Albany, NY -- (SBWIRE) -- 05/15/2018 -- A detailed report on the global wound dressings market has been published by Transparency Market Research. The report, titled "Wound Dressings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," states that the market is projected expand at a CAGR of 4.5% during the period between 2014 and 2020. The wound dressings market worldwide was worth US$7.53 bn in 2013 and is anticipated to reach a valuation of US$10.16 bn by 2020.
In the global wound dressings market, traditional wound dressings have been preferred by patients and health practitioners alike due to their low prices and favorable reimbursement policies. However, advanced wound dressings are increasingly accepted among the medical fraternity due to their faster healing time.
The rapid growth of geriatric population, coupled with the growing prevalence of chronic diseases has fuelled the demand for wound dressings. The increased focus on faster healing time, increasing patient awareness, and rise in healthcare expenditure have supported the market's growth. Furthermore, the rise in the incidences of wound infections has promoted the sale of wound dressings. However, unfavorable reimbursement scenarios in some countries and the high cost of advanced wound dressings might restrain the growth of the market. The global wound dressings market has a significant opportunity to grow with the development of combination dressings.
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On the basis off type of wound dressing, the global wound dressings market has been segmented into advanced and traditional wound dressings. Traditional wound dressings have been further divided into wound closure products, basic wound care, and anti-infective dressings. The demand for basic wound care was the highest in 2013. During the forecast period, anti-infective dressings including iodine-based dressings and plant-based antiseptic dressings are expected to witness increased demand. The rise in geriatric population has boosted the demand for anti-infective dressings.
On the other hand, advanced wound dressings have been sub-segmented into films, hydrofiber, hydrocolloids, collagen, alginates, and foams. The availability of a wide range of foams in terms of applications and healing has driven the demand from the advanced wound care dressings market. In the coming years, foams are expected to witness rapid growth owing to the development of their core design.
The report projects the growth of the global wound dressings market across North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific was the leading traditional wound dressings market in 2013. The market across the Rest of the World has registered the highest demand for the traditional wound dressings segment and is anticipated to dominate the overall market throughout the forecast horizon. Price sensitivity is a major factor governing the growth of the traditional wound dressing segment in Rest of the World. In terms of revenue, the U.S. was the leading market for advanced wound dressings across North America in 2013.
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The global wound dressings market is fragmented with smaller companies registering significant growth across particular product segments. Some of the prominent players in the global wound dressings market are ConvaTec, Inc., Molnlycke Health Care, B. Braun Melsungen AG, Kinetic Concepts Inc., Medline Industries Inc., Systagenix Wound Management Ltd., Derma Sciences Inc., 3M Health Care, Smith & Nephew plc, Coloplast A/S, and PAUL HARTMANN AG.