Global Wound Dressings Market to Expand at 4.50% CAGR from 2014 to 2020 thanks to Rising Patient Awareness
A featured report on the global wound dressings market available on the official site of Market Research Reports Search Engine (MRRSE) provides the latest insights into the market. This report is titled “Wound Dressings Market (Traditional Wound Dressings: Wound Closure Products, Basic Wound Care, Anti-infective Dressings; & Advanced Wound Dressings: Films, Foams, Hydrofiber, Hydrocolloids, Hydrogels, Collagen, Alginates) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”. According to this report, the global wound dressings market will expand at a 4.50% CAGR during the forecast period from 2014 to 2020.
In 2013, the global wound dressings market was worth over US$7.5 bn and by 2020, the market is projected to be worth more than US$10.1 bn. Some of the key factors driving the global wound dressings market are the rising geriatric population and surge in chronic conditions. Moreover, the faster healing time related to wound dressings will favor their use among ICU and emergency care staff, in turn driving the overall wound dressings market. Additionally, the rising patient awareness, growing healthcare expenditure, and increasing incidence of wound infections will promote the sales of wound dressings.
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Nevertheless, the global wound dressings market will be restrained by the high cost of advanced wound dressings. This trend is particularly hampering the penetration of these products in Asian markets. Reluctance towards novel technologies at GP level is also suppressing the sales of wound dressings. Moreover, unfavorable reimbursement scenarios will also challenge the global wound dressings market.
By type, the global wound dressings market is segmented into advanced wound dressings and traditional wound dressings. Some types of traditional wound dressings are anti-infective dressings, wound closure products, and basic wound care dressings. Some types of advanced wound dressings are collagen, alginate, hydrofiber, hydrocolloid, film, and foam dressings. In terms of revenue, the traditional dressings segment is leading the global wound dressings market.
Region-wise, the global wound dressings market is divided into Asia Pacific, North America, Europe, and Rest of the World. Presently, North America is leading the global wound dressings market and is likely to continue its dominance during the forecast period. On the other hand, Asia Pacific is expected to be the fastest growing regional segment during the forecast period due to its expanding medical tourism sector, rising awareness among patients and healthcare professionals, and the growing number of surgical procedures.
Players in the global wound dressings market are focusing on the development of combination dressings and on penetrating emerging economies. The leading players operating in the global wound dressings market include Coloplast, 3M Health Care, B. Braun Melsungen, Derma Sciences, ConvaTec, Kinetic Concepts, Smith & Nephew, and Systagenix Wound Management.