Wound Dressings Market : Entry of Foreign Companies in the U.K. to Propel Market Growth

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Advanced wound dressings segment registered the largest market share in 2015 and is expected to grow at a CAGR of 6.9%. Increasing awareness regarding wound care management, high growth potential of emerging economies, and increasing number of acquisitions by key companies have opened an array of opportunities for the growth of market in coming years.

The global wound dressings market is estimated to be valued at USD 6.31 Billion in 2016, and is projected to grow at a CAGR of 6.0% from 2016 to 2021, to reach USD 8.46 Billion by 2021.

Advanced wound dressings are further segmented into foam dressings, hydrocolloid dressings, hydrofiber dressings, film dressings, alginate dressings, wound contact layer dressings, collagen dressings, hydrogel dressings, and superabsorbent dressings. Among these dressings, foam dressings segment holds the largest share owing to the increasing patient awareness regarding advanced wound products, increasing incidences of diabetes, and increase in aged population. Alginate dressings segment is estimated to grow at the highest CAGR.
High cost of technologically advanced products can lead to low adoption of such products. This trend is more prominent in cost-sensitive markets such as Asia and RoW. Patients and physicians in these regions opt for less expensive wound dressings. Though there are many bio-engineered products available in these markets, physicians and patients tend to opt for traditional and basic wound care products, due to their low costs. 
A dry dressing costs around USD 3.25 whereas a bioengineered skin product costs USD 650. Physicians as well as patients are reluctant to adopt technologically advanced products, owing to a huge difference in their cost. This is expected to restrain the growth of the market.

 

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