Injuries and wounds have commonly been treated since historic times, mainly by experts having knowledge in the relevant field. Nowadays, the field of wound treatment and wound dressings has reached a whole new level, with the main focus existing on quality and fast healing. Such an importance held by wound dressing activities has led towards the existence of a distinct wound dressing market from a global perspective.
Increasing instances of accidents and injuries owing to various causes such as accidents, illnesses, and others, are majorly responsible for driving the global wound dressings market. Skin ulcers and tissue necrosis are one of the most common types of wounds that need proper dressings to be carried out. As per experts, proper wound dressing that can provide adequate moisture and aeration can not only heal the wound faster but also help decrease the associated trauma.
Expert analysts have foretold the global wound dressing market to grow at a decent CAGR of 4.50% during the forecast period from 2014 to 2020. With this CAGR, the market is expected to gain revenue worth US$10.1 bn until the end of 2020, which is a decent increase since an initial revenue worth US$7.5 bn generated in 2013.
Basic Wound Care Segment Holds leading Edge over the Other Categories
The global wound dressings market is mainly classified under wound type and region. Under type, traditional wound dressings and advanced wound dressings are two sub-categories, which are further divided into individual segments. Under traditional wound dressings, basic wound care, wound closure products, and anti-infective dressings, are key segments. Whereas, advanced wound dressings category consists of foams, films, hydrocolloids, hydrogels, hydrofiber, alginates, and collagen, are chief segments comprising the global wound dressings market.
Considering the category of type, basic wound care segment had gained maximum market revenue as a part of the traditional wound dressings segment in 2013. This was mainly due to prevalence of small injuries among people, wherein minimal dressings is mainly required. Owing to this, the sales of cotton dressings and sterile cotton dramatically increased, mainly in developing nations. This segment is expected to maintain its leading stance even during the next few years.
However, a drastic increase in large injuries caused in people owing to various reasons such as vehicular accidents, injuries caused while participating in adventure sports, and war, is mainly leading to a rise in the need of wound closure products. Owing to such a need of the wound closure products, the wound closure products segment has witnessed remarkable growth.
North America and Asia Pacific Remain Dominant in the Market
Geography-wise, the global wound dressings market is spread across North America, Asia Pacific, the Middle East and Africa, Europe, and South America. Of these, Asia Pacific held a leading position in this sector in 2013. This is mainly due to various factors such as cheap pricing of the wound care products, less expensive healthcare facilities available in terms of wound care, and a general prevalence of large number of injuries caused mainly in people. However, North America also holds a prominent position in the global wound dressings market, mainly due to the presence of a strong medical infrastructure in leading countries such as U.S. and Canada in the region. Nevertheless, Asia Pacific witnessed a leading growth rate in the recent past and is likely to stay the same in the years ahead.
Smith & Nephew Plc, Johnson & Johnson, B. Braun Melsungen AG, 3M Healthcare, Coloplast A/S, Derma Sciences, Inc., ConvaTec, Inc., Kinetic Concepts, Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, and Systagenix Wound Management Ltd. Out of these, Smith & Nephew Plc, ConvaTec, Inc., and Mölnlycke Health Care AB, are key players operating in the global wound dressings market.
The process of wound dressing has remained traditional until recently when modern science discovered that moisture and proper aeration is imperative for the adequate growth of underlying epidermal or endoderm cells. Researchers have revealed that moisture and aeration not only helps the wound to heal faster by aiding to the growth of new cells, but also decreases discomfort to a certain degree. The requirement for wound dressing is now not only limited to trauma patients or household accidental cases, but also includes diabetic geriatrics who commonly suffer from ulcerative complications.
Skin ulcers and tissue necrosis are among the leading concerns in the rural areas of emerging economies and diabetic population globally. This and several other factors are poised to act as drivers in the global market for wound dressing which was valued at US$7.53 bn in 2013. Expanding at a healthy CAGR of 4.5% from 2014 to 2020, the global market for wound dressing is estimated to value US$10.16 bn by the end of the forecast period.
Global Wound Dressing Market: Trends and Opportunities
Rise in global geriatric population that commonly suffers from various skin ulcer complications is leading to increased requirement of advanced wound dressing technologies. Additionally, the growing prevalence of chronic diseases and rising healthcare expenditure among the urban and rural population are fueling the demand for wound dressings. Some of the other factors that are promising a healthy progress in the global market for wound dressing include growing incidences of wound infections caused by traditional wound dressing methods or ignorance, and requirement of swift healing times especially during emergency care. Conversely, the high cost of advanced wound dressings is expected to curtail the demand, especially in Asian markets.
Global Wound Dressing Market: Region-wise Outlook
In 2013, traditional wound dressing had the most significant market in Asia Pacific while Rest of the World (RoW) experienced the highest growth rate in demand for the segment. The price sensitive markets in these two regions will continue to lead the market for traditional wound dressing because of several factors such as strong traditional backgrounds that dictates the healing methods. Moreover, these two regions contribute to more than half of world’s population and a substantial chunk of it includes geriatrics. Advanced wound dressing technologies are costly and fairly unknown to these vast populations due to lack of education.
North America, the U.S. in particular, is the most prominent market for advanced wound dressing methods in terms of revenue in 2013. This was due to the presence of robust healthcare infrastructure and high literacy levels. However, the presence of numerous advanced wound management products manufacturing units in Asia along with growing social awareness and increased diabetic population are likely to steadily increase the market for advanced wound dressing in the region.
The report segments the wound dressing market in terms of type of products and geography. The product segment is further divided into sub-segments as traditional wound dressings and advanced wound dressings. The segment of traditional wound dressing includes wound closure products (gauze tapes, surgical cotton swabs, sponges, and others), anti-infective dressings, and basic wound care products. The advanced wound dressings segment is divided into films, foams dressings, hydrocolloids, hydrogels, hydrofiber, collagen and alginates. In 2013, foams was the leading sub-segment of the advanced wound dressings segment in terms of revenue. This was a result of versatility of foams in terms of applicability and healing. Foams are also readily available in stores.
Due to the presence of several large and small players, the global market for wound dressing is highly fragmented. Some of the most prominent players at the global stage include Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, 3M Healthcare, Coloplast A/S, Derma Sciences, Inc., ConvaTec, Inc., Kinetic Concepts, Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, and Systagenix Wound Management Ltd. Out of these, Smith & Nephew plc, ConvaTec, Inc., and Mölnlycke Health Care AB had the dominant presence with their wide range of wound care products.
Key Segments of the Wound Dressing Market
Wound Dressings Market, By Type
- Traditional wound dressings
- Basic wound care
- Wound closure products
- Anti-infective dressings
- Advanced wound dressings
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments