Bioactive Wound Dressing Market - Growth, Trends, and Forecasts (2023 - 2028)
The bioactive wound dressing market is expected to register a CAGR of 11% during the forecast period.
The COVID-19 outbreak impacted the bioactive wound dressing market and the overall healthcare sector, as hospitals and healthcare services were reduced due to social distancing measures taken by governments worldwide. The COVID-19 pandemic affected the global economy and greatly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals globally. The article presented by UpToDate Inc., updated in June 2022, indicated that the delivery of wound care, which should be regarded as an essential medical service, shifted during the COVID-19 pandemic. During the pandemic, significant importance was placed on wound care to prevent serious wound complications by minimizing hospitalization and surgery rather than completing wound healing. The reduction in the available bioactive wound dressing services was adversely impacted by the COVID-19 pandemic but has recovered in the two years to post strong growth.
The bioactive wound dressing market is driven by advancements in technology, the growing aging population, the rising burden of chronic wounds, and problems associated with conventional wound healing procedures. An article published in the Journal of Advances in Wound Care in March 2021 indicated that chronic wounds impact the quality of life (QoL) of nearly 2.5% of the US population and that wound care management has an important economic impact on the US healthcare sector. Chronic wounds are most commonly seen in the elderly population of the nation. With the growing geriatric population in United States, the incidence of chronic wounds is expected to increase, thereby aiding the growth of the market studied. According to the World Bank Report 2022, there were 11,075 surgical procedures (per 100,000 population) in the European Union. The rising number of surgeries in Europe has been directly contributing to the growth of the market studied in the long run, as wounds have also been increasing due to surgeries. Therefore, with the rising volume of surgical procedures, the market studied is expected to grow over the forecast period.
However, the high cost of treatment and unfavorable reimbursement policies are a few factors hindering the growth of the bioactive wound dressing market.
Bioactive Wound Dressing Market TrendsWounds Segment is Expected to Hold a Significant Market Share over the Forecast PeriodThe increasing cases of different traumatic wounds and burns are one of the major factors driving the adoption of wound dressing. According to the Journal of Surgical Research data published in October 2021, the total number of burn patients recorded was 44,369 in Africa, of which the mean proportion of males was 56%. The most common cause of injury was scalding (61%), followed by open flame (17%). Similarly, WHO data published in January 2022 stated that at least 33 countries with tropical, subtropical, and temperate climates had reported Buruli ulcers in Africa, South America, and Western Pacific regions. Differential diagnoses of Buruli ulcers include tropical phagedenic ulcers and chronic lower leg ulcers due to arterial and venous insufficiency. The lesions due to this disease occur 35% on the upper limbs, 55% on the lower limbs, and 10% on other parts of the body. Such statistics indicate that the wounds segment is expected to witness notable growth in the near future.
Moreover, rising initiatives by key players in the market to grow their presence is another factor in the market’s growth. For instance, in January 2022, Triad Life Sciences Inc. entered into a formal agreement to be acquired by Convatec Group PLC to address unmet clinical requirements in surgical wounds, chronic wounds, and burns.
Hence, owing to the aforementioned factors, the segment is expected to witness significant growth over the forecast period.
North America is Expected to Witness Healthy Growth over the Forecast PeriodThe North American bioactive wound dressing market is projected to have a significant market share worldwide. The major factors driving the market in the region are the rapidly growing aging population, the high diabetic population, and the developed healthcare system, which adapts to novel innovations. The prevalence of diabetes has increased in recent years, and many reports have predicted this prevalence to increase further in the future. For instance, according to the International Diabetes Federation Diabetes Atlas Tenth edition, in 2021, around 32.2 million people in United States had diabetes, and this is projected to grow to 36.3 million by 2045. As per the Canadian Diabetes Association (CDA), in 2021, there were around 11.5 million people in Canada diagnosed with diabetes. As of 2021, around 29% of the Canadian population was estimated to be susceptible to diabetes, which included both diagnosed and undiagnosed cases. The rising number of diabetic cases in the nation is expected to increase the number of diabetic ulcer cases. Similarly, an article published in the Journal of Foot in February 2022 indicated that nearly 67% of leg amputations in United States are associated with diabetes. Many cases of diabetic foot ulcers in the nation are likely to propel the market’s growth. Thus, owing to the aforementioned factors, the segment is expected to show significant growth over the forecast period.
Bioactive Wound Dressing Market Competitive AnalysisThe bioactive wound dressing market is moderately fragmented and competitive. The key market players include 3M, Convatec Group PLC, Monlnlycke Health Care AB, Smith & Nephew PLC, and B. Braun SE, among others. Furthermore, companies focus on industry collaborations, mergers, acquisitions, and partnerships to enhance their presence in the market studied.
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