Expected to generate $17.3 billion in 2023, the worldwide wound dressing market would grow at a 7.2% CAGR during the forecast period (2018–2023) from the 2017 figures of $11.4 billion. The quickening of the wound healing process by allowing gaseous exchange, preventing the spread of infections, absorbing exudates, and providing thermal insulation is achieved by using wound dressings. They are extremely helpful in treating different types of wounds, such as those of surgical and chronic nature and ulcers.
The wound dressing market is observing the trend of the inclusion of smart bandages in wound management. Smart bandages, which are capable of curing chronic wounds, were designed by the researchers of Massachusetts Institute of Technology, University of Nebraska–Lincoln, and Harvard Medical School. Smart bandages are capable of releasing dose-dependent and multiple drugs at one time, which accelerates the healing process; that is why they are being increasingly adopted. These bandages are equipped with microprocessors that control the drug release, and also alarms and temperature and pH sensors.
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Based on type, the wound dressing market is bifurcated into advanced and traditional dressings. Between the two, the larger revenue share in the market was held by advanced wound dressings due to their rising popularity over traditional ones. Among the different types of advanced wound dressings, viz. foams, hydrofiber, hydrocolloids, wound contact layers, films, collagen, superabsorbent, hydrogels, and alginates, foam dressings were most extensively used, contributing about 24.8% to the market revenue in 2017, owing to their easy application and removal and protection against microbes.
Therefore, the market for wound dressing is predicted to witness significant growth in the forecast period due to the innovations that aim to introduce highly effective wound dressings that work in the in minimal time possible with least complexities.
This post was originally published on Financial Sector