Wound Dressing Market Growth & Trends
The global wound dressing market size is expected to reach USD 18.86 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.14% from 2023 to 2030. Increasing number of people suffering from chronic wounds, rise in technologically advanced dressing and rising cases of traumatic accidents are expected to be the key driving factors for the wound dressing market.
There has been increase in number of people suffering from chronic disorders such as diabetes, as a result, the number of people suffering from diabetic foot ulcers are increasing. For instance, as per International Diabetes Federation, an estimated population of 61 million people aged between 20–79 years living in Europe were suffering from diabetes. Similarly, according to NCBI, the incidence rate of diabetes foot ulcers globally is between 9.1 million to 26.1 million annually. Thus, the rise in diabetes & diabetic foot ulcer patients is increasing the demand for wound dressing products, thereby impelling the wound dressing market over the forecast period.
Moreover, there has been global increase in number of traumatic accidents such as burns, gunshots and road accidents. For instance, according to stats by the WHO, approximately 11 million burn cases occur worldwide, which leads to 180,000 deaths globally, Similarly, as per NCBI, every day, more than 30,000 burn cases are registered globally. Therefore, the rising global number of burn cases is anticipated to impel the wound dressing market over the forecast period.
The outbreak of COVID-19 resulted in nationwide lockdown worldwide, as a result the growth of wound dressing market was restricted to a certain extent. However, the wound dressing market is projected to witness a significant growth rate during the post-pandemic period. This can be attributed to various strategies such as product launches, partnerships, and geographic expansion used by leading market players. For instance, in December 2020, Molnlycke Health Care AB, launched a new distribution in UK. It was a strategic move, strengthening their supply chain to increase the product reach in the UK population. Thus, as a result of aforementioned factors, the wound dressing market is expected to have a significant growth during the post-pandemic period, thereby, propelling the wound dressing market.
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Wound Dressing Market Report Highlights
On the basis of product, advanced dressing segment dominated the market with a revenue share of 54.36% in 2022. This can be attributed to rising cases of traumatic accidents globally
On the basis of application, the chronic wounds segment dominated the market with a revenue share of 60.07% in 2022
On the basis of end-use, the hospital segment dominated the market with a revenue share of 44.99% in 2022. This can be credited to rising surgical procedures, and increasing number of hospitals
North America dominated the market share of 45.47% in 2022. This dominance can be accredited to well-developed healthcare infrastructure, increasing awareness and presence of major key players in the region
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