care, Smith and Nephew PLC, Coloplast Corp., Integra Lifesciences Holdings Corp., and 3M Company. Several new players are predicted to enter the global market in the next few years.
Global Wound Dressings Market: Overview
The two type of wound dressings available in the global wound dressings market are traditional and advanced. The traditional wound dressings continue to be popular in developing countries due to the known certainty of their outcome. On the other hand, the advanced wound dressings are still trying to find their footing in the overall market. However, improving awareness about healthcare institutes, caregivers, and patients about benefits of advanced wound dressing materials such as foams, films, alginates, and collagen amongst others is expected to propel the market’s growth. The widening applications of wound dressings that go beyond accident cases and household wounds to diabetic ulcers and surgical complications have also triggered substantial demand for good quality of wound dressings.
Global Wound Dressings Market: Drivers and Trends
The rising pool of the aging population, who are susceptible to injuries and thus require medical attention are expected to fuel the rise of the global wound dressings market. Growing number of diabetics who require swift healing measures and effective wound dressings are also expected to boost the overall market. The increasing number of infections, injuries, and accidents have all contributed significantly to the soaring profits of the global wound dressings market.
The rising healthcare expenditure and the improving awareness amongst patients about wound dressings have also had a positive impact on the global market. Furthermore, introduction of affordable wound dressing materials is also projected to open up several lucrative opportunities for the global market.
Global Wound Dressings Market: Market Potential
Hartmann, a key player in the global wound dressings market, launched HydroClean(R) plus. The product won the 'Most Innovative New Dressing' award at the Journal of Wound Care Awards 2017. The product has been integrated with a unique rinsing-absorption mechanism that allows autolytic debridement, thereby letting the physician to clean the wound effectively to ensure the best possible wound progression. The company is focused on delivering simple, affordable, and effective wound care solutions that will change the way healthcare professionals look at wound care. HydroClean(R) plus aids moist wound bed preparation, which improves the healing time and ensure better quality of life for the patient.
Thus, the players operating in the global wound dressings market have a tremendous potential for growth in the coming years if they focus on product innovation. Designing wound dressings materials that are effectively and ensure faster healing will garner a loyal consumer base in the long run, predict analysts.
Global Wound Dressing Market: Regional Outlook
In terms of geography, the global wound dressings market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Asia Pacific is expected to lead the pack in the coming years due to a high demand for traditional wound dressings. The high level of price sensitivity in the developing economies of the region is expected to fuel the growth of the traditional wound dressings market in the near future. This conventional wound dressings segment will also progress in Asia Pacific regional market due to the low adoption of newer technologies.
On the other hand, the U.S. will lead North America wound dressings market during the forecast period. The growing awareness of diseases and disorders, high prevalence of surgeries, diabetic patients, and improved access to healthcare are expected to fuel the regional’s progress in the near future.
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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