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The global advanced wound dressings market size is projected to reach USD 9.02 billion by 2027 on account of rising financial burden of diabetic foot ulcers on healthcare systems worldwide. This analysis is shared in the Fortune Business Insights™ report, titled “Advanced Wound Dressings Market Size, Share & COVID-19 Impact Analysis, By Product (Alginate Dressings, Hydrogel Dressings, Film Dressings, Foam Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, and Others), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027”. The report states that the market value was at USD 6.45 billion in 2019 and is expected to register a CAGR of 4.3% from 2020 to 2027.
ConvaTec Releases Its Advanced Wound Care Product
In January 2020, ConvaTec, the UK-based medical products company, introduced its novel advanced wound dressing solution called ConvaMax™. Designed as a super-absorber wound dressing, the product is aimed at managing extremely exuding wounds, including dehisced surgical wounds, diabetic foot ulcers, pressure ulcers, and leg ulcers. Furthermore, the ConvaMax™ absorbs and manages excess moisture, maintaining skin integrity and preventing the occurrence of additional infections at the wound site. Development and release of such innovative products is enabling players to diversify their portfolio, deepen their market presence, and expand geographically. Moreover, such innovations are encouraging other players to ramp up their investment in R&D, which is further boosting the advanced wound dressings market growth.
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Proven Efficacy of Antimicrobial Dressings to Stoke Their Adoption
Antimicrobial dressings are probably the most prominent and most widely accepted form of advanced wound dressings across the globe. These wound care solutions are the most effective in wound infection cases, where the application of antibiotics is necessitated. For example, topical antimicrobial therapies manage and aid the healing of only the wound site and nearby tissues, without having any effect on other parts of the affected body part. Moreover, these therapies, since they are more targeted, decrease exposure to antimicrobials, thereby reducing toxicity and subduing tissue reaction. Lastly, they create a moist environment to enhance wound healing and allow stable of the antimicrobial in the dressing over the wound’s surface. However, many medical experts have advised caution against using antimicrobial dressings as wrong diagnosis of the wound infection could lead to inappropriate application of such dressings, complicating the infection further.
Key Players to Implement Strategies to Consolidate Market Position
The competitive milieu of this market is characterized by rapidly evolving dynamics and contours, shaped by the various measures being taken by key companies to crystallize their hold on the market. While some players are intensely focused on elevating their research capacities through increased R&D investments, other players are actively engaging in collaborations and partnerships to entrench their position in the market. Veterans such as 3M and Coloplast are also taking steps to ensure that their products are accessible to doctors and patients amid the coronavirus pandemic.
List of Players Covered in the Advanced Wound Dressings Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By End User