Wound Dressings Market is anticipated to Expand at CAGR 7.5% during 2021-2028

Wound Dressings Market Outlook 2028
• The global wound dressings market was valued at US$ 10.1 Bn in 2020
• It is estimated to expand at a CAGR of 7.5% from 2021 to 2028
• The global wound dressings market is expected to reach the value of US$ 17.7 Bn by the end of 2028
Analysts' Viewpoint on Wound Dressings Market Scenario
Increasing incidences of chronic and acute wounds is a major factor driving the global wound dressings market. Rising investments in improving healthcare infrastructure, rapidly growing geriatric population, ad prevalence of skin ulcers, tissue necrosis, diabetic foot ulcers are some of the factors propelling the global wound dressing market. Market contributors in the global wound dressings market are focusing on introducing innovating wound dressing solution due to rising surgical procedures across the globe. However, high prices of materials needed for wound dressings and increased nursing time for dressings are factors hampering the growth of the global wound dressings market. Companies in the global wound dressing market should accelerate their product development and unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain a competitive edge in the healthcare sector.

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Impact of Global Coronavirus Pandemic on Wound Dressings Market
With significant impact on global economy and businesses, the coronavirus pandemic has put intense pressure on medical & healthcare systems. The global wound dressing market is also negatively affected due to coronavirus pandemic. Insufficient supply of wound dressing solutions and disrupted supply chain have hampered the growth of the global wound dressing market. The global market is expected to witness lucrative growth opportunities due to nationwide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and increasing skin injuries amid the coronavirus pandemic. Technological advancements in wound care products, along with increasing prevalence of diabetes across the globe are driving the growth of the global market.
Rise in Prevalence of Chronic and Acute Wounds
Increase in number of diabetic patients across the world and rise in prevalence of diabetic foot ulcers are factors projected to drive of the global wound dressing market in the upcoming years. The growing incidences of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers caused by various diseases are fueling the growth of the global wound dressings market.
Chronic wounds lead to complications such as infection, ulceration, and insufficient blood supply, thereby increasing the wound healing period. In addition, rise in prevalence of diabetes among patients is likely to propel the demand for advanced wound dressings. Infections such as cellulitis and infective venous eczema, gangrene, hemorrhage, and lower-extremity amputations are major reasons of chronic wounds.

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Increasing R&D Activities in Wound Dressings Drives Market Growth
Surge in investments by key market players and various government organizations in the development of wound dressings is a key factor projected to drive the global market during the forecast period. Rapidly expanding medicine and pharmaceutical industry, developing advanced products, medicines, and therapies boost the global wound dressings market. The increasing research & development activities by many private and private organizations in order to develop innovative therapies is fueling the expansion of the global market.
Market players are focusing on launching a cell and gene therapy platform within its pharmaceutical division. There is an increasing demand of advanced wound dressing products such as classified into foams, films, hydrocolloids, hydrogels, hydrofiber, alginates, and collagen from the healthcare sector. Traditional wound dressing products such as gauze, lint, plasters, bandages and cotton wool can be used to protect the wound from contamination. Traditional wound dressings are generally indicated for clean and dry wounds with mild exudate levels or as secondary dressings.
Asia Pacific to Dominate Wound Dressing Market
Asia Pacific is expected to dominate the global market during the forecast period, owing to cost-effective wound care products, affordable healthcare facilities, and prevalence of a large number of injuries among people. Moreover, major economies such as China, India, and Japan also contribute to the market growth due to rapidly improving healthcare infrastructure and rising aging population in the region.
The increasing prevalence of diabetes, chronic wounds, and ulcers is also driving the market growth in Asia Pacific. The rising number of road accidents in Asia Pacific countries contribute to the expansion of the wound dressing market in the region.
Wound Dressings Market: Overview
• According to Transparency Market Research's latest report on the global wound dressings market for the historical period 2017-2019 and forecast period 2021-2028, rise in prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other issues caused by various diseases is projected to boost the growth of the global wound dressings market
Rise in Prevalence of Chronic and Acute Wounds: Key Driver
• Rise in prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other issues caused by various diseases is expected to fuel the growth of the global wound dressings market during the forecast period. Moreover, rapidly increasing prevalence of diabetes among patients is likely to boost demand for advanced wound dressings.
• Infections such as cellulitis and infective venous eczema, gangrene, hemorrhage, and lower-extremity amputations are among the complications of chronic wounds. Chronic wounds cause disability, and disability worsens wound outcomes, creating a vicious cycle.
• Increase in the number of diabetic patients globally and rise in prevalence of diabetic foot ulcers are major drivers of the global wound dressings market

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Increase in Investments by Key Players in Research & Development of Wound Dressings
• Rise in investments by private players and government organizations in the development of wound dressings is a major factor projected to drive the global market during the forecast period
• The field of medicine is constantly developing, as newer therapies and medicines are launched in the market. Numerous public-private institutes and companies are focused on conducting studies for developing innovative therapies.
• In December 2020, Bayer AG launched a cell and gene therapy platform within its pharmaceutical division. Moreover, growing product pipeline is anticipated to propel the global market over the next few years.
Increase in Cost of Care of Chronic Wounds
• The primary cost of wound care is hospitalization. Patients are not allowed to leave until their wounds have healed completely. Hence, any delay in wound closure has a significant cost impact in terms of bed days and other resources within the health system.
• Another factor that far outweighs the cost of materials is nursing time. Moreover, rise in prevalence of antibiotic resistance and comorbidities such as diabetes, obesity, venous hypertension, and peripheral vascular disease, drive the cost of wound care. These factors are likely to hamper the growth of the global wound dressings market during the forecast period.

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Wound Dressings Market: Competition Landscape
• This report profiles major players in the global wound dressings market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global wound dressings market is highly fragmented due to presence of a large number of international as well as regional players
• Leading players operating in the global wound dressings market are
o Smith & Nephew plc
o Johnson & Johnson
o B. Braun Melsungen AG
o 3M Healthcare
o Coloplast A/S
o Derma Sciences, Inc.
o ConvaTec, Inc.
o Kinetic Concepts, Inc.
o Mölnlycke Health Care AB
o PAUL HARTMANN AG
o Systagenix Wound Management Ltd, among others

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