Wound Dressings Market: Advanced Wound Dressing Boosted by Increasing Healthcare Expenditure, says TMR
The global wound dressings market is highly fragmented in nature due to the stakes of numerous global and regional players in the industry. The top three players in the market accounted for approximately 52% of the overall market value in 2013, finds Transparency Market Research (TMR) in a new study. These three players are Smith & Nephew plc, Mölnlycke Health Care, and ConvaTec Inc.
“Efficient distribution networks, product differentiation, and supply competency play a central role in determining the market position of players. Companies are engaging in mergers and acquisitions to gain a competitive edge over others in this highly competitive marketplace,” says the author of the report.
The global wound dressings market was valued at US$8.11 bn in 2015 and is poised to reach US$10 bn by 2020, rising at a CAGR of 4.5% from 2014 to 2020. Traditional wound dressings will continue to dominate the market in terms of revenue until 2020. However, due to rising awareness about the benefits, the advanced wound dressings segment is expected to expand at a significant CAGR of 7.6% over the forecast period.
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Asia Pacific to Emerge as Significant Market for Wound Dressings Manufacturers
The global wound dressings market is broadly classified into traditional wound dressings and advanced wound dressings. Asia Pacific will continue to be the leading traditional wound dressings market until 2020, representing nearly 32% of the global market value. However, Rest of the World will expand at an impressive CAGR during the same period. On the other hand, North America will continue to dominate the advanced wound dressings market by revenue until 2020. Due to rising per capita expenditure on healthcare and improving economic conditions, Asia Pacific will rise at a CAGR of 9.3% between 2014 and 2020.
Rising Geriatric Population to Augment Growth of Wound Dressings Market
The rise in geriatric population can potentially increase the demand for medical services three to five folds and trigger the prevalence of non-communicable diseases. This factor boosts the need for surgical procedures, consequently propelling the growth of the global wound dressings market. Moreover, the rise in life expectancy of the population worldwide is increasing the demand for healthcare. This, in turn, is fuelling the demand for wound care dressings.
“New product development and novel therapies are helping reduce wound-related infections among patients while also cutting down on healing time. These benefits are conducive to the greater uptake of advanced wound dressings,” says a TMR analyst. Improvements in synthetic dressing materials, recombinant factors, endovascular techniques, and bi-layered human dermal substitutes are positively influencing the growth of the global market. Other factors driving the market are the rising incidence of chronic diseases and wound infections, increasing per capita spending on healthcare, and growing patient awareness regarding personal health.
Reluctance in Adoption of Novel Therapies to Impede Revenue Growth of Wound Dressings Market
The advanced wound dressings are only affordable amongst the affluent population. Asian markets being price sensitive have significant inhibitions on investing in advanced wound care. This limits the adoption of the advanced wound dressings. Moreover, reluctance in adoption of novel wound care technologies amongst healthcare providers and physicians, especially in Europe and Asia, is stagnating the sales of advanced technologies. Furthermore, the absence of a favorable reimbursement scenario is hampering the wide-scale adoption of wound care dressings. These factors, collectively, are restraining the growth of the global wound dressings market. However, manufacturers are increasingly focusing on the development of combination dressings to strike a balance between cost and functionality. In the foreseeable future, this factor is likely to augur well for the growth of the market.
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