The global wound dressings market is projected to witness healthy growth in the coming few years due to several factors. According to Transparency Market Research (TMR), the global wound dressings market will progress at a CAGR of 4.50% during the forecast period from 2014 to 2020. In 2013, the global wound dressings market was estimated at US$7.5 bn and by 2020, the market is expected to be worth US$10.1 bn. Let us look at the key drivers of the global wound dressings market.
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Expanding Geriatric Population: On average, the geriatric population is affected with chronic conditions more than younger demographics. This, in turn, increases their chances of contracting wounds, which will drive the global wound dressings market. The expanding geriatric population around the world will positively impact the global wound dressings market.
Surge in Chronic Conditions: Globally, a surge in chronic conditions has been observed in the recent past; these conditions include heart diseases, cancer, diabetes, stroke, and respiratory diseases. This will drive the demand for wound dressings significantly.
Faster Healing Times: Wound dressings shorten the healing time of wounds significantly. This trait of wound dressings is adding to their popularity, particularly among emergency care and ICU procedures. This factor is expected to drive the overall wound dressings market.
Rising Patient Awareness: The expanding healthcare expenditure and increasing patient awareness regarding products such as wound dressings will propel the global wound dressings market in the coming few years.
Increasing Incidence of Wound Infections: The number of surgical procedures is rising in both developed and developing economies. This is driving the incidence of wound infections, which will fuel the demand for wound dressings globally.
Combination Dressings: Players in the global wound dressings market will benefit from the growing focus on the development of combination dressings. This technology in wound dressings is projected to positively impact the sales of wound dressings in the coming few years.
Growing Investment: A large number of players are investing in emerging economies due to the high unmet needs in these economies. Furthermore, heavily populated economies in APAC such as India and China have a large consumer base, which is attracting key companies to these economies. This trend will propel the overall global wound dressings market.
High Demand for Traditional Dressings: By type, the global wound dressings market is divided into advanced wound dressings and traditional wound dressings. Some types of traditional wound dressings are wound closure products, basic wound care, and anti-infective dressings. Presently, the global wound dressings market is dominated by the traditional dressings in terms of revenue.
Sustained Demand from North America: Region-wise, the global wound dressings market is segmented into Asia Pacific, North America, Europe, and Rest of the World. The demand for wound dressings is high in North America, and this regional segment is dominating the global wound dressings market currently.
Surging Demand from Asia Pacific: The Asia Pacific segment is projected to expand at the fastest rate in global wound dressings market in the coming few years due to the surging demand for wound dressings. This demand is due to the expanding medical tourism sector in this region, rising geriatric population, and growing number of surgical procedures.
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Although the global wound dressings market will expand considerably in the coming years, it will be challenged by a couple of factors. These restraints include the high cost associated with advanced wound dressings, reluctance in accepting innovative technologies at GP level, and unfavorable reimbursement frameworks.