Infection, extended patient stays and patient satisfaction are all factors expected to send the wound dressing market to new highs. The market is predicted to grow at a compound annual growth rate of close to 5 percent through 2022, according to a report from Grand View Research report.
“Global wound dressing market size was valued at $9,163.4 million in 2014 and is expected to grow at a CAGR of 4.4 percent over the forecast period,” according to a Grand View Research.
The report also indicates that a rise in the incidence of sports injuries coupled with the growing awareness among sports clubs, schools, and institutions to maintain medical budgets is expected to expedite the growth of the wound dressing market.
“Rise in the incidence of infections caused in the lesions is expected to further accentuate the growth of this industry. Lesions when not treated at the right time lead to infections, thus the growth in the awareness among health care practitioners and the patients is boosting wound dressing market growth,” the report states.
“Various advancements in the applications of these products have led to a spurred use of these products globally,” according to Grand View Research. “Furthermore, commercialization of novel therapies such as electromagnetic therapy, electrical stimulation, nanotechnology, and the use of silver and other combination bandages are enhancing the wound dressing market. These advancements render better relief to patients during any trauma treatment, and hence is a high-impact rendering driver for the wound dressing market.”
“Rise in the incidence of infections caused in the lesions is expected to further accentuate the growth of this industry. Lesions when not treated at the right time lead to infections, thus the growth in the awareness among health care practitioners and the patients is boosting wound dressing market growth.”
A variety of products is another reason for the expected growth.
“Key product segments of this industry include traditional products and advanced products. Advanced product segment comprises moist, antimicrobial, and active products that dominated the overall wound dressing market at over 56.1 percent revenue share in 2014,” Grand View Research reports. “This market position can be attributed to high usage and improved utility of products.”
“Antimicrobial products, which consist of silver and non-silver dressing products, are expected to exhibit lucrative growth over the forecast period owing to their benefits, which include ease-of-use and wide availability,” the report adds. “Moreover, antimicrobial products have increased the healing rate, thereby reducing the ambulation time as compared to the other available alternatives.”
North America is expected to remain a major player in the global market.
“The North American wound dressing market was the largest in 2014 accounting for over 35.1 percent of the overall revenue owing to the presence of large geriatric population base, increased patient awareness levels, and rapidly increasing geriatric population in this region, especially in the U.S.,” according to Grand View Research.
Key players operating in this industry include 3M Healthcare, ColoPlast, Medline Industries, HARTMANN, BSN Medical, Medtronic Plc, Smith & Nephew, ConvaTec, Derma Sciences and Systagenix.