Advanced Wound Dressing Market Growth & Trends
The global advanced wound dressing market size is expected to reach USD 8.82 billion by 2026 registering a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases and rising cases of sports injuries and road accidents are the key driving factors for the global advanced wound care dressing market. According to the Association for Safe International Road Travel (ASIRT), around 20–50 million people are injured or disabled every year due to road accident. Road traffic accident is the ninth leading cause of death worldwide. For instance, as per the Fatality Analysis Reporting System (FARS) data, California recorded around 3,602 road accidents in 2017.
Thus, increasing cases of road accidents are expected to boost the demand for advanced wound dressing products over the forecast period. Chronic wounds, such as diabetic foot and venous leg ulcers, are some of the common conditions in the geriatric population. As per the U.S. Census Bureau, the number of people aged 65 years and above increased by 1.6 million from 2014 to 2015. Thus, increasing incidence of chronic wounds coupled with growing geriatric population across the globe is anticipated to fuel the demand for advanced wound dressing.
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Advanced Wound Dressing Market Report Highlights
- In terms of revenue, foam dressing segment held the largest advanced wound care market share in 2018 and is expected to maintain its leading position throughout the forecast period owing to rising cases of road accidents and sports injuries
- Chronic wound application segment is expected to witness the fastest CAGR over the forecast period owing to rising cases of diabetes across the globe
- Home healthcare segment is expected to witness the fastest growth over the forecast period due to rising geriatric population
- Asia Pacific is expected to witness the fastest CAGR from 2019 to 2026 on account of increasing cases of road accidents and sports injuries
- Prominent companies in the advanced wound dressing market are Smith and Nephew PLC; Molnlycke Health Care AB; and Baxter International, Inc.