Wound Dressings Market to Expand at a Healthy 4.50% CAGR from 2014 to 2020
Posted: Apr 07, 2019
The global wound dressings market is anticipated in a report by Transparency Market Research (TMR) to witness high competition and bear a significantly dynamic characteristic. Companies may participate in mergers and acquisitions and largely focus on introducing new combination dressings to strengthen their position in the market. Braun Melsungen AG, Derma Sciences, Inc., and 3M Healthcare are some of the leading companies operating in the industry. As per the recommendation provided in the report, companies could solidify their presence in the market by ameliorating their distribution network. They could also target developing economies such as Singapore, Brazil, and China for promoting their advanced wound dressing products.
TMR envisages the global wound dressings market to be worth a US$10.1 bn by the end of 2020. By product, basic wound care listed under traditional wound dressings could take the lead in the market in terms of share. Regionally, Asia Pacific is predicted to rank higher due to its dominance in the market.
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Rise in Incidence of Wound Infections Promotes Sale of Wound Dressings
Easy availability of advanced wound care services because of the rising number of manufacturing plants is expected to set the tone for strong growth of the global market. Increasing incidence and concerns over the recurrence of wounds could stoke the demand for wound dressings. The market is prognosticated to gain the support of medical services which are currently growing at an impressive rate. Swelling prevalence of diabetes could be another factor helping the market to see growth. Healing of wounds in diabetics could be difficult as multisystem problems may hinder wound recovery. Thus, the surge in the incidence of diabetes and other chronic ailments could create vast demand for wound dressings.
Improving healthcare spending and patient awareness are envisioned to produce ample of business prospects in the global wound dressings market. ICU and general care staff may be largely impressed with the advantage of faster healing times offered by advanced wound dressings. Increase in geriatric population, on the other hand, is foreseen to trigger growth in the market.
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High Cost of Advanced Wound Dressings Hampers Penetration in Asia Pacific
Cost-sensitive economies of Asia Pacific may not testify a high adoption of cutting-edge wound dressing products and services. Furthermore, unfavorable reimbursement scenarios and the negative impact of reluctance in the adoption of novel technologies at general practitioner (GP) level are prophesied to hamper the growth of the global wound dressings market. However, the development of germ-free dressings supported by recent advancements could create profit-making market opportunities for vendors.
Antimicrobial wound dressings are projected to grow in popularity due to the benefit of telling reduction in ambulation time. The advent of innovations such as the negative pressure wound therapy (NPWT) helping with faster healing of wounds could also push the market growth of wound dressings in the near future.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services.