A Wound Dressing Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Types (Traditional Wound Dressings and Advanced Wound Dressings)

Wound Dressing Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Types (Traditional Wound Dressings and Advanced Wound Dressings), Applications (Chronic Wounds and Acute Wounds), End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography

The wound dressings market is expected to grow from US$ 11,319.06 million in 2022 to US$ 16,248.76 million by 2028; it is likely to grow with a CAGR of 6.2% from 2022 to 2028.

The market's growth is due to the increasing number of traumatic injuries and the rising prevalence of chronic diseases and related wounds. However, unfavorable reimbursement scenarios are expected to restrict the market growth during the forecast period.

Wound dressing has broad applications in traumatic injuries. An increasing number of road accidents is one of the critical concerns for countries with high populations and low socioeconomic backgrounds, as road traffic injuries cause considerable economic losses. These losses mainly arise from the cost of treatment and lost productivity for those killed or disabled by their injuries. For instance, according to the World Health Organization (WHO) 2021 report, road traffic crashes cost most countries 3% of their gross domestic product (GDP).

Mentioned below are the facts stated by the WHO, indicating the global scenario of road accidents:

Every year approximately 1.3 million people die in road traffic crashes.

Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability due to their injury.
93% of the global road fatalities occur in low and middle-income countries, where approximately 60% of the world’s vehicles run.
Road traffic injuries are the leading cause of death for children and young adults aged 5-29 years.

Thus, the increasing number of road accidents is leading to an increase in the usage of wound dressing, as dressing is an essential element of standard wound care.

Moreover, according to the Economic Times, India witnessed 5,54,796 road accidents in 2020. Such accidents often cause severe blood loss and other injuries and require immediate medical attention and sometimes surgical intervention to provide immediate relief to the patient. Therefore, an increase in accidents is boosting the demand for wound dressing products and is leading to a significant rise in the market.

The global wound dressing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America holds the largest market for wound dressing; however, Asia Pacific is expected to account for the fastest global wound dressing market growth. Good health care reforms in Japan, China, and India have increased access to various diagnostic and treatment services. The growing aging population, rising health spending, and increasing incidence of chronic wounds are projected to drive the growth of the wound dressing market. According to the National Diabetes Statistics Report 2020, a publication of the Centers for Disease Control and Prevention (CDC), 34.2 million people of all ages in the US have diabetes, and ~1 million diabetics develop a foot ulcer each year, while 6-7 million diabetes patients develop ulcers in their lifetime

The cost of overall healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the country in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% reported that they needed care but did not schedule or receive care. The COVID-19 pandemic altered economic conditions and social behaviors in North American countries. Containment measures enacted by governments to mitigate the spread of COVID-19 changed the US healthcare service delivery pattern. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices.

Based on type, the global wound dressing market is bifurcated into the advanced and traditional wound dressing. The advanced wound dressing segment held a larger market share in 2022; moreover, the same is expected to grow over the forecasted period. Advanced wound dressings promote healing by preventing the wound from dehydration and avoiding re-injury of new granulation tissue due to scarring.

Based on application, the global wound dressing market is bifurcated into chronic and acute wounds. The chronic wounds segment held the largest share of the market in 2022; moreover, the same is expected to grow over the forecasted period. The prevalence of chronic wounds is increasing due to the rising geriatric population and increasing incidence of obesity, diabetes, and cardiovascular diseases, which is expected to promote the growth of the wound dressing market during the forecast period.

Based on end user, the wound dressing market is segmented into hospitals, ambulatory surgical centers, clinics, and others. In 2022, the hospitals segment is estimated to hold the largest share of the market. Wound dressing is required in the hospital when treating acute and chronic wounds. The hospital provides extensive healthcare and medical services to patients suffering from various diseases and disorders. The hospital segment is expected to grow during the forecast period due to increasing cases of diabetic foot ulcers and venous leg ulcers.

Centers for Disease Control & Prevention (CDC), World Health Organization (WHO), the primary and secondary sources referred to while preparing the report on the wound dressings market.

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