Enhancement In Data Science To Drive The Advanced Wound Dressing Market, Reaching US$ 8 Bn

The global Advanced Wound Dressing Market is expected to witness a CAGR of 3.5% and reach US$ 8 Bn by the year 2030. With the way in which healthcare data gets accumulated these days (which could be inclusive of medical IoT solutions, DICOM files, and patient records), ultra-modern platforms like data fabrics are in the offing, so that distributed and structured data could be well-managed. This would be healthcare industry's situation in the upcoming period.

Rising prevalence of chronic and surgical wounds across the world has led to a surge in the demand for advanced wound dressing procedures. Besides, the introduction of new advanced wound dressing products with better functionalities has also aided market growth. These is growing demand for advanced wound dressing products over traditional dressing products for the treatment of chronic wounds.

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Increasing investments in new advanced wound dressing product development and growing efforts for their distribution by key stakeholders are major factors expected to surge the growth of the advanced wound dressing market. The global advanced wound dressing market is projected to exhibit a CAGR of 3.5% during the forecast period (2020-2030).

Company Profiles:

Ethicon Inc. (Sub. of Johnson & Johnson)
Smith & Nephew Plc
ConvaTec Group Plc
Coloplast A/S
3M Co
BSN medical GmbH
B.Braun Melsungen AG
Mölnlycke Health Care
Medline Industries Inc

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Key Takeaways from Advanced Wound Dressing Market Study

Based on product type, the foam dressing segment contributed the highest market share of around 27% to the global advanced wound dressing market in 2019, owing to their potential use in the treatment of chronic wounds.

Growing prevalence of chronic diseases around the globe and high adoption of the advanced wound dressing for their treatment are expected to result in a notable market share of the chronic ulcers segment in the advanced wound dressing market.

Institutional sales, including hospitals, clinics, ambulatory surgical centers, and long-term care centers, hold around three-fourth of value share in the advanced wound dressing market, due to their high service and increasing patient preference.

North America holds the highest revenue share of 43%, and is expected to be the most lucrative region in the global advanced wound dressing market during the forecast period.

Reluctant adoption and high cost of the products are factors expected to affect the growth of advance wound dressing, to a certain extent, across the globe.

The COVID-19 pandemic will have a mixed effect on the advanced wound dressing market. While non-essential hospital procedures have been put off, those requires advanced wound care dressing will remain in place, thereby aiding market growth to a certain degree.

"Increasing preference of advanced wound dressing products for the treatment of chronic ulcers by clinicians, and continuous focus on the development of advanced wound dressing products with new functionalities by manufacturers, are projected to propel the growth of the global advanced wound dressing market over the coming years," says a PMR analyst.

Launching New Products - Imperative Strategy for Market Players

Introduction of new innovative products as per patient needs is a major factor responsible for intense competition among market players in the global advanced wound dressing market. Several companies are focusing on launching versatile advanced wound dressing products to increase their product sales and expand their market share. For example, in February 2019, GEMCO Medical launched its GEMCORE360 brand of advanced wound dressing products, which includes foams, alginates, hydrocolloids, and thin-film dressings.

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What Else is in the Report?

Persistence Market Research offers a unique perspective and actionable insights on the advanced wound dressing market in its latest study, presenting historical demand assessment of 2015-2019 and projections for 2020-2030, based on product type (hydrogels dressing, alginate dressings, semi-permeable film dressings, foam dressings, collagen dressings, hydrocolloid dressings, contact layers, super absorbent dressings, and hydrofibers), indication (chronic ulcers and non-healing surgical wounds), and distribution channel (institutional sales and retail sales), across seven key regions.

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This release was published on openPR.