NEW YORK, Nov. 12, 2021 /PRNewswire/ -- As per Persistence Market Research's latest industry analysis, the global biodegradable dressings market is expected to witness high growth from US$ 190.7 Mn in 2020 to around US$ 285.8 Mn by 2031. This reflects a CAGR of around 3.8% over the forecast period (2021-2031).
Biodegradable dressings are promising solutions that have been shown to enhance mucosal healing, hemostasis, and comfort, while also reducing the risk of microbial infection. Demand for biodegradable dressings will be driven by an increase in surgeries, rise in chronic illnesses, and increase in the geriatric population.
New product launches and approvals have emerged as a key growth strategy adopted by leading players in the market. Acquisitions is the second-most key strategy adopted by market players. Adopting these strategies has helped companies expand their regional presence as well as product offerings.
On July 7, 2021, Baxter International Inc. announced that its Baxter Healthcare Corporation subsidiary had completed the acquisition of certain assets related to PerClot Polysaccharide Hemostatic System from CryoLife, Inc., for up to US$ 60.8 Mn, including US$ 25 million paid up-front.
Hangzhou SingClean Medical Product Co. Ltd. increased its workforce of over 400 people in 2021 by expanding its operations in the fields of in-vitro diagnostic test kits and natural cosmetics.
Such developments not only strengthens the existing portfolios of companies but also help increase their presence at regional as well as global levels.
By product, polyvinyl alcohol (PVA) foam holds the highest market share of 36.4% in 2021.
In terms of end user, hospitals account for 53.9% market share, due to increasing number of surgeries and advanced treatment options available.
By region, North America held the largest share of 36.5% in 2021 due to high spending on research & development activities, growing incidence of chronic diseases, and rising number of surgeries. Additionally, presence of prominent players is aiding market growth in North America.
"Increasing prevalence of postoperative complications and high spending on research & development in the pharmaceutical sector are expected to drive demand for biodegradable dressings," says an analyst of Persistence Market Research.
Some of the leading manufacturers of biodegradable dressings are focusing on product approvals, acquisitions, mergers, collaborations, and partnerships for global expansion.
In April 2021, Foryou Medical received 510(k) clearance for its Suntouch PVA nasal dressing - No.K201013. This has bolstered the company's product line of antibacterial dressings.
On January 4, 2021, Axio Biosolutions became the largest producer of chitosan medical sponges used for wound management.
BenQ acquired Sigma Medical Supplies in 2018 to expand into the medical market. Sigma Medical Supplies offers sterilization-related supplies and accessories.
In December 2017, Stryker acquired Entellus Medical Inc. for approximately US$ 662 million in an all-cash transaction for US$ 24/share. Entellus was a leader in ENT products and facilitated doctors and healthcare professionals to efficiently perform ENT procedures.
Key market players covered by Persistence Market Research in the study include Aegis Lifesciences Pvt. Ltd., Medtronic, Datt Mediproducts Pvt. Ltd., Stryker, Huizhou Foryou Medical Devices Co, Ltd, BenQ Materials Corp, EON Meditech Pvt. Ltd, Axio Biosolutions Pvt. Ltd., Divine Medicure Technology, Cenefom Corp, Smith– Nephew, Baxter, Reliance Life Sciences, and Hangzhou Singclean Medical Product Co. Ltd.
Persistence Market Research offers a unique perspective and actionable insights on the biodegradable dressings market in its latest study, presenting historical demand assessment of 2016-2020 and projections for 2021-2031.
The research study is based on product (polyvinyl alcohol (PVA) foam, hyaluronic acid, carboxymethyl cellulose, fibrin glue, microporous polysaccharide hemisphere, chitosan), end user (hospitals, clinics, ambulatory surgical centres), and seven major regions of the world.
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