Published on : Jan 20, 2016
The global wound dressings market is worth billions of dollars and is projected to expand significantly in the coming few years. Several factors are contributing to the growth of the global wound dressings market. One of the key factors driving the global wound dressings market is the rising incidence of chronic medical conditions and injuries. These medical conditions tend to increase the chance of contracting wounds and hence are driving the demand for wound dressings.
Wound dressing help shorten the time required to heal the wound. Hence, patients suffering from chronic conditions are demanding for effective medical devices such as wound dressings. Type-wise, the global wound dressings market is segmented into advanced wound dressing products and traditional wound dressing products. Although the traditional wound dressings segment is dominating the market in terms of revenue, the advanced wound dressings segment is projected to gain significant market share in the coming few years.
Consumers in both developed and developing nations are getting aware about innovative wound dressings and are demanding for advanced wound dressings. In addition to this, players in the global wound dressings market are increasingly focusing on new technologies such as combination dressings to drive their return on investment. Nevertheless, there is some reluctance at the GP level to accept novel technologies, which will suppress the global wound dressings market to a certain extent.
Many other factors will support the positive growth of the global wound dressings market. The rising geriatric population in both developed and developing markets will drive the demand for wound dressings. The aging population is more susceptible to chronic conditions, fuelling the demand for wound dressings. Moreover, the growing awareness regarding the faster healing time of wound dressings among the ICU staff and emergency care staff will also propel the global wound dressings market. In addition to this, the increasing patient awareness and the expanding healthcare budgets will also benefit the global wound dressings market.
On the other hand, the high cost associated with the advanced wound dressings is challenging companies from penetrating Asian markets. Further to this, the unfavorable reimbursement scenario will also constrain the global wound dressings market.