A new Transparency Market Research report states that the global wound dressing market stood at US$7.5 bn in 2013 and is predicted to reach US$10.1 bn in 2020. It is expected to expand at a CAGR of 4.50% from 2014 to 2020. The title of the report is “Wound Dressings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.
According to the report, the prime factors boosting the market for wound dressings include the globally rising aging population and the growing prevalence of chronic diseases. In addition, the swift healing times brought about by the usage of wound dressings make them useful during emergency care. The rising incidence of wound infections raises the sale of wound dressings, thus having a positive impact on the market. Furthermore, the rising healthcare expenditure and growing awareness amongst patients about the benefits of wound dressings will also stimulate the market for wound dressings in the coming years. On the other hand, factors such as the soaring cost of advanced wound dressings may restrain demand within a number of Asian markets, thus having a negative impact on the overall market.
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On the basis of type, the wound dressing market is segmented into traditional wound care dressings and advanced wound care dressings. Traditional wound care dressings are further segmented into wound closure products, basic wound care, and anti-infective dressings. Amongst these, within traditional wound care dressings, the segment of basic wound care held the largest share in the market in 2013. This is because basic wound care products have experienced strong sales growth in emerging countries owing to them being easy to utilize. On the other hand, the segment of anti-infective dressings is predicted to experience the highest growth rate in the forecast horizon.
Advanced wound dressings are further segmented into films, foams, hydrofiber, hydrocolloids, collagen, and alginates. Amongst these, on the basis of revenue, the segment of foams emerged as the top segment in the market. This is due to the versatility of foams in terms of healing and applicability and their easy availability in stores. This segment is also expected to experience the highest growth rate in the forecast horizon. The segments of hydrofiber and hydrocolloids are also expected to exhibit an impressive growth rate in the forecast horizon. On the other hand, the segments of collagens, films, alginates, and hydrogels are poised to experience sluggish growth in the coming years.
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Geographically, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, Asia Pacific led the wound dressings market, while RoW exhibited the highest growth rate in traditional wound dressings and is anticipated to maintain its superiority in traditional wound dressings all through the forecast horizon. This is owing to the presence of price-sensitive markets in the region and low adoption rate of advanced wound dressing technologies owing to low literacy levels. On the other hand, North America, led by the U.S., emerged as the largest market for advanced wound dressings on the basis of revenue and Asia Pacific experienced the swiftest growth and is predicted to lead the global market for wound dressings in the coming years. This is due to the increasing social awareness and the rising number of diabetic patients in the region.
As per the report, the key players operating in the market are 3M Healthcare, Coloplast A/S, ConvaTec, Inc., Johnson & Johnson, Mölnlycke Health Care AB, and PAUL HARTMANN AG, among others.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.