NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global wound dressing market size is expected to reach $17.3 billion by 2023, the market is mainly driven by increasing volume of surgeries; rising number of road accidents; surge in number of burn cases; growing incidence of chronic wounds such as diabetic foot ulcer, pressure ulcer, and venous ulcer; and rising prevalence of diabetes.
Advanced wound dressings and traditional wound dressings are the two types of wound dressings available in the market. Between these, the demand for advanced wound dressings is expected to witness higher growth, at a CAGR of 8.0%, during the forecast period. This is because advanced wound dressings have better efficacy than traditional wound dressings such as bandage, gauze, sponge, abdominal pad in wound healing.
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Among the various advanced wound dressings, the market for superabsorbent wound dressings is expected to witness the fastest growth, with a CAGR of 10.5%, during the forecast period, mainly driven by the superior healing property of these products.
Globally, North America accounted for the largest share of the wound dressing market, with 40.5% share in 2017. This is attributable to increasing geriatric population, rising number of road accidents, growing number of diabetes and obesity cases, and increase in burn cases in the region.
Road accidents are responsible for the formation of severe wounds and their incidence is increasing, which is fueling the demand of wound dressing products. According to the U.S. Department of Transportation’s National Highway Traffic Safety data, which was collected from all 50 states and the District of Columbia, 37,461 lives were lost on the U.S. roads in 2016, an increase of 5.6% from 2015. As a result, the demand for wound dressing is expected to increase in this region.
Additionally, the growing prevalence of diabetes and burn incidences is further fueling the demand for the wound dressing products in the region. According to Centers for Disease Control and Prevention (CDC), as of 2015, 30.3 million Americans – 9.4% of the U.S. population had diabetes and another 84.1 million had prediabetes, a condition that if not treated, often leads to type 2 diabetes within five years. Diabetes hampers the normal physiological functions in the body, thus leading to delayed wound healing and development of diabetic foot ulcers. Therefore, increasing diabetes prevalence is expected to fuel the demand for wound dressings in the region.
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Some of the other key players operating in the wound dressing market are 3M Company, Medtronic plc, Smith & Nephew plc, Smith & Nephew plc, Hollister Incorporated, Integra Lifesciences Corporation, Johnson & Johnson, DeRoyal Industries Inc., and DeRoyal Industries Inc.
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