Wound Dressings Market: Advanced Wound Dressing Boosted by Increasing Healthcare Expenditure

The global wound dressings market is highly fragmented in nature due to the stakes of numerous global and regional players in the industry. The top three players in the market accounted for approximately 52% of the overall market value in 2013, finds Transparency Market Research (TMR) in a new study. These three players are Smith & Nephew plc, Mölnlycke Health Care, and ConvaTec Inc. 

“Efficient distribution networks, product differentiation, and supply competency play a central role in determining the market position of players. Companies are engaging in mergers and acquisitions to gain a competitive edge over others in this highly competitive marketplace,” says the author of the report.

The global wound dressings market was valued at US$8.11 bn in 2015 and is poised to reach US$10 bn by 2020, rising at a CAGR of 4.5% from 2014 to 2020. Traditional wound dressings will continue to dominate the market in terms of revenue until 2020. However, due to rising awareness about the benefits, the advanced wound dressings segment is expected to expand at a significant CAGR of 7.6% over the forecast period.

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Asia Pacific to Emerge as Significant Market for Wound Dressings Manufacturers

The global wound dressings market is broadly classified into traditional wound dressings and advanced wound dressings. Asia Pacific will continue to be the leading traditional wound dressings market until 2020, representing nearly 32% of the global market value. However, Rest of the World will expand at an impressive CAGR during the same period. On the other hand, North America will continue to dominate the advanced wound dressings market by revenue until 2020. Due to rising per capita expenditure on healthcare and improving economic conditions, Asia Pacific will rise at a CAGR of 9.3% between 2014 and 2020.

Rising Geriatric Population to Augment Growth of Wound Dressings Market

The rise in geriatric population can potentially increase the demand for medical services three to five folds and trigger the prevalence of non-communicable diseases. This factor boosts the need for surgical procedures, consequently propelling the growth of the global wound dressings market. Moreover, the rise in life expectancy of the population worldwide is increasing the demand for healthcare. This, in turn, is fuelling the demand for wound care dressings.

“New product development and novel therapies are helping reduce wound-related infections among patients while also cutting down on healing time. These benefits are conducive to the greater uptake of advanced wound dressings,” says a TMR analyst. Improvements in synthetic dressing materials, recombinant factors, endovascular techniques, and bi-layered human dermal substitutes are positively influencing the growth of the global market. Other factors driving the market are the rising incidence of chronic diseases and wound infections, increasing per capita spending on healthcare, and growing patient awareness regarding personal health.

Reluctance in Adoption of Novel Therapies to Impede Revenue Growth of Wound Dressings Market

The advanced wound dressings are only affordable amongst the affluent population. Asian markets being price sensitive have significant inhibitions on investing in advanced wound care. This limits the adoption of the advanced wound dressings. Moreover, reluctance in adoption of novel wound care technologies amongst healthcare providers and physicians, especially in Europe and Asia, is stagnating the sales of advanced technologies. Furthermore, the absence of a favorable reimbursement scenario is hampering the wide-scale adoption of wound care dressings. These factors, collectively, are restraining the growth of the global wound dressings market. However, manufacturers are increasingly focusing on the development of combination dressings to strike a balance between cost and functionality. In the foreseeable future, this factor is likely to augur well for the growth of the market.

Browse Research Report on Global Wound Dressings Market:
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Global Wound Dressing Market to Grow at CAGR of 8.8% by 2020, Market Driven by Increasing Chronic Diseases

The global wound dressing market is set to grow at a CAGR of 4.5% during the period from 2014 to 2020. Increase in the number of chronic wounds has resulted in growth of the global wound dressings market. From US$7.53 billion in 2013, the global wound dressing market is expected to amount to US$10.16 billion by 2020. 

Asia Pacific Leads Global Wound Dressings Market 

The global wound dressing market is categorized on the basis of geography and products. By geography, the global wound dressings market is segmented into Asia Pacific, North America, Europe, and Rest of the World. By products, the global wound dressing market is segmented into traditional wound dressing products and advanced wound dressing products. Asia Pacific dominated the global wound dressing market in 2013 and will continue to be in the leading position during the forecast period. Countries from the Rest of the World recorded highest the growth in the traditional wound dressing products segment. As far as advanced wound dressing products are concerned, North America, especially the U.S., dominated the global market. 

Browse Market Research Report of Wound Dressings Market: http://www.transparencymarketresearch.com/wound-dressing-market.html

The presence of small and big companies contributing to the new developments in wound dressing products has led to the strong growth prospects of the global wound dressing market during the forecast period. Some of the leading companies in the global wound dressing market are 3M Healthcare, Coloplast A/S, Johnson and Johnson, Molnlycke Health Care AB, Smith and Nephew, Paul Hartmann AG, Kinetic Concepts Inc., B. Braun Melsungen AG, and ConvaTec Inc. 

The traditional wounds dressings market has three segments, including basic wound care, wound closure products, and anti-infective dressing. Basic wound care products dominated the traditional wound dressing market in 2013. The advanced wounds dressing market has six sub-segments, including foams, films, collagen, hydrocolloids, hydrofiber, and alginates; the advanced wound dressings market is governed by foams. 

Browse Market Research Press Release of Wound Dressings Market: http://www.transparencymarketresearch.com/pressrelease/wound-dressing-market.htm

Countries Adapting Wound Dressing Products for Treating Chronic Wounds

The high prevalence of chronic diseases is considered to be the major reason behind the growth of the global wound dressing market. This has led to adoption of advanced wound dressings products by all local and international players from across all regions. Recently, as per statistics provided by the Federal Health Minister of Australia, around 50% of the country’s population suffered from either a chronic disease or chronic wounds.

Wayne Mulvany, the General Manager of IWC, stated that they are committed to offer healthcare and wellbeing services to the people suffering from chronic diseases. Services such as chronic disease management, wounds management, and other support services are now being offered in different areas of Australia. Traditional as well as advanced wound dressings will be provided by medical centers, based on the severity of the wounds. According to Wayne Mulvany, IWC delivered around 71,000 products and services to the community. Doctors and healthcare professionals take efforts to serve patients by treating their chronic wounds. With this, the medical sector in Australia continues to expand at a fast pace, thus boosting the wound dressings market.