Wound Dressings Market is anticipated to grow at a 4.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Wound Dressings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Wound Dressings market is estimated to be over US$ 10.0 Bn in 2017. It is anticipated to grow at a CAGR of 4.1% from 2019 to 2030.
Increasing awareness among patients, technological advancements in the sector of wound therapy, and growing geriatric population have been pivotal in dictating the growth of the wound dressings market. Moreover, efficient treatment options for complex wounds, diabetes and associated chronic wounds and increasing expenditures on healthcare is anticipated to be the major drive the growth of the global market between 2019 and 2030.
Increasing Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global wound dressings market in the coming times. Since, the utilization of Wound Dressing products for assisting treatment and facilitating faster recovery of wounds among aged population is enormously crucial.
Increasing Prevalence of Diabetes
Diabetes is one of the most prominent, prevalent and menacing chronic diseases, which is known to affect millions of individuals worldwide. According to the report Global Burden of Disease (GBD), published in 2015, the prevalence of diabetes witnessed a substantial increment of 30.6% between 2005 and 2015. The prospect of wound care and treatment is extremely vital among population suffering from chronic disorders, namely diabetes and several others. Since, failure to treat the same, may lead to fatal outcomes. Therefore, the continual rise in prevalence of diabetes is expected to present an attractive growth prospect for the wound dressings market in the times to come.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Wound Dressings Market by Type (Advanced and Traditional), Application (Ulcers, Surgical Wounds, Traumatic Wounds, Burns) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/wound-dressings-market/23
High Costs of Wound Dressings Products to Restrain the Market
High costs associated with wound dressings products are one of the major factors affecting the growth of the market. Availability of affordable and cheaper versions of wound care products and high surgical costs associated with wound dressings products is anticipated to be one of the major hindrances in the growth of the global market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, increasing burden of chronic diseases and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the wound dressings market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Wound Dressings Market
The prominent players in the global wound dressings market are Acelity L.P., Inc., Integra Lifesciences Holdings Corp., Convatec, Inc., Organogenesis Inc., 3M Company, Smith and Nephew PLC, Mölnlycke Health Care, Coloplast Corp., Medline Industries, Inc., and Covidien PLC
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