Global Wound Dressings Market: Driven by Rising Healthcare Expenditure, Suppressed by Unfavorable Reimbursement Scenario
The global wound dressings market will expand at a CAGR of 4.50% during the forecast period from 2014 to 2020. In 2013, the global wound dressings market was worth more than US$7.5 bn and by 2020, the market is projected to be worth more than US$10.1 bn. The dynamics of the global wound dressings market will be impacted by several key trends. Here are the top 7 key trends that will shape the growth of the global wound dressings market.
1. Rising Geriatric Population to Propel Global Wound Dressings Market
According to the U.S. Department of Health and Human Services, in 2013, the geriatric population (65 years or older) was estimated at 44.7 mn and by 2060, it is projected to rise to 98 mn in the U.S. The rising aging population will trigger growth of the global wound dressings market.
2. Global Wound Dressings Market Driven by Surge in Chronic Conditions
The surge in chronic diseases in both developed and emerging regions will enhance the growth prospects of the global wound dressings market. Chronic conditions such as diabetes and chronic kidney disease tend to prevent wounds from healing at a normal rate. Furthermore, rising patient awareness will also benefit the global wound dressings market.
3. Improved Healing Times to Boost Global Wound Dressings Market
By type, the global wound dressings market is segmented into traditional wound dressings and advanced wound dressings. The various types of advanced wound dressings available in the global market are collagen, alginates, hydrofiber, hydrocolloids, films, and foams. The foams segment will enjoy strong growth in the coming few years due to the faster healing and advances in their basic design.
4. Global Wound Dressings Market Fuelled by Rising Incidence of Wound Infections
The growing incidence of wound infections is promoting the sale of wound dressings around the world. According to the National Institutes of Health, in the U.S., chronic wounds affect approximately 6.5 mn patients annually, which augurs well for the wound dressings market.
5. Reluctance of Practitioners to Hamper Global Wound Dressings Market
Although traditional wound dressings are preferred by healthcare practitioners and patients due to their low prices and well-established reimbursement policies, this is not the case for advanced wound dressings. The skeptical attitude of general practitioners towards accepting novel technologies will hamper the growth of the global wound dressings market significantly.
6. Cost Issues to Challenge Global Wound Dressings Market
Another key restraint on the global wound dressings market is the high cost of advanced wound dressings. These issues are challenging the penetration of advanced wound dressings in Asian markets. The unfavorable reimbursement scenario will further constrain the growth of the global wound dressings market.
7. Lucrative Emerging Economies Attracting Attention of Market Players
Region-wise, the global wound dressings market is divided into Asia Pacific, North America, Europe, and Rest of the World. Players in the global wound dressings market will benefit from the expanding healthcare expenditure and rising investments in emerging economies. In 2013, Asia Pacific was the largest market for traditional wound dressings. In addition to this, the rising focus on the development of combination dressings provides a good growth opportunity for players.
Some of the key players operating in the global wound dressings market are 3M Health Care, Coloplast, B. Braun Melsungen, Derma Sciences, ConvaTec, and Kinetic Concepts.