Introduction of Wound Dressings Market
Wound dressings are medical devices that are used to cover and protect wounds from further damage. They also provide a barrier to infection and promote healing. Wound dressings come in a variety of types, including foam, gauze, hydrocolloid, and alginate dressings. The market for wound dressings is expected to grow significantly over the coming years due to the increasing prevalence of chronic wounds and the rising demand for advanced wound care products. This report provides an in-depth analysis of the global wound dressings market and covers key trends, drivers, and opportunities in the market.
Overview of the Wound Dressings Market
The global wound dressings market was valued at $9,621.7 million in 2019, and is projected to reach $14,619.2 million by 2027, registering a CAGR of 5.4% from 2020 to 2027.
Wound dressings are used for wound management and to promote healing. These dressings are used to manage all types of acute and chronic wounds such as burns, pressure sores, ulcers, and other types of trauma-induced wounds. They are used to protect the wound from infection, control bleeding, and promote healing by providing an optimal environment.
Increase in the number of burn and road accident cases, rise in incidence of ulcers, surge in geriatric population, and introduction of advanced wound care products drive the growth of the global wound dressings market. However, high cost of advanced wound dressings and lack of awareness among people in developing countries restrain the market growth. On the contrary, increase in R&D investments and surge in demand for advanced and innovative wound care products are expected to provide numerous growth opportunities for the market in the coming years.
Market Synopsis
Increase in incidence of chronic wounds and rise in geriatric population propel the growth of the global wound dressings market
Based on product, the advanced wound dressings segment held the largest share of the global wound dressings market in 2019, and is expected to maintain its dominance during the forecast period. The growth of this segment is attributed to surge in demand for advanced wound care products and increase in incidence of chronic wounds. Furthermore, the traditional wound dressings segment is expected to register the highest CAGR during the forecast period, owing to their cost effectiveness and availability in various forms such as gauzes, bandages, and tapes.
Based on end user, the hospitals segment held the largest share of the global wound dressings market in 2019, and is expected to maintain its dominance during the forecast period. The growth of this segment is attributed to increase in the number of surgeries, rise in incidence of chronic wounds, and surge in the geriatric population. Furthermore, the home care settings segment is expected to register the highest CAGR during the forecast period, owing to the increase in the number of home care services and surge in awareness regarding wound care products.
Key Market Players
Prominent players operating in this market include 3M (US), Smith & Nephew plc (UK), ConvaTec Group plc (UK), Coloplast A/S (Denmark), Cardinal Health (US), Mölnlycke Health Care AB (Sweden), B. Braun Melsungen AG (Germany), Integra LifeSciences Holdings Corporation (US), and Medline Industries, Inc. (US).
3M (US) held the leading position in the wound dressings market in 2019. The company focuses on product launches and acquisitions to increase its share in the wound dressings market. 3M is a pioneer in advanced wound care and has been in the market for more than 15 years, which provides it with a competitive edge in the market.
Cardinal Health (US) held the second position in the wound dressings market in 2019. Its well-established product portfolio has helped it in maintaining its leading position in the wound dressings market. The company focuses on organic growth strategies such as product launches to expand its consumer base.
Conclusion of the Wound Dressings Market
The global wound dressings market was valued at USD 7.0 billion in 2020 and is projected to reach USD 11.2 billion by 2025, registering a CAGR of 9.7% during the forecast period. The major factors driving the growth of the market include the increasing prevalence of chronic wounds, rising geriatric population, growing incidence of burn injuries, technological advancements in wound care products, and the increasing use of advanced wound care products.
However, the high cost of advanced wound dressings and the availability of alternative treatments may hamper the growth of the market. Growing demand for advanced wound dressings and the rising number of product launches are expected to provide growth opportunities for the wound dressings market during the forecast period.
