The Interactive Wound Dressing Market Size is valued at 4.44 billion in 2023 and is predicted to reach 6.45 billion by the year 2031 at a 4.81% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The market is propelled by a determination to transform the traditional method of wound care while simultaneously enhancing patient outcomes and decreasing complications.
- New wound dressing technologies and increased consumer awareness of high-tech wound care products are also fueling the expansion of this industry.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The requirement for affordable solutions to guarantee broad adoption is one of the obstacles confronting the interactive wound dressing industry.
The market for wound dressings is anticipated to be driven by an increase in traumatic accidents around the world, an upsurge in the number of geriatric people, and an increase in the incidence of various wounds, such as pressure ulcers and surgical site wounds. Globally, the prevalence of chronic lesions such as diabetic foot ulcers and venous leg ulcers is rising. For instance, the NCBI estimates that approximately 6.5 million Americans suffer from mixed chronic wounds.
Additionally, it is anticipated that the growing diabetic population will fuel the market for wound dressings. For example, according to the CDC, 34.2 million Americans, or roughly 10.5% of the country's entire population, were diagnosed with diabetes in 2018. Additionally, according to diabeticfootonline.com, up to 34% of diabetics are at risk of having a diabetic foot ulcer. So, because of the causes, it is anticipated that the demand for wound dressing will increase, contributing to the expansion of the wound dressing market.
Additionally, older people are more prone to wounds. Hence an increase in the elderly population is anticipated to enhance the wound dressing industry. Technology developments have resulted in the innovation of wound dressings that can track the healing process and give healthcare workers real-time feedback. Traumatic burns are also having an impact on the development of this industry.
Key Developments:
- In July 2023, Coloplast has made a formal agreement to purchase Kerecis, a firm based in Iceland that specializes in wound care. The acquisition is valued at a maximum of $1.3 billion, which is equivalent to around DKK 8.9 billion. The corporation was drawn to Kerecis' perceived capacity for growth in the biologics sector of the United States.
- In Dec 2023, MediWound, an Israeli biopharmaceutical firm, has lately disclosed that it has received an extra $6.7 million from the US Department of Defense. This funding will facilitate the advancement of NexoBrid as a non-invasive remedy for on-site burn therapy for the US Army. The prize was bestowed by the Medical Technology Enterprise Consortium, a biomedical technology alliance committed to advancing medical innovations for the United States armed troops
Competitive Landscape:
Some of the Interactive Wound Dressing market players are:
- Braun SE
- 3M
- Cardinal Health Inc.
- Smith & Nephew
- Coloplast
- Mölnlycke Health Care AB.
- ConvaTec Group PLC
- McKesson Corporation
- Medline Industries
- PAUL HARTMANN AG
- MediWound
Market Segmentation:
The Interactive Wound Dressing market is segmented on the basis of product outlook, application outlook, and end-use outlook. Product segment includes semi-permeable films dressing, semi-permeable foam dressing, and hydrogel dressing. The application segment includes chronic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, other chronic wounds, acute wounds, surgery & trauma, and burn injuries.End-use segment include hospitals, outpatient facilities, home care, and research & manufacturing.
Based On The Application Outlook, The Chronic Wounds Segment Is Accounted As A Major Contributor In The Interactive Wound Dressing Market
In 2023, chronic wounds represented substantial share of total revenue. This is explained by a number of variables, including the rising incidence of diabetes, ageing populations, and lifestyle changes that have increased the risk factors for foot ulcers. The underlying causes of these wounds frequently include venous insufficiency, diabetes, and peripheral artery disease. According to estimates from the Australian Medical Association, chronic wounds impact 450 million people worldwide and are a serious health problem.
The Semi-Permeable Film Dressings Segment Witnessed Growth At A Rapid Rate
Semi-permeable film dressings had a considerable revenue share in 2023 and are anticipated to expand at the fastest rate over the forecast period. The rise in chronic wound prevalence explains this. The CDC estimates that 2.5 million Americans have chronic venous insufficiency, which results in venous leg ulcers and hence drives demand for the sector.
In The Region, The North America Interactive Wound Dressing Market Holds A Significant Revenue Share
In 2023, North America had a significant share of worldwide revenue, dominating the market. The region has a high frequency of chronic injuries, such as venous leg ulcers and diabetic foot ulcers, which has led to a demand for efficient wound treatment options. Elderly people are more viable to develop chronic wounds, which is predicted to increase demand for cutting-edge wound care solutions like interactive wound dressings. Additionally, the region's increasingly ageing population has increased the prevalence of chronic diseases and injuries, increasing the market for wound care products like interactive wound dressings.
Interactive Wound Dressing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 4.44 Bn |
|
Revenue forecast in 2031 |
USD 6.45 Bn |
|
Growth rate CAGR |
CAGR of 4.81% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product, Application, and End-use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
B. Braun SE; 3M; Cardinal Health, Inc.; Smith & Nephew; Coloplast; Mölnlycke Health Care AB.; ConvaTec Group PLC; McKesson Corporation; Medline Industries; PAUL HARTMANN AG; MediWound. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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