New York, USA, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global hydrocolloid dressing market is anticipated to rise at a stable CAGR of 7.5%, thereby garnering a revenue of $4,725.9 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the hydrocolloid dressings including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
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Dynamics of the Market
Drivers: In the last few years, there has been a considerable increase in the prevalence of severe burn injuries due to road accidents and similar mishaps. This increased prevalence is predicted to be the primary growth driver of the hydrocolloid dressing market in the forecast period. Additionally, the growing healthcare expenditure in emerging economies is expected to further push the market forward.
Opportunities: Rising demand for advanced wound care across the world is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the rise in the use of hydrocolloid dressings to treat injuries sustained in street accidents is anticipated to augment the growth rate of the market.
Restraints: However, concerns about the development of infection in diabetic patients may restrict the growth of the hydrocolloid dressing market in the forecast period.
Impact of Covid-19 on the Market
The novel coronavirus pandemic created havoc across the globe. The government-mandated lockdowns and travel restrictions further impacted industries and businesses across the globe. The hydrocolloid dressing market, too, faced a similar fate. During the pandemic period, all the medical treatments that were deemed non-essential were put on hold by the doctors due to the increasing caseload of Covid patients. Also, the global shutdown led to a shortage of raw materials for the manufacturing of hydrocolloid dressings. These factors led to a massive decline in the growth rate of the market during the pandemic period.
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Segments of the Market
The report has fragmented the hydrocolloid dressings into segments based on application, end user, and region.
Application: Chronic Wound Sub-segment to Witness Significant Growth
By application, the chronic wound sub-segment is expected to grow rapidly in the 2022-2031 timeframe. Hydrocolloid dressings are found to be perfect for chronic wounds in which hemostasis, inflammation, proliferation, and remodeling have been interrupted. This utility of hydrocolloid dressings is anticipated to help in the growth of this sub-segment.
End User: Hospitals and Clinics Sub-segment to be the Most Dominant
By end user, the hospitals and clinics sub-segment of the hydrocolloid dressing market is expected to flourish immensely by 2031. The increasing demand for hydrocolloid dressing services and better wound care products for treating composite wounds in hospitals and clinics is predicted to be the primary growth driver of the sub-segment in the forecast period.
Market in the North America Region to be the Most Profitable
By regional analysis, the hydrocolloid dressing market in North America region is predicted to be the most lucrative in the 2022-2031 timeframe. An increase in product demand from various end-use industries such as hospitals, ASCs, etc., is expected to become the main growth driver of the market in this region.
Prominent Market Players
Some leading players in the hydrocolloid dressing market are
- Smith Nephew
- Cardinal Health
- Abbott Ltd
- 3M
- Molnlycke Inc
- Medtronic
- Coloplast Corp
- INTEGRA
- Cardinal Health
- Convatec Inc
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These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in September 2022, Bioré, a small face-care firm, introduced Cover & Conquer matte acne patches as an addition to the well-known pore strip with acne treatment. These hydrocolloid-based acne patches are designed to get rid of breakouts that have just appeared or are already present.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Hydrocolloid Dressing Market:
- Everything You Need to Know About Hydrocolloid Dressings: Definition, Working, and Advantages
- Global Hydrocolloid Dressing Market to Witness Widespread Growth with Rising Need for Wound Care
