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.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

  • Lancets Market - The global lancets market size was valued at USD 3.4 billion in 2019 and is expected to expand at a CAGR of 5.6% during the forecast period. Increasing incidence of diabetes, coupled with the availability of a wide range of products, is fueling the market growth. Factors such as the rising preference for homecare, high incidence of infectious diseases, and increasing awareness about advanced diabetes management products are contributing to the market growth.

  • Biohazard Bags Market - The global biohazard bags market size was valued at USD 304.2 million in 2019 and is expected register a CAGR of 5.7% during the forecast period. The increasing demand for biohazard bags is attributed to the growth of hospital beds in developing countries, increasing patient population, the volume of diagnostic and lab testing samples, and awareness regarding the benefits of hospital waste management in curbing the spread of infection.

 

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

 

Order a free sample PDF of the Advanced Wound Dressing Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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