The wound dressing market size is projected to reach US$ 19.69 billion by 2031 from US$ 11.99 billion in 2023. The market is expected to register a CAGR of 6.4% during 2023–2031. Technologically advancement in wound dressings is likely to remain key trend in the market.
Growing geriatric population who are prone to chronic wounds, technological advancements in wound care products, increasing awareness about the importance of proper wound care and prevention of infections is mainly driving the growth of the wound dressing market globally. In addition, growing healthcare expenditure, investment in wound care research and development activities, and adoption of advanced wound care products by healthcare facilities to improve patient outcomes and decrease the healthcare cost is driving the growth of the market.
Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically advanced products in Asia Pacific, growing adoption of wound dressing at home, increasing startups in country, and increasing R&D activities is fueling the growth of the Asia Pacific wound dressing market. There is increasing number of startups in India for development of technologically advanced wound dressing materials. Axio, FibroHeal, Serigen, Esperer Nutrition, and Eucare Pharmaceuticals are some of the wound dressing start-up companies located in India.
Wound dressing has broad applications in traumatic injuries. An increasing number of road accidents is one of the key concerns for countries with high populations and low socioeconomic backgrounds, as road traffic injuries cause considerable economic losses. These losses mainly arise from the cost of treatment and lost productivity for those killed or disabled by their injuries. According to World Health Organization (WHO), every year approximately 1.3 million people die in road traffic crashes and between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability due to their injury. Moreover, according to the Economic Times, India witnessed 5,54,796 road accidents in 2020. Such accidents often cause serious blood loss and other injuries and require immediate medical attention and sometimes surgical intervention to provide immediate relief to the patient. Therefore, an increase in accidents is boosting the demand for wound dressing products and is leading to a significant rise in the market.
The development of the healthcare industry has led to a rise in the demand for wound dressing among healthcare providers across the world. This increased demand contributes to new product developments, product launches, and approvals on a global level. In addition, major market players are involved in research and development activities to ensure the innovation and development of efficient products. For instance, in January 2024, Coloplast launched Biatain Silicone Fit for pressure injury prevention and wound management in the US. The company aims to expand its position within advanced wound care by introducing a new silicone foam that will benefit both healthcare professionals and patients. Thus, an increase in product developments, launches, and strategic collaborations among market players is likely to create ample opportunities for the wound dressing market in the coming years.
Key segments that contributed to the derivation of the wound dressing market analysis are type, application, and end user.
The geographic scope of the wound dressing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The projected growth of the wound dressing market in North America is attributed to the factors such as rapid technological advancements, growing medical expenditure, an increasing number of surgical procedures, and the rising prevalence of chronic diseases leading to chronic wounds. Diabetes is one of the primary causes of chronic wounds. The prevalence and incidence of diabetes are directly proportional to chronic wound prevalence and incidence. Chronic wounds associated with diabetes include foot, venous, and pressure ulcers. For instance, according to "The International Journal of Tissue Repair and Regeneration," active or healed venous ulcers occur in 1% of the US population. Additionally, as per the National Diabetes Statistics Report 2020, a publication of the Centers for Disease Control and Prevention (CDC), 34.2 million people of all ages in the US have diabetes, and ~1 million diabetics develop a foot ulcer each year, while 6-7 million diabetes patients develop ulcers in their lifetime. Thus, the rising incidence of diabetes and chronic wounds leads to an increase in the usage and demand of wound dressing and contributes to the wound dressing market growth during the forecast period.
The regional trends and factors influencing the Wound Dressing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wound Dressing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.99 Billion |
| Market Size by 2031 | US$ 19.69 Billion |
| Global CAGR (2023 - 2031) | 6.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wound Dressing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wound Dressing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Wound Dressing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wound dressing market are listed below:
The “Wound Dressing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the wound dressing market in 2023.
Increasing number of traumatic injuries, rising prevalence of chronic diseases and related wounds, and significantly rising elderly population are among the most influential factors responsible for the market growth.
Technological advancement in wound dressing is likely to remain key trends in the wound dressing market.
Convatec Inc., Coloplast Corp, 3M, Medline Industries, Inc., Medtronic, Integra Lifesciences Corporation, Axio Biosolutions Pvt. Ltd, Advancis Medical USA LLC, Smithnephew PLC, and Mölnlycke Healcare AB are among the key players operating in the market.
The wound dressing market is estimated to reach US$ 19.69 billion in 2031.
The wound dressing market is anticipated to record a CAGR of 6.4% during 2023–2031.