Silver Wound Dressing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Silver Wound Dressing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Silver Wound Dressing Market is poised to grow at a CAGR of 4.6% over the forecast period (2022-2027). The market for silver wound dressing is majorly driven by factors such as the growing incidence of chronic wounds, the increasing geriatric population who is prone to diseases such as Diabetes, raising awareness among the general population regarding advanced wound care treatment, and the adoption of the same in developing as well as developed countries.

The COVID-19 pandemic had a negative impact on the market studied. During the lockdown, the market for silver wound dressing was negatively impacted, primarily due to reduced clinical or hospital visits. Most of the wound care centers across hospitals were closed during the pandemic as priority was given to COVID patients only unless an emergency arises for other conditions. Thus, the market growth was hindered during this period. However, as countries started using vaccination programs to control COVID-19, the normal working of clinics and hospitals was seen which is contributing to the future growth of the market studied.​ Tissue Analytics, a wound-specific electronic health record software company, published a study that found a 40% decrease in wound center visits in their dataset from weeks 12, 13, and 14 in 2020, compared to 2019. ​However, as wound care patients required proper management to avoid severe pain and maintain quality of life, the hospitals have been focusing on providing on-time treatment, which is expected to drive the market studied in the future.​

According to the data given by World Health Organization 2021, every year more than 305 million acute, traumatic and burn wounds are recorded and treated across the globe and it is indicated that this number is on the rise. Added to that, it is also suggested that up to two percent of the population across developed countries is suffering from chronic wounds every year. Diabetes, Obesity, and the late effects of radiation therapy are some of the factors that also contribute to the rising incidence of chronic wounds. Hence, all these factors are associated with the increasing demand for silver wound dressing which is believed to propel the market growth in coming years.

According to a study by the Wound Care Learning Network 2021, titled, “Decreasing Pain and Increasing the Rate of Chronic Wound Closure With the Use of a Noninvasive Bioelectronic Medical Device: A Case Series”, the incidence of chronic wounds is on rising in the United States and around 8.2 million patients are treated at least one type of wound or wound-related infection with more than 12 million people suffering from any type of chronic wound. This increase in the incidence of wounds is expected to grow the silver wound dressing market during the forecast period.​

Key Market TrendsBurns are Expected to Witness a High CAGR Over the Forecast Period

Burns are one of the most common household injuries, especially among children. Burns are characterized by severe skin damage that causes the skin cells to die.​​ As stated by the American Burn Association (2020), over 450,000 serious burn injuries occur every year in the United States. Furthermore, as per American Burn Association, between the years 2009-2019, the proportion of burn center admissions due to scald burns has continued to increase each year (i.e., 29.8% to 34.7%). Scald burns (from hot water, other liquids, and steam) comprise 35% of overall burn injuries admitted to the United States burn centers. However, 61% of these occur in children less than five years old, as per the data from the same source.​​

As per the data from the World Health Organization 2021, non-fatal burn injuries are a leading cause of morbidity.​​ Similarly, as per the data of Children’s Wisconsin, 2020, the most common type of injury among children aged five and less are flame and scald. Around 4,500 adults and children die yearly from burn injuries in the United States.​

Similarly, around 7 million people in India suffer from burn injuries, as stated by the National Health Portal of India (2020). Owing to the high number of burn injuries across various countries, there is a rising demand for medical tapes and bandages required in burn injury treatment. Researchers from the University of South Australia developed new technology in 2021 in which advanced silver nanoparticle hydrogel-coated dressing is used for burn wounds. This dressing delivers an ‘on demand’ release of ultra-small silver nanoparticles that can safely break down antibiotic-resistant bacteria and promote wound repair.

Hence, looking at the overall statistics of burn injuries across various countries and the developments being carried out to make burn injury treatment more effective, the segment is expected to witness high growth.

North America to Hold the Largest Market Share

The North American region is expected to witness the highest share in the global silver wound dressing market. This is majorly due to the well-established healthcare system and the presence of key companies that offer advanced products. In North America, the United States is believed to dominate the market studied.

The North American region is expected to witness the highest share in the global silver wound dressing market. This is majorly due to the well-established healthcare system and the presence of key companies that offer advanced products. e of DFU (Diabetic Foot Ulcers) in the United States was 15-25% as of the year 2021. This is augmenting the demand for wound care management in this country; ultimately, the market is growing.​​ Diabetic foot ulcers impose a substantial burden on public and private payers in the United States, doubling care costs per patient compared with diabetic patients without foot ulcers. ​​

As per the US Bureau of Labor Statistics, 4,764 fatal work injuries were recorded in the United States in 2020, requiring hospitalization and wound management. Such injuries are propelling the demand for medical tapes and bandages across United States hospital facilities, resulting in market growth. The country has a presence of well-established companies, such as Johnson & Johnson, 3M, and Cardinal Health Inc., with an extensive range of product portfolios, including medical tapes and bandages.​

Therefore, with the factors above, the market is expected to accelerate during the forecast period.​

Competitive Landscape

The silver wound dressing market is moderately fragmented with the presence of a large number of players. As technology progresses and becomes more viable, the quality of life of patients afflicted with chronic wounds improves. Traditional wound care and closure products are being increasingly substituted with advanced wound care management and closure products due to their efficacy and effectiveness in managing wounds by enabling faster healing. Market players are focusing on various growth strategies in order to enhance their market presence through mergers, acquisitions, partnerships, collaborations, new product launches, etc.

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