Wound Dressing Market Growth Report and Size by 2031
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.
Wound Dressing Market Analysis
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.
Wound Dressing Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Wound Dressing Market: Strategic Insights
Market Size Value in US$ 11,319.06 million in 2022 Market Size Value by US$ 16,248.76 million by 2028 Growth rate CAGR of 6.2% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Wound Dressing Market: Strategic Insights
| Market Size Value in | US$ 11,319.06 million in 2022 |
| Market Size Value by | US$ 16,248.76 million by 2028 |
| Growth rate | CAGR of 6.2% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Wound Dressing Market Drivers and Opportunities
Increasing Number of Traumatic Injuries to Favor Market
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.
New Product Launches and Approvals act as an Opportunity for Market Growth
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.
Wound Dressing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wound dressing market analysis are type, application, and end user.
- Based on type, the wound dressing market is divided into advanced wound dressing and traditional wound dressing. The advanced wound dressing segment is further categorized into film dressings, foam dressings, wound contact layers, superabsorbent dressings, collagen dressings, hydrocolloid dressings, and others. The traditional wound dressing segment is further categorized into dry dressings, surgical tapes, and anti-infective dressings. The advanced wound dressing segment held a larger market share in 2023.
- In terms of application, the market is bifurcated into chronic wounds and acute wounds. The chronic wounds segment is further categorized into diabetic foot ulcers, venous leg ulcers, pressure ulcers, and other chronic wounds. The acute wounds segment is further bifurcated into surgical and traumatic wounds and burns wounds. The chronic wound segment held a significant share of the market in 2023.
- Based on end user, the wound dressing market is divided into hospitals, ambulatory surgical centers, clinics, and others. The hospitals segment held the largest market share in 2023.
Wound Dressing Market Share Analysis by Geography
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.
Wound Dressing Market Report Scope
Wound Dressing Market News and Recent Developments
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:
- Convatec launched ConvaFoam, a family of advanced foam dressings designed to address the needs of healthcare providers and their patients. ConvaFoam can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection. (Source: Convatec, Company Website, January 2023)
- Healthium Medtech has launched a new wound dressing portfolio Theruptor Novo for the management of chronic wounds like diabetic foot ulcers and leg ulcers. With the launch of Theruptor Novo, Healthium strengthens its existing portfolio of patented products in the advanced wound dressing segment. (Source: Healthium Medtech, Press Release, October 2022)
Wound Dressing Market Report Coverage and Deliverables
The “Wound Dressing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wound dressing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wound dressing market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Wound dressing market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wound dressing market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Types, Applications, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For