The process of wound dressing has remained traditional until recently when modern science discovered that moisture and proper aeration is imperative for the adequate growth of underlying epidermal or endoderm cells. Researchers have revealed that moisture and aeration not only helps the wound to heal faster by aiding to the growth of new cells, but also decreases discomfort to a certain degree. The requirement for wound dressing is now not only limited to trauma patients or household accidental cases, but also includes diabetic geriatrics who commonly suffer from ulcerative complications.
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Skin ulcers and tissue necrosis are among the leading concerns in the rural areas of emerging economies and diabetic population globally. This and several other factors are poised to act as drivers in the global market for wound dressing which was valued at US$7.53 bn in 2013. Expanding at a healthy CAGR of 4.5% from 2014 to 2024, the global market for wound dressing is estimated to value US$10.16 bn by the end of the forecast period.
Global Wound Dressing Market: Trends and Opportunities
Rise in global geriatric population that commonly suffers from various skin ulcer complications is leading to increased requirement of advanced wound dressing technologies. Additionally, the growing prevalence of chronic diseases and rising healthcare expenditure among the urban and rural population are fueling the demand for wound dressings. Some of the other factors that are promising a healthy progress in the global market for wound dressing include growing incidences of wound infections caused by traditional wound dressing methods or ignorance, and requirement of swift healing times especially during emergency care. Conversely, the high cost of advanced wound dressings is expected to curtail the demand, especially in Asian markets.
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Global Wound Dressing Market: Region-wise Outlook
In 2013, traditional wound dressing had the most significant market in Asia Pacific while Rest of the World (RoW) experienced the highest growth rate in demand for the segment. The price sensitive markets in these two regions will continue to lead the market for traditional wound dressing because of several factors such as strong traditional backgrounds that dictates the healing methods. Moreover, these two regions contribute to more than half of world’s population and a substantial chunk of it includes geriatrics. Advanced wound dressing technologies are costly and fairly unknown to these vast populations due to lack of education.
North America, the U.S. in particular, is the most prominent market for advanced wound dressing methods in terms of revenue in 2013. This was due to the presence of robust healthcare infrastructure and high literacy levels. However, the presence of numerous advanced wound management products manufacturing units in Asia along with growing social awareness and increased diabetic population are likely to steadily increase the market for advanced wound dressing in the region.
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The report segments the wound dressing market in terms of type of products and geography. The product segment is further divided into sub-segments as traditional wound dressings and advanced wound dressings. The segment of traditional wound dressing includes wound closure products (gauze tapes, surgical cotton swabs, sponges, and others), anti-infective dressings, and basic wound care products. The advanced wound dressings segment is divided into films, foams dressings, hydrocolloids, hydrogels, hydrofiber, collagen and alginates. In 2013, foams was the leading sub-segment of the advanced wound dressings segment in terms of revenue. This was a result of versatility of foams in terms of applicability and healing. Foams are also readily available in stores.
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Due to the presence of several large and small players, the global market for wound dressing is highly fragmented. Some of the most prominent players at the global stage include Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, 3M Healthcare, Coloplast A/S, Derma Sciences, Inc., ConvaTec, Inc., Kinetic Concepts, Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, and Systagenix Wound Management Ltd. Out of these, Smith & Nephew plc, ConvaTec, Inc., and Mölnlycke Health Care AB had the dominant presence with their wide range of wound care products.
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