Seattle, WA -- (SBWIRE) -- 09/23/2019 -- The Global Wound Dressings Market was valued at US$ 8,269.5 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidence of injures, burns and wound ulcers to support the growth of the global wound dressings market over the forecast period.
According to the World health Organization (WHO), there are nearly 265,000 deaths globally every year due to burns. Moreover, according to Diabetes UK, prevalence of diabetic foot ulcers in diabetic patients is estimated to be 2.5%, accounting to nearly 86,000 people in the UK in 2015. Also, foot complications are the most common reason for hospitalization globally among the diabetic patients. With a large diabetic population base in India and China, opportunity for wound dressings market is considered to be highly lucrative in these countries. With annual incidence of 1%-7% globally (article published in Diabetes Journal, 2014), wound dressings market is expected to witness growth at a CAGR in a similar range.
There are a lot many options for wound dressing available in the global market. Selecting the correct one is critical to ensure effective and faster healing at a lower cost. Introduction of more effective products in the global wound dressings market would fuel the market growth in near future. Crawford Healthcare received FDA approval for its new wound dressing KerraCel AG in February 2017. The product is the only wound dressing in the global wound dressings market containing silver to kill bacteria including those resistant to antibiotics. There are other antimicrobial wound dressings utilizing honey, iodine or polyhexamethylene biguanide (polyhexanide, PHMB) for effective wound management. These wound dressings besides being protective, also promote healing of wounds. Such innovative therapies are expected to propel wound dressings market growth.
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According to the American Diabetes Association (ADA), around 1% to 4% of the diabetic population in the U.S are estimated to be affected by diabetic foot ulcers annually. Moreover, according to Diabetes UK, prevalence of diabetic foot ulcers in diabetic patients is estimated to be 2.5%, which accounts for around 86,000 people in the U.K. in 2015. Moreover, according to the organization, around 7,400 leg, foot or toe amputation procedures are conducted every year in England. As per the estimation by The American Journal of Internal Medicine, around half of the diabetic population in Canada have at least one hospitalization in their lifespan for the treatment of diabetic foot infection.
Alternative treatment options such as negative pressure wound therapy (NPWT) and surgical wound care products (sutures, staples, adhesives, and sealants) are expected to hinder market growth in respective applications. Therefore, in this mass competitive market, companies need to innovate consistently and offer complete range of products to address all types of wound treatment needs. Until then companies need to expand geographically to sustain their share in the global wound dressings market.
Diabetes UK estimates that diabetic patients are 30 times more likely to have an amputation compared to general population. With such high probability, a large number of amputation surgeries are witnessed each year, subsequently requiring effective wound dressing to prevent infection post-surgery. Wound dressings are broadly classified into three categories, namely active, passive, and interactive dressings. While passive wound dressings have protective function, active wound dressings promote healing by creating a moist wound environment. Thus, demand for advanced wound dressings such as hydrogels and foams would subsequently increase. Interactive dressings on the other hand, create a moist wound environment and also interact with the wound bed components to enhance wound healing. Dressings such as hydrogels and alginates require secondary dressing, as they are permeable and non-occlusive. Composites multi-layer dressings are relatively expensive and can be used for primary and secondary wound dressing. The global wound dressings market is expected to be driven by increasing demand for advanced wound dressings.
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The global wound dressings market was valued at US$ 8,269.5 million in 2015 and is expected to witness a moderate CAGR of 6.0% during the forecast period (2016 – 2024).
According to 2015 report by The College of Podiatric Medicine, 9%-20% of patients in the U.S. with diabetic foot ulcers require hospitalization. Furthermore, the report states that cost of treatment of diabetic foot ulcer increase with age and the cost of treatment with advanced wound dressings sometimes may be double than conventional wound dressings. Higher cost of treatment with advanced wound care is also associated with comorbidities associated with diabetic foot ulcer. Moreover, according to WHO, burn injuries are more prevalent in low and middle income countries. Therefore, companies need to accordingly develop cost-effective products that cater the large patient population in low and middle income countries in Asia, Africa and Latin America. Wide availability of affordable products would fuel growth of the wound dressings market in these regions during the forecast period.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.