Increasing Prevalence of Diabetes Spurs Demand for Advanced Wound Dressing Solutions

Posted on 2024-05-16 by researchinsights in Internet & Online // 0 Comments

Advanced Wound Dressing Products Industry | Forecast 2030

Grand View Research’s advanced wound dressing products industry databook is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Foam Dressing Market Insights

The global foam dressing market size was valued at USD 1.82 billion in 2023 and is anticipated to grow at a CAGR of 4.73% from 2024 to 2030. The growing demand for foam dressing items can be attributed to a rise in burn incidents, diverse types of ulcers, open wounds, and a surge in global surgical procedures. In addition, diabetes is anticipated to be the main cause of these wounds. According to the International Diabetes Federation, in 2021, approximately 537 million adults between the ages of 20 and 79 are affected by diabetes, equating to 1 in 10 individuals. This number is estimated to rise to 643 million by 2030 and further to 783 million by 2045. Notably, over 75% of these adults with diabetes reside in low- and middle-income countries.

Access the Global Advanced Wound Dressing Products Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Hydrocolloid Dressing Market Insights

The global hydrocolloid dressing market size was valued at USD 1.31 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.99% from 2022 to 2030. The market is primarily driven by the rising prevalence of chronic and acute wounds. For instance, according to recent estimates published in NCBI (2017), chronic wounds impact around 5.7 million people in the U.S. Similarly, the Independent Diabetes Trust in the U.K. claimed in its report (2019) that each year, around 115,000 people get diabetic foot ulcers, while 278,000 people are treated for venous leg ulcers. Moreover, the increased prevalence of severe burn injuries will boost the market growth. According to ebmedicine.net, about 265,000 individuals worldwide die as a result of thermal burns.

Film Dressing Market Insights

The global film dressing market size was valued at USD 1,454.34 million in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.54% from 2022 to 2030. The increasing prevalence of chronic and acute wounds is the key factor driving the film dressing market. For instance, Healogics, LLC in 2022 stated that around 7.0 million Americans are living with a chronic wound. Similarly, according to the article published in the African Journal of Health Sciences Volume, 2020, the prevalence of diabetic foot ulcers is highest is Belgium at 16.6% followed by Canada at 14.6%, USA and North America at 13.0% while Asia, Europe, and Africa had a prevalence of only 5.5%, 5.1%, and 7.2% respectively.

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Alginate Dressing Market Insights

The global alginate dressing market size was valued at USD 868.75 million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.10% from 2022 to 2030. The rising incidence of chronic and acute wounds is the major factor driving the industry. For instance, according to recent estimates published in NCBI (2022), the annual incidence rate of diabetic foot ulcers globally was expected to be between 9.1 million to 26.1 million. Similarly, as per the Independent Diabetes Trust in the U.K. asserted in its report (2019) that while 278,000 people are treated for venous leg ulcers, around 115,000 people annually develop diabetic foot ulcers.

Hydrogel Dressing Market Insights

The global hydrogel dressing market size was estimated at USD 920.32 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.32% from 2024 to 2030. The demand for hydrogel dressing is projected to increase due to rising chronic & acute wound population. As the geriatric population has a slow healing ability, an increase in the number of elderly people is projected to enhance the use of hydrogel dressing.

For instance, as per the data published by United Health Foundation, the population of adults, aged 65 and over was around 58 million in 2022, accounting for about 17.3% and is projected to increase to 22% by 2040. Similar to this, the United Nations Population Fund (UNFPA) Asia and the Pacific estimates, by 2050, about one in every four people in the Asia Pacific region will be over 60, which is anticipated to boost the market growth.

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Collagen Dressing Market Insights

The global collagen dressing market size was valued at USD 389.27 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.96% from 2023 to 2030. The demand for collagen dressing is driven by the rise in number of chronic disease patients worldwide. Additionally, an increase in the number of elderly populations is anticipated to boost the market as the geriatric population shows sedate healing ability. For instance, according to the U.S. Census Bureau, the number of people aged 65 and above was approximately 46.2 million in 2014 and is expected to reach over 98 million by 2060. Similarly, as per the United Nations Population Fund (UNFPA) Asia and the Pacific, by 2050, around one in every fourth person in the Asia Pacific region is expected to be above the age of 60, which is expected to fuel the market for collagen dressing over the period.

Competitive Landscape

The market is highly fragmented in nature with the presence of several small and large manufacturers. Competitive rivalry and degree of competition in the wound market is expected to intensify over the forecast period due to the presence of many players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers and acquisitions to strengthen their product portfolios.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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