The global wound dressing market is predicted to grow at 5.7% CAGR during the forecast period with the market size reaching USD 14.3 billion by 2024. Chronic wound imposes a burden on an individual and the healthcare system. Wound healing is a complex process which requires a suitable environment to promote the healing process. Wound dressing helps to heal the wound and prevent issues such as complications or infection.

Some of the other key factors driving the growth of the industry are the escalating awareness of novel technologies, upsurge in number of burn cases, increasing number of surgeries, and mounting healthcare expenditure. For instance, according to the WHO, approximately 96% of the mortal fire-related burns take place in low and middle income countries.

Key factors hindering the growth of the wound dressing market are the high cost of technologically advanced products, and incompetence of traditional wound dressing to treat acute wounds.

In addition, mounting awareness regarding wound care, escalating occurrence of the acute and chronic wound, mounting government initiatives, and favorable reimbursement policies are also fueling the growth of the North American wound dressing market. For instance, according to the study conducted by National Center for Biotechnology Information on Challenges in the Treatment of Chronic Wounds in 2017, in the U.S approximately 2.4 million to 4.5 million people were affected with chronic lower extremity ulcers wound in 2013.

Asia-Pacific is observed to witness significant growth in the wound dressing market during the forecast period, as the region comprises of a large population. Moreover, intensifying healthcare expenditure, the mounting occurrence of diabetes and chronic wound, and expanding research activity are also facilitating the significant growth of Asia-Pacific wound dressing industry.

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Market players in the wound dressing industry are investing capital to develop technologically advanced systems. In June 2018, Acelity L.P. Inc., acquired Crawford Healthcare, to expand its product portfolio of advanced wound dressings. Acelity L.P., Inc., Integra Lifesciences Holdings Corporation., Medline Industries, Inc., Smith and Nephew PLC, Mölnlycke Health Care, Medtronic Plc., ConvaTec, Inc., 3M Company, Coloplast Corporation, and Hollister, Inc. are some of the key players offering solutions for wound dressing.

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