Global wound dressing market size is expected to reach $17.3 billion by 2023 by P&S Intelligence.

New York, NY -- (SBWire) -- 05/08/2019 --The global wound dressing market was valued at $11.4 billion in 2017 and is predicted to advance at a CAGR of 7.2% during the forecast period (2018–2023). The factors driving the market are increasing number of road accidents, burn cases, surgeries, incedents of chronic wounds, such as pressure ulcers and venous ulcers and diabetic foot ulcers, and growing prevalence of diabetes. Wound dressings are used to hasten the process of wound healing by allowing the exchange of gases, absorbing exudates, offering thermal insulation, and preventing entry of infection-causing agents.

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In the report, the market has been segmented by type, application, end user, and region. Based on type, the wound dressing market is divided into traditional wound dressing and advanced wound dressing. Of the two, advanced wound dressing was the dominating category in terms of revenue generation, owing to the rising adoption of foams, films, alginates, collagen, hydrocolloids, hydrogels, hydrofibre, superabsorbent wound dressing, and wound contract layers. This category is also predicted to grow faster during the forecast period, at a CAGR of 8.0%.

Now, foam dressing accounted for a contribution of nearly 24.8% to the advanced wound dressing market in 2017. Foam dressing offers benefits, such as a barrier against bacteria, warm and moist environment for healing, suitability for wounds with hyper granulation and use in compression therapy, and ease of application and removal. While this category is predicted to continue dominating the market in the future, the fastest growth is expected from the superabsorbent category (at 10.5% CAGR), owing to its better healing properties.

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Around the globe, the wound dressing market is expected to witness the fastest growth in Asia-Pacific (APAC), registering a CAGR of 8.2%. The increasing number of burn and accident cases, growing geriatric population, and rising prevalence of diabetes are escalating the market growth in the region. According to the Global Status Report on Road Safety, in India, around 207,551 fatal cases and in China, nearly 261,371 cases were reported in 2015. Also, according to the International Diabetes Federation, around 142.7 million diabetes cases are expected to be reported in China in 2035.

The growth of the wound dressing market is somewhere also backed by the increasing number of surgeries. The rising prevalence of chronic and lifestyle diseases are resulting in an increase in the number of surgeries across the globe. The prevalence of chronic diseases, such as cancer, stroke, heart diseases, and respiratory diseases, are surging due to changing lifestyle and food habits. As per the Centers for Disease Control and Prevention (CDC), 117 million Americans had at least one chronic disease in 2012.

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Chronic diseases, especially cardiovascular disorders, need surgery at some point depending on severity. Furthermore, diabetes is a major chronic disease, which increases the risk of a diabetic foot ulcer. These ulcers need to be controlled at the primary stage to prevent the maceration of surrounding tissue. Wound dressing products are used during surgeries, such as for diabetec foot ulcer management, which are further helping in taking the wound dressing market forward.

Therefore, it is clear that as chronic diseases grow in prevalence, the volume of surgeries will also rise, leading to an increasing demand for wound dressing.