Albany, NY, April 6, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Wound Dressings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", the global wound dressings market was valued at USD 7.53 billion in 2013 and is expected to grow at a CAGR of 4.5% from 2014 to 2020 to reach USD 10.16 billion in 2020.
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The wound dressings market has been categorized into traditional and advanced wound dressings. Advanced wound dressings is gradually gaining popularity due to increasing awareness, demand and affordability for the latest, improved as well as advanced wound care products that are available worldwide. The global wound dressings market is driven by the aging population, rising incidences of chronic diseases such as diabetes and obesity, increasing number of wound infections, higher awareness and growing development of innovative dressings that facilitate faster wound healing. The market in developed as well as certain developing countries is shifting toward advanced wound dressings. However, the traditional wound dressings segment characterized by low prices and well-defined reimbursement policies would retain its prominence in the global wound dressings market.
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The traditional wound dressings segment holds higher share of the global market than the advanced wound dressings market in terms of revenue. However, the traditional wound dressings segment would register a low growth rate during the forecast period from 2014 to 2020. Traditional wound dressings mainly include wound closure products, basic wound care products and anti-infective dressings. The anti-infective dressings sub-segment of the traditional wound dressings segment is expected to witness the fastest growth rate during the forecast period from 2014 to 2020. Advanced wound dressings include a large number of novel and improved wound care products that use films, foams, hydrofiber, hydrocolloids, hydrogels, collagen and alginates. Over the past few years, demand for advanced wound dressings has increased considerably due to higher adoption of interactive/bioactive and antimicrobial dressings. The global market for advanced wound dressings was valued at USD 2.5 billion in 2013. It is expected to reach USD 4.0 billion in 2020. Presently, foams and hydrocolloids account for the largest shares of the advanced wound dressings segment. The foams segment is expected to register fastest growth during the forecast period from 2014 to 2020.
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The major geographic markets covered for both traditional as well as advanced wound dressings include North America, Europe, Asia Pacific and Rest of the World (RoW). The wound dressings market for major economies located in these geographic regions has been further analyzed in this report. Asia Pacific was the largest market for traditional wound dressings. The traditional wound dressings segment in Rest of the World is likely to register highest growth rate during the forecast period from 2014 to 2020. However, currently, North America is the largest market for advanced wound dressings and is expected to maintain its leading position from 2014 to 2020. Asia Pacific is expected to register the fastest CAGR in the advanced wound dressings segment during the forecast period from 2014 to 2020. Increase in the number of surgical procedures for chronic diseases, rise in the prevalence of diabetes, medical tourism activities and proactive educational campaigns to create awareness among patients and health care professionals are propelling the growth of the segment in Asia Pacific. In addition, advanced wound dressing products are gaining preference in Asia Pacific over traditional products due to the shift in trend toward home health care and the growing need of early discharge of patients from hospitals.
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The global wound dressings market is highly fragmented and is currently dominated by established players such as Bristol-Myers Squibb, Smith & Nephew plc, ConvaTec, Inc., Johnson & Johnson, Medline Industries, Mölnlycke Health Care AB, Kinetic Concepts, Inc. and 3M Health Care.
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The global wound dressings market is segmented as follows:
Wound Dressings Market, by Segments
Traditional Wound Dressings
- Wound Closure Products
- Basic Wound Care
- Anti-infective Dressings
Advanced Wound Dressings
Wound Dressings Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research