Advanced Wound Dressing Products Industry Ramps Up Investments in Foam Dressings - Grand View Research, Inc.
SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- The global advanced wound dressing products industry size stood at USD 7.4 billion in 2022 and is expected to witness a 4.46% CAGR from 2023 to 2030, according to "Advanced Wound Dressing Products Industry Data Book, 2023 – 2030," published by Grand View Research. The upward trajectory is mainly due to a surge in surgical procedures and technological advancements across the business vertical. The Eurostat noted that at least 1.12 million cesarean sections were performed in the EU in 2020. Besides, the prevalence of chronic diseases and a sedentary lifestyle has prompted the healthcare sector to inject funds into wound care services.
The proliferation of burn injuries across the U.S., the U.K. and the Middle East & African countries has spurred the demand for foam dressings. The National Fire Protection Association (NFPA) infers that someone in the U.S. sustains a serious burn injury every 60 seconds. In 2021, the U.S. Fire Administration (USFA) recorded 2,265 fire incidents across the nation. These alarming figures allude to the need for multi-layer foam designs with longer wear time and easy applications in demanding locations.
In essence, polyurethane foam dressings have gained ground to protect bony prominences. Foams have witnessed bullish demand for superior fluid absorbency, thermal insulation and mechanical cushioning. The global foam dressings market size garnered USD 1.7 billion in 2022 and is poised to exhibit a 4.71% CAGR between 2023 and 2030.
Order your copy of the Free Sample of "Advanced Wound Dressing Products Industry Data Book - Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings and Collagen Dressings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research.
Leading manufacturers have furthered investments in hydrocolloid technology for tremendous moisture absorption to help protect the wound from external contaminants and foster healing. Some underlying factors, such as the rising prevalence of diabetes, have augmented the demand for faster healing. Citing the latest data, the American Diabetes Association suggests that around 11.3% of the population (37.3 million Americans) had diabetes in 2019. The global hydrocolloid dressings market size was pegged at USD 1.3 billion in 2022 and could witness a 5.01% CAGR through 2030.
Antimicrobial and infection control ingredients have become pronounced in hydrocolloid technology. Predominantly, industry leaders have fostered their skincare portfolios to tap into the global landscape. To illustrate, in May 2021, Scapa Healthcare bolstered manufacturing capabilities in New York to keep up with the demand for medical-grade hydrocolloid adhesive technologies.
Stakeholders have emphasized trends and opportunities which are poised to reshape the global dynamics:
- Hydrogel wound dressings are expected to observe bullish investments across advanced and emerging regions. Prominently, environmentally friendly biodegradable dressing has become sought-after to treat surgical wounds.
- Stakeholders have furthered their strategies in film dressings due to an uptick in the cases of venous leg ulcers and diabetic foot ulcers.
- The Asia Pacific market will witness profound investments in light of flourishing medical tourism and soaring geriatric population.
Advanced wound dressing products and services have become pronounced across the U.S. and Canada against the backdrop of increasing road accidents and sports injuries. Around 3.2 million people were treated in emergency departments for sports and recreational equipment-involved injuries in 2021, the Consumer Product Safety Commission (CPSC) report noted. Moreover, a spike in chronic wounds has compelled manufacturers to inject funds into wound dressing services. So much so that bullish reimbursement policies pertaining to wound care have propelled industry growth. For instance, in December 2022, Nova Scotians, a Canadian province, announced an infusion of around USD 28.9 million into initiatives and programs, such as wound care, emergency preparedness, workplace safety and facility enhancements.
The competitive scenario indicates an influx of funds into organic and inorganic growth strategies—technological advancements, R&D activities, product offerings, geographical expansion, collaborations and mergers & acquisitions. To illustrate, in March 2022, Convatec Group completed the acquisition of Triad Life Sciences, suggesting the latter will shift to Convatec's Advanced Wound Care (AWC) business. Meanwhile, in June 2022, Smith+Nephew bolstered its U.K. footprint with the establishment of an R&D and manufacturing facility for advanced wound care management. While the medical technology giant will pour over USD 100 million into the facility, the U.K. government is expected to provide a grant.
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