Advanced Wound Dressings Market to Rise at 4.3% CAGR Till 2027; Growing Demand for Efficient Wound Dressings to Fuel the Market: Fortune Business Insights™

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Key Companies Covered in the Advanced Wound Dressings Market Research Report are Mölnlycke Health Care AB, ConvaTec Inc., 3M, Derma Sciences Inc., Coloplast Corp, Smith & Nephew and other key market players

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Fortune Business Insights

Jun 11, 2020, 06:00 ET

PUNE, India, June 11, 2020 /PRNewswire/ -- The global advanced wound dressings market size is projected to reach USD 9.02 billion by 2027, exhibiting a CAGR of 4.3% during the forecast period. Rising prevalence of diabetes and diabetic foot ulcer across the globe is expected to be the primary growth driver for this market, states Fortune Business Insights™ in its report, titled "Advanced Wound Dressings Market Size, Share & COVID-19 Impact Analysis, By Product (Alginate Dressings, Hydrogel Dressings, Film Dressings, Foam Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, and Others), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027".

Advanced Wound Dressings Market Analysis, Insights and Forecast, 2016-2027

The International Diabetes Federation (IDF) estimates that diabetes affected over 460 million adults around the world in 2019 and forecasts that by 2045, this number will reach 700 million. The IDF further reports that 40 million to 60 million, or about 10-15% of the total number of diabetics worldwide, are afflicted by diabetic foot ulcers and other lower limb complications. These ulcers invariably lead to amputations, leading to a significant deterioration in the quality of life. Advanced wound dressings provide the necessary care for wound healing, which is the primary reason for their adoption among diabetics and doctors around the globe.

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According to the report, the value of the market stood at USD 6.45 billion in 2019. It also contains the following:

Unique intelligence on the factors driving the market growth;
Valuable insights into the challenges facing the market;
Thorough analysis of the competitive developments and regional dynamics of the market; and
Comprehensive evaluation of the individual market segments.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Market Restraint

COVID-19 Pandemic Outbreak to Disrupt Market Growth

The acute global health crisis created by the coronavirus pandemic has led to a readjustment of priorities in healthcare facilities, with majority of hospitals and clinics diverting their attention and resources to COVID-19 patients. The immediate consequence of this has been on the treatment of patients with chronic conditions and complications associated with these conditions. For example, elective procedures such as those dealing with wound care have been inevitably postponed, while beds and other facilities in hospitals are being reserved for coronavirus patients.

As a result, the advanced wound dressings market growth has been temporarily disrupted. On the flip side, however, many patients and doctors are increasingly adopting telemedicine tools to seek and provide virtual remedies to chronic wounds, which will cushion the blow of the COVID-19 outbreak on the market.

Regional Analysis

North America to Exercise Tight Grip on Market Share; Europe to Register Stable Growth

At USD 2.52 billion, North America dominated the advanced wound dressings market share in 2019. The region is set to retain its hold on the market owing to high prevalence for diabetic foot ulcers, as per data released by the Centers for Disease Control and Prevention (CDC). Moreover, favorable reimbursement policies and increasing R&D spending on medical devices are expected to further drive the market in the region.

In Europe, the European Wound Management Association (EWMA) estimates that approximately 1% to 2% of the population is afflicted by chronic wounds, which creates bright prospects for the market in the region. Lastly, the market in Asia-Pacific is slated to enjoy a period of substantial growth on account of rising prevalence of diabetes in the region and improving healthcare infrastructure.

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Competitive Landscape

Increasing Acquisitions and Collaborations to Make Competition Highly Charged

With the dual aims of strengthening market position and enlarging market share, key players in this market are strategically acquiring smaller firms and collaborating with competitors. As a result, the market is flooded with innovative products and solutions, which is enhancing its potential.

Industry Developments:

October 2019: US-based 3M successfully acquired the Texas-based medical device company, Acelity, Inc. and its KCI subsidiaries around the world for an estimated value of USD 6.7 billion. The acquisition will enhance 3M's standing in the medical technology domain as the company will now be able to add Acelity's advanced wound care and specialized surgical solutions to its portfolio.
July 2019: Integra LifeSciences, the US-based medical technology specialist, announced its collaboration with the AI-driven software for wound assessment and monitoring, Tissue Analytics. The partnership will combine Integra's expertise in wound care solutions and Tissue's superior digital products in clinical trial settings.

List of Companies Profiled in the Advanced Wound Dressings Market Report:

Mölnlycke Health Care AB (Gothenburg, Sweden)
ConvaTec Inc. (England, U.K.)
3M (Minnesota, U.S)
Derma Sciences Inc. (New Jersey, U.S.)
Coloplast Corp (Humlebaek, Denmark)
Smith & Nephew (London, U.K.)

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Detailed Table of Content:

Introduction

Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions

Executive Summary
Market Dynamics

Market Drivers
Market Restraints
Market Opportunities

Key Insights

Prevalence of Key Indications, 2019 (Key Countries)
Economic cost Burden, Chronic Wounds (Key Countries)
Key Mergers & Acquisitions
Pricing Analysis, Key Players, 2019
Overview: New Developments in Advanced Wound Dressings

Global Advanced Wound Dressings Market Analysis, Insights and Forecast, 2016-2027

Key Findings / Summary
Market Analysis, Insights and Forecast – By Product

Alginate Dressings
Hydrogel Dressings
Film Dressings
Hydrocolloid Dressings
Antimicrobial Dressings
Foam Dressings
Others

Market Analysis, Insights and Forecast – By Indication

Diabetic Foot Ulcers
Pressure Ulcers
Surgical Wounds
Others

Market Analysis, Insights and Forecast – By End User

Hospitals
Clinics
Home Care Settings
Others

Market Analysis, Insights and Forecast – By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

TOC Continued….!!!

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