Silver Wound Dressings Market to Reach $1.51 Bn, Globally, by 2031 at 5.4% CAGR: Allied Market Research

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Nov 22, 2022, 09:00 ET

PORTLAND, Ore., Nov. 22, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Silver Wound Dressings Market by Product Type (Sheets, Gels and Creams, Foams, Others), by Treatment (Surgical Wounds, Burns, Ulcers, Lacerations and Cuts, Skin Grafts, Others), by End User (Hospitals and Clinics, Ambulatory Surgical Centers, Homecare): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global silver wound dressings industry was pegged at $889.1 million in 2021, and is expected to reach $1.51 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

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Major determinants of the market growth

Rise in prevalence of sport-related injuries & road accidents, surge in geriatric population, and increase in number of surgical procedures have boosted the growth of the global silver wound dressings market. However, high cost of silver wound care hinders the market growth. On the contrary, surge in the geriatric population, high growth potential in developing countries, and surge in awareness toward advanced wound care therapies are expected to open new opportunities in the future.

Covid-19 scenario:

The Covid-19 pandemic had a negative impact on the market due to a sudden decrease in the number of people visiting hospitals and clinics for surgical procedures.
Moreover, prolonged lockdowns across the world resulted in closure of most of the wound care centers.

The gels and creams segment to manifest the highest CAGR through 2031

By product type, the gels and creams segment is estimated to portray the highest CAGR of 6.1% during the forecast period. In addition, the segment held the largest share in 2021, accounting for nearly two-fifths of the global silver wound dressings market, and is expected to continue its dominance throughout the forecast period. This is due to rise in the number of burns and ulcer cases across the world. The report includes analysis of sheets, foams, and others segments.

The surgical wounds segment dominated the market

By treatment, the surgical wounds segment held the largest share in 2021, contributing to more than one-fourth of the global silver wound dressings market, and is expected to maintain leading position during the forecast period. In addition, the segment is projected to manifest the highest CAGR of 6.6% during the forecast period, owing to surge in number of surgical procedures across the world. The report includes analysis of burns, ulcers, lacerations and cuts, skin grafts, and others segments.

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The hospitals and clinics segment to showcase the highest CAGR through 2031

By end user, the hospitals and clinics segment is projected to manifest the highest CAGR of 5.9% during the forecast period. Moreover, the segment held the largest share in 2021, accounting for more than two-fifths of the global silver wound dressings market, and is expected to continue its dominance from 2022 to 2031. This is due to increase in a number of patients visiting the facilities for the treatment of acute and chronic wound across the world. The report includes analysis of ambulatory surgical centers and homecare segments.

North America held the lion's share

By region, the market across North America held the largest share in 2021, accounting for more than two-fifths of the market, and is projected to continue its dominance throughout the forecast period. This is due to high adoption rate of technologically advanced products, increase in healthcare expenditure, and presence of major key players involved in the R&D activities. However, the global silver wound dressings market across Asia-Pacific is expected to register the highest CAGR of 6.8% during the forecast period, owing to rising population in the countries such as India and China, high prevalence rate of road accidents, and chronic disease. In addition, the increasing patient awareness about the beneficial properties of silver-incorporated dressings such as their antimicrobial nature, reduction in healing time, and low infection risk are expected to further drive the market growth.

Major market players

3M
Argentum Medical LLC
B. Braun Melsungen AG
Convatec Inc.
Dermarite Industries, Inc.
Ferris Mfg. Corp., Ltd.
Johnson and Johnson
Molnlycke Health Care AB
Smith and Nephew PLC.

The report analyzes these key players of the global silver wound dressings market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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