Market Trends of Silver Wound Dressing Industry
The Burns Segment is Anticipated to Witness Significant Growth During the Forecast Period
Burns is one of the most common household injuries, especially among children. Burns are characterized by severe skin damage that causes the skin cells to die. According to a research study published in March 2022 in PubMed, about 1 million cases of moderate to severe burn injuries requiring high-quality medical care are recorded annually in India.
Forest fires, war, and other accidents may also increase the global burden of burn injuries. Hence, the high burden of burn injuries is expected to drive the demand for burn care products and, thus, fuel the market's growth during the forecast period.
The rise in burn cases and injuries significantly boosts the market's growth. For instance, an article published in National Burn Awareness Week in 2022 stated that sub-Saharan countries were burdened with burn injuries among children. An estimated 300 thousand and 17.5 million children under five years old sustain burn injuries annually. Thus, this increasing number of burn injuries is expected to boost the market.
Furthermore, in June 2022, the British Columbia Children's Hospital, Canada, received about USD 1 million from the BC Professional Fire Fighters Burn Fund to support specialized care for kids with burn injuries. Thus, owing to increased investment in burn treatment, people are expected to adopt advanced wound care options such as silver wound dressing for quick recovery, which significantly fuels the market's growth during the forecast period.
Thus, due to the rise in the prevalence of burns and the increase in funding for burn care facilities, the studied segment is anticipated to witness growth in the market during the forecast period.
North America is Anticipated to Witness Growth in the Market During the Forecast Period
North America is expected to witness significant growth in the silver wound dressing market owing to factors such as a well-established healthcare system and key companies offering advanced products.
The increasing prevalence of diabetes and increased healthcare management spending are anticipated to increase the market's growth. For instance, as per the Mission Regional Medical Center 2022 update, it is estimated that 6.7 million people currently live with chronic wounds. This number is expected to grow by over 2% for the next decade. Chronic wounds cost the healthcare system more than USD 50 billion each year.
In the United States, more than 29 million people (9.5% of the population) have diabetes, and nearly two million of those people are likely to develop a diabetic foot ulcer or another non-healing wound each year. The diabetic population is high in the United States, which ultimately results in a higher number of diabetic foot ulcers. The rising number of diabetic cases in the nation is expected to increase the number of diabetic ulcer cases and contribute to the market's growth in North America.
Moreover, as per Mission Regional Medical Center's 2022 update, it is estimated that 6.7 million people live with chronic wounds, which is expected to grow by more than 2% for the next decade. Chronic wounds cost the healthcare system more than USD 50 billion each year. In the United States, more than 29 million people (9.5% of the population) have diabetes, and nearly 2 million are likely to develop a diabetic foot ulcer or another non-healing wound each year.
Furthermore, various wound care associations in Canada collaborate to provide world-class treatment for pressure ulcers, specifically hospital-acquired pressure ulcers. Hence, Accreditation Canada included pressure ulcers in Required Organizational Practices (ROP) in its 2020 handbook. This suggests a growing concern about pressure ulcers across Canada, and wound-related associations are working to address it, which is expected to fuel the market's growth.
Thus, due to the rise in the prevalence of burns and the increase in funding for wound care facilities, North America is anticipated to witness growth in the market during the forecast period.
