Advanced Wound Dressing Market Growth & Trends
The global advanced wound dressing market size is expected to reach USD 10.5 billion by 2030, registering a CAGR of 4.5% according to a new report by Grand View Research, Inc. An increasing number of accidents, the impact of COVID-19, and technological advancements are the key driving factors for the market. The increasing incidence of accidents such as road accidents, burns, and trauma events across the globe is anticipated to drive the market. For instance, as per the WHO (2018), around 1,000,000 people are severely or moderately burnt in India per year. In addition, as per NCBI, in 2017, countries such as Bulgaria, Finland, the Netherlands, China, Australia, and the U.K. reported a rise in the incidence of burn injuries.
Furthermore, as per the American Association for the Surgery of Trauma, in 2017, around 1.2 million people died globally, accounting for the deaths of around 3,242 people per day in road accidents every year. Road accidents mostly occur in middle- or low-income countries. The advanced wound dressing is majorly used for the faster healing of all kinds of burns injuries. Moreover, bandages and gauze are also used for the treatment of minor injuries. Thus, the rising number of accidents is expected to boost the demand for advanced wound dressing, which is expected to lead to considerable market growth over the forecast period.
The rising number of surgical procedures is also expected to boost the demand for home healthcare services. According to the American Society for Metabolic and Bariatric Surgery (ASMB) in 2018, the number of people who underwent sleeve gastrectomy increased by 8.05% from 2016 to 2017 in the U.S. Patients undergoing surgeries are required to stay at hospitals for a longer period; thus, most patients prefer home healthcare services over hospital stays. Therefore, these factors are likely to boost the demand for home healthcare services, thereby fueling market growth during the forecast period.
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Advanced Wound Dressing Market Report
Advanced Wound Dressing Market Report Scope
Report Attribute Details
Market size value in 2023 — USD 7.7 billion
Revenue forecast in 2030 — USD 10.5 billion
Growth Rate — CAGR of 4.5% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030
Advanced Wound Dressing Market Report Highlights
- In terms of revenue, the foam dressings segment held the largest revenue share in 2020. The rising number of road accidents across the globe is the major factor propelling segment growth
- The acute wounds segment held the largest revenue share in 2020 and is expected to witness the fastest growth rate over the forecast period due to the increasing number of surgeries
- The hospitals segment held the largest revenue share in 2020. The growth of the segment is majorly driven by the increasing number of hospitals
- In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic injuries
