Advanced Wound Dressing Market: Hospitals' Segment Dominated And Accounted For The Largest Revenue Share
Advanced Wound Dressing Industry Overview
The global advanced wound dressing market size was valued at USD 6.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028. The demand for advanced wound dressing is increasing owing to technological advancements, an increasing number of surgical procedures, and the rising prevalence of chronic wounds across the globe. The increasing incidence of chronic diseases such as diabetes, cancer, and other autoimmune diseases is driving the demand for advanced wound dressing. Factors such as antimicrobial resistance, adoption of unhealthy and sedentary lifestyles, alcohol consumption, and smoking are some of the major factors contributing to the rise in the prevalence of non-communicable diseases.
According to the National Diabetes Statistic Report 2017, published by the Centers for Disease Control and Prevention (CDC), more than 100.0 million people in the U.S. were living with diabetes or prediabetes conditions. In addition, the WHO reported that in 2016 approximately 1.6 million deaths globally were directly caused due to diabetes.
Gather more insights about the market drivers, restrains and growth of the Global Advanced Wound Dressing market
Cancer has been a global healthcare burden as it is one of the leading causes of death. According to estimates from the WHO, cancer is the leading cause of death globally and almost 1 in 6 deaths can be attributed to the disease. In addition, it also reported that over 70% of cancer-related deaths typically occur in middle- and low-income countries. According to estimates from Cancer Organization, in 2018, cancer was the second leading cause of death and about 1,735,350 new cancer cases were registered in the U.S. In addition, nearly 4,700 new cases of cancer are diagnosed each day in the country.
As a result of the rising prevalence of chronic conditions, the number of surgeries being performed has also increased. Wound care products, thus, are increasingly being used to prevent surgical site infections. Most surgical wounds, post-cancer surgery, are relatively large in size and deep, releasing exudates that require regular management. Advanced wound dressing products such as hydrogel, alginate, and foam help manage large wounds, thereby significantly reducing the risk of infection. Thus, the rising incidence of chronic diseases is expected to boost the demand for wound care products, thus propelling the market growth.
Rapidly increasing demand for home healthcare services can be attributed to the growing workforce pertaining to home-care services. This is expected to act as a major driver for the market for advanced wound dressing. According to the U.S. Bureau of Labor Statistics, in the U.S., the number of home healthcare and personal care aides is expected to reach 13.0 million in 2020. Moreover, the increasing geriatric population is likely to promote home healthcare services as aged people are more likely to avail themselves of such services. As per the Population Reference Bureau in 2018, the number of Americans aged 65 and above is expected to increase from 52.0 million in 2018 to 95.0 million by 2060. In line with this, the percentage of the geriatric population would rise from 16.0% of the total population in the U.S. in 2018 to 23.0% in 2060.
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Advanced Wound Dressing Market Segmentation
Grand View Research has segmented the advanced wound dressing market on the basis of product, application, end-use, and region:
Advanced Wound Dressing Product Outlook (Revenue, USD Million, 2016 - 2028)
- Foam
- Hydrocolloid
- Film
- Alginate
- Hydrogel
- Collagen
- Other Advanced Dressings
Advanced Wound Dressing Application Outlook (Revenue, USD Million, 2016 - 2028)
- Chronic Wounds
- Acute Wounds
Advanced Wound Dressing End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Specialty Clinics
- Home Healthcare
- Others
Advanced Wound Dressing Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- May 2019: 3M acquired Acelity, Inc. with an aim to strengthen its wound management solutions and expand its customer pool.
- March 2017: ConvaTec Group PLC launched the Sensi-Care Skin Protectant Incontinence Wipes, which was expected to expand its wound business and increase its market share.
Key Companies profiled:
Some prominent players in the global Advanced Wound Dressing market include
- MÖLNLYCKE HEALTH CARE AB
- 3M
- CONVATEC GROUP PLC
- BAXTER
- COLOPLAST CORP.
- MEDTRONIC
- DERMA SCIENCES INC.
- MEDLINE INDUSTRIES, INC.
- SMITH & NEPHEW PLC
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