Global Wound Dressing Market - 2022-2029

Market Overview

The global wound dressing market size was valued US$ 12.2 billion in 2021 and is estimated to reach US$ YY billion by 2029, growing at a CAGR of 6.5% during the forecast period (2022-2029).

Wound dressings clean, cover, and protect the wound from the external environment. It must provide a moist environment, remove excess exudate, avoid maceration, protects the damage from infection and maintain an adequate exchange of gauze.

Market Dynamics

The growth of the market is majorly driven by increasing number of road accidents, increasing aging population, advancements in technologies of wound dressing products, rising prevalence of diabetics, increasing patient awareness, raising patient healthcare expenditure are the major factors driving the growth of the market.

Rising research & investment activities related to wound dressing are expected to drive market growth

The presence of ongoing research activities is expected to boost the wound dressing market. For instance, in December 2018, according to new research from the McGill University Health Centre (MUHC) and McGill University showed the use of a new application, called Swift Skin and Wound, which measures accurately and charts the progression of skin wounds, could potentially have a significant impact on the clinical management and the patient outcomes. Clinicians and healthcare professionals are currently using the app at the McGill University Health Centre (MUHC) in Montreal.

Also, in March 2019, according to a study, published online recently in the journal Scientific Reports by a research team at the Ohio State University, stated that the electroceutical bandages could kill the bacteria around a wound, allowing the wounds to heal faster. ipLine Medical, Inc (Campbell, CA), completed a $12 million Series E round of financing to support the worldwide commercialization activities for the Zip Surgical Skin Closure product and the development of advanced tools for reducing costs in a bundled care environment. Financing was backed by a new investor, HighCape Partners (New York, NY), and existing investor MVM Life Science Partners LLP (Boston, MA). The company is an innovator in developing cost-effective, noninvasive surgical skin closure devices that improve surgical efficiency and patient satisfaction. Its leading surgical skin closure product is classified by the United States Food and Drug Administration as Class I, 510(k) Exempt.

The high cost associated with the wound dressing products is one of the major factors hindering the growth of the market

According to the National Health Service (NHS) in the United Kingdom, venous leg ulcers (VLUs), pressure ulcers (PUs) and DFUs are among the costliest wounds in UK. According to a UK-based study, the cost of these Wound Dressing was estimated at over £4.5 billion (5.72 USD billion), not accounting for the care of comorbidities or costs undertaken by patients themselves. No robust or cost-effective dressing is available except antimicrobial dressings (silver, iodine, or honey), which are preferred over nonmedicated dressings to heal chronic wounds.

Moreover, wound dressing products are prescribed in large quantities for use on an as-needed basis, which incurs additional cost. Wound Dressing products are expensive compared to traditional wound dressing techniques. Therefore, many patients opt for traditional dressings despite its slow healing process. This is posing a major challenge for the growth of the advanced wound dressings segment. The cost of treating chronic wounds in the U.S. is extremely high, with the charge per case ranging from $2,000 to $10,000 depending upon the condition and nursing costs. The cost of managing a pressure ulcer is estimated to be between $7,000 and $55,000 in the U.S., while the annual cost of all treatment is valued in billions.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic was expected to lower the use of advanced wound dressing, as they require healthcare advice, thereby restricting the market's growth. However, the market is anticipated to grow post-pandemic, with a significant growth rate over the forecast duration. This can be owing to initiatives such as partnership, research and development, geographic expansion, and the launch of technologically advanced products by major market players. For instance, in September 2021, Coloplast Corp. inaugurated a factory in Central America, which was intended to support the global growth of the company. Similarly, in October 2021, Medline Industries announced an investment of USD 77.5 million to build a new distribution center in Kansas. Thus, the market is expected to boost over the post-pandemic period due to the factors above.

Industry Analysis

The global wound dressing market provides in-depth analysis of the market based on various industry factors such as porter's five forces, regulatory analysis, reimbursement analysis, supply chain analysis, pricing analysis, technological advancements etc.

