Wound Dressings – Healing Treatment Across the Continuum
Diabetes UK estimates that diabetic patients are 30 times more likely to have an amputation compared to general population. With such high probability, a large number of amputation surgeries are witnessed each year, subsequently requiring effective wound dressing to prevent infection post-surgery. Wound dressings are broadly classified into three categories, namely active, passive, and interactive dressings. While passive wound dressings have protective function, active wound dressings promote healing by creating a moist wound environment. Thus, demand for advanced wound dressings such as hydrogels and foams would subsequently increase. Interactive dressings on the other hand, create a moist wound environment and also interact with the wound bed components to enhance wound healing. Dressings such as hydrogels and alginates require secondary dressing, as they are permeable and non-occlusive. Composites multi-layer dressings are relatively expensive and can be used for primary and secondary wound dressing. The global wound dressings market is expected to be driven by increasing demand for advanced wound dressings.
The global wound dressings market was valued at US$ 8,269.5 million in 2015 and is expected to witness a moderate CAGR of 6.0% during the forecast period (2016 – 2024).
Figure 1. Global Wound Dressings Market Size and Forecast, US$ Million, 2014–2024
Source: Coherent Market Insights Analysis (2017)
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Increasing patient pool is expected to drive growth of the global wound dressings market
According to the American Diabetes Association (ADA), around 1% to 4% of the diabetic population in the U.S are estimated to be affected by diabetic foot ulcers annually. Moreover, according to Diabetes UK, prevalence of diabetic foot ulcers in diabetic patients is estimated to be 2.5%, which accounts for around 86,000 people in the U.K. in 2015. Moreover, according to the organization, around 7,400 leg, foot or toe amputation procedures are conducted every year in England. As per the estimation by The American Journal of Internal Medicine, around half of the diabetic population in Canada have at least one hospitalization in their lifespan for the treatment of diabetic foot infection.
According to the World health Organization (WHO), there are nearly 265,000 deaths globally every year due to burns. Moreover, as per WHO, over 100,000 people in India suffer from burns every year, while burns are the second most common injury in Nepal accounting for 5% of disabilities.
Considering the high prevalence and incidence rate, market players have opportunities to capitalize on different patient groups in the wound dressings market.
High cost of products impeding wound dressings market growth
According to 2015 report by The College of Podiatric Medicine, 9%-20% of patients in the U.S. with diabetic foot ulcers require hospitalization. Furthermore, the report states that cost of treatment of diabetic foot ulcer increase with age and the cost of treatment with advanced wound dressings sometimes may be double than conventional wound dressings. Higher cost of treatment with advanced wound care is also associated with comorbidities associated with diabetic foot ulcer. Moreover, according to WHO, burn injuries are more prevalent in low and middle income countries. Therefore, companies need to accordingly develop cost-effective products that cater the large patient population in low and middle income countries in Asia, Africa and Latin America. Wide availability of affordable products would fuel growth of the wound dressings market in these regions during the forecast period.
High and ever-prevailing incidence of trauma wounds, injuries, burns and chronic wounds such as diabetic foot ulcers creates a constant and steady demand for wound dressing. Furthermore, wound dressing is an integral part of post-surgery in order to minimize risk of hospital acquired infections (HAIs). Therefore, with increasing surgical procedures, demand for wound dressings is expected to increase consequently during the forecast period (2016-2024). With technological advancements, wound dressings made of various materials such as alginates, collagens, hydrocolloids, hydrofibers, and hydrogels have been commercialized in the wound dressings market. Depending on the condition or wound type, an appropriate wound dressing is selected. Market players such as 3M Company, Coloplast Corp., and Derma Sciences, Inc. are constantly focusing on extensive R&D activities in order to offer cost-effective wound dressing products to further enhance their market presence.
Most conventional wound dressings take longer to heal wounds as compared to advanced wound dressing products such as anti-infective wound dressings that are widely used post-operation to prevent risk of any hospital acquired infections (HAIs). Due to their higher functional efficiency and effectiveness, advanced wound dressings are fast replacing conventional wound dressings. Increasing incidence of burns, trauma wounds and injuries, and diabetic ulcers are expected to drive growth of the global wound dressings market in the foreseeable future. Rural areas in emerging economies of Asia, Latin America and Africa regions provide a highly lucrative and largely untapped market for market players to capitalize upon. Practice of using cotton gauze and sterile cotton is still high in emerging economies such as India, Brazil, China, and Indonesia, owing to it being easily available and being relatively inexpensive. Therefore, costlier advanced wound dressings are facing the heat of lower demand in these economies. However, with high economic growth, increasing government focus towards improving the healthcare infrastructure, and growing efforts by major players to introduce low-cost advanced products is expected to pave way for strong growth of major players in the wound dressing market.
This report segments the global wound dressings market on the basis of product type, application, and geography. On the basis of product type, the global wound dressings market is categorized into traditional and advanced wound dressings. Advanced wound dressings are further analyzed for alginates, collagens, films, foams, hydrocolloids, hydrofibers, hydrogels, and wound contact layers. On the basis of application, the market is segmented into surgical wounds, burns, diabetic foot ulcers, pressure ulcers and venous ulcers. For comprehensive understanding of market dynamics, the global cryotherapy market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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