PUNE, India, June 11, 2020 /PRNewswire/ -- The global advanced wound dressings market size is projected to reach USD 9.02 billion by 2027, exhibiting a CAGR of 4.3% during the forecast period. Rising prevalence of diabetes and diabetic foot ulcer across the globe is expected to be the primary growth driver for this market, states Fortune Business Insights™ in its report, titled "Advanced Wound Dressings Market Size, Share & COVID-19 Impact Analysis, By Product (Alginate Dressings, Hydrogel Dressings, Film Dressings, Foam Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, and Others), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027".
The International Diabetes Federation (IDF) estimates that diabetes affected over 460 million adults around the world in 2019 and forecasts that by 2045, this number will reach 700 million. The IDF further reports that 40 million to 60 million, or about 10-15% of the total number of diabetics worldwide, are afflicted by diabetic foot ulcers and other lower limb complications. These ulcers invariably lead to amputations, leading to a significant deterioration in the quality of life. Advanced wound dressings provide the necessary care for wound healing, which is the primary reason for their adoption among diabetics and doctors around the globe.
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According to the report, the value of the market stood at USD 6.45 billion in 2019. It also contains the following:
- Unique intelligence on the factors driving the market growth;
- Valuable insights into the challenges facing the market;
- Thorough analysis of the competitive developments and regional dynamics of the market; and
- Comprehensive evaluation of the individual market segments.
An Overview of the Impact of COVID-19 on this Market:
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To get the short-term and long-term impact of COVID-19 on this Market.
COVID-19 Pandemic Outbreak to Disrupt Market Growth
The acute global health crisis created by the coronavirus pandemic has led to a readjustment of priorities in healthcare facilities, with majority of hospitals and clinics diverting their attention and resources to COVID-19 patients. The immediate consequence of this has been on the treatment of patients with chronic conditions and complications associated with these conditions. For example, elective procedures such as those dealing with wound care have been inevitably postponed, while beds and other facilities in hospitals are being reserved for coronavirus patients.
As a result, the advanced wound dressings market growth has been temporarily disrupted. On the flip side, however, many patients and doctors are increasingly adopting telemedicine tools to seek and provide virtual remedies to chronic wounds, which will cushion the blow of the COVID-19 outbreak on the market.
North America to Exercise Tight Grip on Market Share; Europe to Register Stable Growth
At USD 2.52 billion, North America dominated the advanced wound dressings market share in 2019. The region is set to retain its hold on the market owing to high prevalence for diabetic foot ulcers, as per data released by the Centers for Disease Control and Prevention (CDC). Moreover, favorable reimbursement policies and increasing R&D spending on medical devices are expected to further drive the market in the region.
In Europe, the European Wound Management Association (EWMA) estimates that approximately 1% to 2% of the population is afflicted by chronic wounds, which creates bright prospects for the market in the region. Lastly, the market in Asia-Pacific is slated to enjoy a period of substantial growth on account of rising prevalence of diabetes in the region and improving healthcare infrastructure.
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Increasing Acquisitions and Collaborations to Make Competition Highly Charged
With the dual aims of strengthening market position and enlarging market share, key players in this market are strategically acquiring smaller firms and collaborating with competitors. As a result, the market is flooded with innovative products and solutions, which is enhancing its potential.
- October 2019: US-based 3M successfully acquired the Texas-based medical device company, Acelity, Inc. and its KCI subsidiaries around the world for an estimated value of USD 6.7 billion. The acquisition will enhance 3M's standing in the medical technology domain as the company will now be able to add Acelity's advanced wound care and specialized surgical solutions to its portfolio.
- July 2019: Integra LifeSciences, the US-based medical technology specialist, announced its collaboration with the AI-driven software for wound assessment and monitoring, Tissue Analytics. The partnership will combine Integra's expertise in wound care solutions and Tissue's superior digital products in clinical trial settings.
List of Companies Profiled in the Advanced Wound Dressings Market Report:
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- ConvaTec Inc. (England, U.K.)
- 3M (Minnesota, U.S)
- Derma Sciences Inc. (New Jersey, U.S.)
- Coloplast Corp (Humlebaek, Denmark)
- Smith & Nephew (London, U.K.)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Indications, 2019 (Key Countries)
- Economic cost Burden, Chronic Wounds (Key Countries)
- Key Mergers & Acquisitions
- Pricing Analysis, Key Players, 2019
- Overview: New Developments in Advanced Wound Dressings
- Global Advanced Wound Dressings Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Alginate Dressings
- Hydrogel Dressings
- Film Dressings
- Hydrocolloid Dressings
- Antimicrobial Dressings
- Foam Dressings
- Market Analysis, Insights and Forecast – By Indication
- Diabetic Foot Ulcers
- Pressure Ulcers
- Surgical Wounds
- Market Analysis, Insights and Forecast – By End User
- Home Care Settings
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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