Market Trends of Global Wound Dressings Industry
This section covers the major market trends shaping the Wound Dressings Market according to our research experts:
Advanced Wound Dressing Segment is Expected to Hold Largest Market Share Over the Forecast Period
Advanced wound dressing focuses on keeping the wound hydrated to encourage healing and is generally prescribed by clinicians after a visit to the doctor or hospital. Advanced wound dressings include film, foam, hydrogel, hydrocolloid, collagen, and contact layers, among others. Factors such as the increased prevalence of diabetic foot ulcers are one of the major reasons behind the market growth. As per the 2020 update from IDF, diabetic foot ulcers affect 40 to 60 million people with diabetes globally.
Moreover, the availability of a wide range of products and the presence of key market players and R&D activities to advance the products in Advanced wound dressings. For instance, as per the article published in 2022, under the title 'L-Mesitran Foam: Evaluation of a New Wound Care Product', the study showed that the medical-grade honey of L-Mesitran has strong antimicrobial and wound healing activities. L-Mesitran Foam combines these properties of L-Mesitran Soft with the technology of foam dressings. Furthermore, the growing geriatric population, rising number of sports injuries, and associated risk of diabetes are projected to fuel the segment growth over the forecast period. For instance, as per the 2022 update from John Hopkins Sports Injury Statistics, in the United States, about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year. Since increased injury cases lead to more adoption of wound dressing leading to market growth. Moreover, the presence of competitors, mergers, acquisitions, and product launches fuel the market growth. For instance, in April 2020, Convatec Group Plc, a global medical technology company, announced the launch of ConvaMax, a new superabsorber dressing distributed by Convatec.
Hence, as per the facts mentioned above, the advanced wound dressing segment is likely to boost market growth over the forecast period.
North America is Expected to Hold Largest Market Share over the Forecast Period
North America holds a major share in the wound dressings market, owing to the presence of better healthcare infrastructure and a rising number of surgical procedures in the region. The high number of diabetic populations in the country especially in the United States is indicating that there are chances of rising cases of diabetic ulcers. For instance, as per International Diabetes Federation, the United States of America is one of the 23 countries in the IDF NAC region. 537 million people have diabetes in the world and more than 51 million people in the NAC Region, this count is expected to rise to 63 million by 2045.
The presence of competitors, acquisitions, and mergers boost the market growth. For instance, in March 2022, Tennessee-based Triad Life Sciences Inc was acquired by Convatec Group. The Triad's current portfolio and product pipeline is transferred to Convatec's Advanced Wound Care (AWC) business and is likely to be known as Convatec Advanced Tissue Technologies.
As per the factors mentioned above, North America is expected to register a high growth rate for the studied market over the forecast period.