Segment Analysis

Chronic wounds segment is expected to hold the largest market share in global wound dressing market

The market for wound dressing was dominated by the chronic wounds segment in 2021, which had the highest revenue share of xx% and was predicted to increase at a significant rate over the forecast period. The category is anticipated to rise as a result of an ageing population as well as an increase in venous pressure ulcers, diabetic foot ulcers, and other chronic wounds. For instance, the number of Americans 65 and over, or around 19% of the country's population, was projected to reach 54.1 million in 2019 according to the Administration for Community Living's profile on older Americans. The population is expected to reach 80.8 million by 2040 and 94.7 million by 2060, having grown by nearly 36% between 2009 and 2019. Additionally, the number of Americans who have varicose veins is rising year over year. One in four Americans, or about 23%, have varicose veins, according to the Journal of the American Heart Association. The market is being driven by the possibility that a rise in varicose veins would result in the development of venous leg ulcers.

Geographical Analysis

North America region holds the largest market share in the global wound dressing market

North America is dominating the global wound dressing market in 2019 and estimated to hold significant market size over the forecast period (2022-2029) owing to the product innovations, rise in the incidence of diabetes cases, increasing healthcare spending and the growing aging population in this region. The increasing number of wound cases in the region are expected to boost the market. For instance, the National Institute of Health has estimated that 3% of the population of 65 years and above would have a wound at some time. An even higher rate of incidence is expected, owing to the traumatic injuries and ulcers endemic in resource-poor countries to other regions. Thus, the rising number of wounds is driving the market.

The ongoing research activities for wound management by the key players in the region is expected to boost the market. According to a study published on August 14, 2019, in the open-access journal PLOS ONE by Brennan Spiegel of Cedars-Sinai Health System and colleagues found that therapeutic virtual reality (VR) is emerging as an active, non-pharmacological treatment modality for pain, anxiety disorders, and distract patients during wound care. Thus, the presence of ongoing research activities is driving the market. The presence of key players developing wound dressing products in the region are expected to boost the market. For instance, on March 04, 2019 Organogenesis Holdings Inc. announced that PuraPly Antimicrobial (PuraPly AM) product has positively affected the course of healing in a variety of complex, chronic wounds that were previously unresponsive to treatment. Thus, the presence of key players launching different wound dressing products are driving the market.

Competitive Landscape

The wound dressing market is highly competitive, owing to the presence of big brands. Also, the market is highly fragmented due to the presence of several large and regional players. The key players which are contributing to the growth of the global market include 3M Healthcare, DUKAL Corporation, Integra Lifesciences Holdings Corporation, Medline Industries Inc., Mckesson Corporation, Acelity L.P. Inc., Cardinal Health Inc., Smith & Nehphew Plc, Molnlycke Health Care, Coloplast Corp.

Key Companies to Watch

3M Health Care:

Overview: 3M Health Care Limited manufactures, procures, and markets medical, oral care, and drug delivery products. The company develops critical and chronic care products and solutions that help prevent and treat critical and chronic conditions across the continuum of care infection prevention solutions to reduce the risk of exposure to healthcare-associated infections for patients and healthcare professionals' health information systems to help compile and use health information. 3M Health Care Limited operates as a subsidiary of 3M Company for better clinical and financial performance inhalation, transdermal, micro needle, or oral and topical drug delivery technologies for pharmaceutical and biotechnology companies.

The company also offers orthodontic solutions, wound dressing solutions, surgical devices, consumer health, micro fluidics, medical grade tapes and adhesive technologies to medical device manufacturers.

Product Portfolio: Tegaderm +Pad Film Dressing is a sterile surgical dressing with a central absorbent and non-adherent pad that helps in moist wound healing and painless dressing removal. This Tegaderm dressing is breathable, waterproof, bacterial and viral barrier thus protecting against infections and is easy to maintain.

The global wound dressing market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.