The size of the wound dressing market was USD 10,427.0 million in 2022, and the figure is set to rise at a CAGR of 6.1% in the duration of 2021–2030 and reach USD 16,751.6 million by the end of this decade, as per P&S Intelligence.
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The growing elderly populace plays a vital role in the advancement of the industry. As per the United Nations Department of Economic and Social Affairs report on global Populace Aging, the percentage of the public aged 60 years and above is rising at a significant rate.
The number of persons aged 60 years and above amplified from 382 million in 1980 to 1 billion in 2019 and is projected to touch approximately 2.1 billion by 2050. Developing countries, including India and China, consists the highest number of elderly people than developed countries, such as Germany, the U.K. France, and the U.S.
The aged populace requires extensive care, as they are more prone to sicknesses due to a high recovery timespan and low immunity. Elderly people have weak body functions resulting in a long time to heal, compared to adults. The reduced blood circulation and reduced collagen deposition result in delayed healing in aging people.
The demand for these dressing items is growing because of the increasing frequency of chronic and lifestyle-associated illnesses, which contributes to a surge in the number of operations, worldwide. The occurrence of chronic diseases, including cancer, heart disease, and respiratory illness is growing because of alterations in lifestyle and lack of preventive care.
Burns are caused by several reasons, including friction, chemicals, electricity, radiation, and heat. They can cause loss of tissue, skin, and blood vessels.
In 2022, North America had the largest wound dressing market share, approximately 45%. The industry is developing because of the fast growth of the elderly population, snowballing number of burn cases and road accidents, and increasing frequency of chronic wounds.
Furthermore, the growing number of burn incidences and road accidents have also amplified the need for several kinds of wound care items like dressings in North America. For example, as per the National Highway Traffic Safety Administration, 42,915 lives were lost because of road accidents in the U.S., in 2021. Moreover, the growing frequency of burn cases and road accidents needs traditional and enhanced dressing items for their treatment.
The growing obese populace is also contributing to advancing the demand for such items in the continent. The obese public is at a high risk of pressure ulcers, which can ultimately lead to an increase in the probability of infections. Fat deposition around the edges of the wounded part stops skin closure and increased healing time. With the surge in the cases of geriatric population, road accidents and elderly population the U.S. had approximately 90% in 2022 of the revenue.
Hence, the surge in geriatric population, road accidents, and increasing burn cases will drive wound dressing in the future as well.
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