NEW YORK, Nov. 13, 2020 /PRNewswire/ -- Wound dressing plays a crucial role in healing and management. Alginate dressings are the most preferred products to treat pressure ulcers, leg ulcers, infected surgical wounds, etc. which has led to a surge in their demand. Besides, introduction of new alginate dressing products with better functionalities by market players has also aided market growth. Increasing investments in new alginate dressing development and growing efforts for their distribution by key stakeholders are major factors expected to boost the growth of the alginate dressings market.
The global alginate dressings market is projected to be valued at US$ 1.1 Bn in 2030, and is expected to exhibit a CAGR of 3.5% during the forecast period (2020 – 2030).
Key Takeaways from Alginate Dressings Market Study
- Antimicrobial alginate dressings contributed for a larger revenue share than non-antimicrobial alginate dressings in the global alginate dressings market in 2019, owing to their high preference of use for wound healing.
- High adoption of alginate dressings for the treatment chronic wounds is expected to result in notable market share of the chronic ulcers segment in the alginate dressings market.
- Institutional sales contributed around three-fourth of value share by distribution channel due to increasing patient preference.
- North America captured a greater revenue share among all regions, and is expected to be the most lucrative region in the global alginate dressings market during the forecast period.
- Reluctant adoption and high cost of products are factors expected to affect the growth of the alginate dressings market around the globe.
- Outbreak of the COVID-19 pandemic has had a moderate impact on the overall growth of the alginate dressings market, due to its adverse effect on the global economy and healthcare industry.
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Increasing prevalence of chronic and traumatic wounds and continuous focus of key market players to develop advanced wound dressing products are projected to propel the global alginate dressings market over the coming years," says a PMR analyst.
Consolidation Activities: Imperative Strategy for Market Players
Increase in market consolidation activities by market players, including collaborations and partnerships, are characteristics of the overall competition among global alginate dressings market players. Manufacturers are focusing on collaborations with research institutes and universities to drive research & development in advanced wound care. For instance, in July 2017, Smith & Nephew collaborated with the University of Hull to drive research in the field of advanced wound care.
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What else is in the report?
Persistence market research offers actionable insights and a unique perspective on the alginate dressings market, in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020–2030, based on alginate dressing type (antimicrobial alginate dressings and non-antimicrobial alginate dressings), indication (chronic ulcers and non-healing surgical wounds), and distribution channel (institutional sales and retail sales), across seven key regions.
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