Market Trends of Bioactive Wound Dressing Industry
This section covers the major market trends shaping the Bioactive Wound Dressing Market according to our research experts:
Wounds Segment is Expected to Hold a Significant Market Share over the Forecast Period
The increasing cases of different traumatic wounds and burns are one of the major factors driving the adoption of wound dressing. According to the Journal of Surgical Research data published in October 2021, the total number of burn patients recorded was 44,369 in Africa, of which the mean proportion of males was 56%. The most common cause of injury was scalding (61%), followed by open flame (17%). Similarly, WHO data published in January 2022 stated that at least 33 countries with tropical, subtropical, and temperate climates had reported Buruli ulcers in Africa, South America, and Western Pacific regions. Differential diagnoses of Buruli ulcers include tropical phagedenic ulcers and chronic lower leg ulcers due to arterial and venous insufficiency. The lesions due to this disease occur 35% on the upper limbs, 55% on the lower limbs, and 10% on other parts of the body. Such statistics indicate that the wounds segment is expected to witness notable growth in the near future.
Moreover, rising initiatives by key players in the market to grow their presence is another factor in the market's growth. For instance, in January 2022, Triad Life Sciences Inc. entered into a formal agreement to be acquired by Convatec Group PLC to address unmet clinical requirements in surgical wounds, chronic wounds, and burns.
Hence, owing to the aforementioned factors, the segment is expected to witness significant growth over the forecast period.
North America is Expected to Witness Healthy Growth over the Forecast Period
The North American bioactive wound dressing market is projected to have a significant market share worldwide. The major factors driving the market in the region are the rapidly growing aging population, the high diabetic population, and the developed healthcare system, which adapts to novel innovations. The prevalence of diabetes has increased in recent years, and many reports have predicted this prevalence to increase further in the future. For instance, according to the International Diabetes Federation Diabetes Atlas Tenth edition, in 2021, around 32.2 million people in the United States had diabetes, and this is projected to grow to 36.3 million by 2045. As per the Canadian Diabetes Association (CDA), in 2021, there were around 11.5 million people in Canada diagnosed with diabetes. As of 2021, around 29% of the Canadian population was estimated to be susceptible to diabetes, which included both diagnosed and undiagnosed cases. The rising number of diabetic cases in the nation is expected to increase the number of diabetic ulcer cases. Similarly, an article published in the Journal of Foot in February 2022 indicated that nearly 67% of leg amputations in the United States are associated with diabetes. Many cases of diabetic foot ulcers in the nation are likely to propel the market's growth. Thus, owing to the aforementioned factors, the segment is expected to show significant growth over the forecast period.