The wound dressing market is expected to reach USD 16,751.6 million by 2030 and will grow at a CAGR of 6.1% by the end of this decade.
The main factors responsible for the increasing demand is the rising incidence of infections caused by injuries worldwide.
The growing geriatric population is also a significant factor driving the growth of the industry.
According to the UNDESA, the number of people of aged 60 and above will reach approx 2.1 billion by 2050.
Developing countries like India and China have a higher portion of aged people compared to other developed countries. As they are more prone to chronic diseases like cancer, diabetes, and cardiovascular ailments, it is leading to an increased demand for wound dressing products.
Another factor for the rising demand for wound dressing products is the increasing prevalence of chronic and lifestyle related diseases which leads to a higher number of surgeries globally. Many chronic diseases like heart disease, cancer, and diabetes are becoming common due to the lack of preventive care.
Hence, the rising number of surgeries worldwide is a major factor driving market to grow significantly.
As per the WHO, burns cause around 180,000 deaths each year, particularly in low and middle-income countries, and non-fatal burn injuries are a major cause of morbidity. Some of the effective treatment for burns are gauzes, sponges, bandages, collagen dressing, hydrocolloid dressing, and hydrogel dressings. With the increasing number of burn cases, the industry will grow considerably.
Another report from WHO on road accidents shows that the people aged between 15 and 29 die because of road accidents, and it will become the 7th leading cause of death globally by 2030 and around 1.2 million people die every year worldwide due to road accidents.
North America accounted for the largest share of around 45% in 2022 in the wound dressing market, and it is driven by the rapid growth of geriatric population, the increasing number of road accidents, and the rising prevalence of chronic wounds.
Additionally, the region facing an issue of obesity, increases the risk of pressure ulcers and infections. Increasing cases of obesity, elderly population and increasing number of road accidents makes the U.S. to hold 90% share of revenue in 2022.
APAC is witnessing the highest growth of around 10% over the forecast period due to the high prevalence of diabetes.
The global wound dressing industry is thriving because of the increasing elderly population, and the growing numbers of surgical procedures taking place all over the world, and it will continue to follow this trend in the years to come as well.
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