Advanced Wound Dressing Market Trends

Growth Drivers

• Growing Incidence of Chronic and Surgical Wounds – Chronic wounds are increasing across the world owing to the prevalence of diabetes, cardiovascular diseases, obesity, and other chronic diseases. Additionally, the rising number of surgical procedures is accompanied by wound infections, excessive bleeding, and tissue damage. Such chronic wounds require continuous topical treatment as they fail to heal through the regular repair process. So, there is a need for advanced wound dressing products in this situation, which is estimated to rise the advanced wound dressing market growth during the forecast period.  It is estimated that over 2% of the population’s quality of life is affected by chronic wounds across the United States as of 2021.
• Rising Healthcare Expenditure – The healthcare expenditure of the U.S. in 2019 was USD 3.8 trillion as per the Centers for Disease Control and Prevention.
• Surging Number of Injury Related Visits in Hospitals- According to the data reported by the Centers for Disease Control and Prevention in 2020, there were nearly 38 million injury related visits at the United Nations.
• Growing Healthcare Infrastructure – As per the estimations, in 2021 the healthcare infrastructure, such as ICU beds, increased to 1,14,000 by a 44-fold rise down from 2,300 in India.
• Increasing Disposable Income – As the economies are growing, so is the disposable income of the people. As a result, individuals have more spending capacity to spend on their health and treatment by adopting modern medical products such as advanced wound dressings. Hence, the easy accessibility of advanced wound dressings among the high-income population is projected to expand the market size in the assessment period. The disposable personal income in the U.S. in 2021 was USD 16,000 increased from USD 15,000 in 2020.
• Rising Geriatric Population – Older age people are more prone to chronic wounds owing to their weak bodies. Moreover, as the human body starts to age, its healing power decreases. As a result, the requirement for advanced wound dressing increases for the treatment of their wounds. The old age population of the world is estimated to double to reach 2.1 billion in 2050 from 1 billion in 2020.

Challenges

• Surging Costs of Wound Dressing Products: The expensive nature of the products makes them less accessible to the population with middle income. Moreover, the high costs of advanced wound dressings are further restraining the advanced wound dressing market owing to the limited buying capacity of the population.
• Lack of Awareness Among People
• Sudden Rise of COVID-19