Market Trends of Interactive Wound Dressing Industry
This section covers the major market trends shaping the Interactive Wound Dressing Market according to our research experts:
Chronic Wounds Segment is Expected to Witness a Growth in the Interactive Wound Dressing Market Over the Forecast Period
- Chronic wounds are wounds that remain unhealed even after 12 weeks. The main factors delaying wound repair include diabetes, infections, and long-term inflammation. Diabetes mellitus affects the skin's microenvironment, essential for wound healing. Chronic wounds such as foot ulcers are prevalent among the population with diabetes. For instance, according to Mission Regional Medical Center (MRCM's), it is estimated that 6.7 million people currently live with chronic wounds. That number is expected to grow by more than two percent in the next decade.
- The annual cost of chronic wounds to the healthcare system exceeds USD 50 billion. Interactive wound care aims to prevent chronic wounds and heal patients more quickly and affordably. Hence, considering the advantages of interactive wound care management, the market is anticipated to witness growth during the forecast period.
- Furthermore, government and private agencies' initiatives associated with wound healing are likely to boost market growth. For instance, in September 2022, the Alliance of Wound Care Stakeholders urged the Centers for Medicare and Medicaid Services (CMS) to update inadequate payment methodologies for cellular and/or tissue-based products for skin wounds (CTPs, or "skin substitutes") to ensure appropriate access to care in the hospital outpatient/provider-based department (PBD) site of service.
- Hence, such recommendations associated with interactive wound care are likely to provide a better understanding of wound care, thereby boosting the market growth over the forecast period. Moreover, market players are actively innovating new products to maintain the competition, likely promoting the market growth.
- Winner Medical is a top original equipment manufacturer (OEM) and original design manufacturer (ODM) advanced wound care dressing manufacturer. Its wound care products have been widely used in more than 110 countries as primary solutions to provide wound management for acute and chronic wounds resulting from diabetes, immobility and venous disease, as well as from traumatic injury, burns, invasive surgery and other causes. Winner showcased its complete set latest and industry-leading advanced wound care solutions such as transparent film dressing, bordered silicone foam dressing with SAF and antibiosis series products and its new product,the CMC dressing at the European Wound Management Association (EWMA) 2022.
- Furthermore, the rise in road accidents and casualties, which is a major source of chronic wounds, is anticipated to drive the demand for interactive wound dressing, thereby boosting market growth. For instance, according to a 2021 update from the Government of the UK, 133 deep penetrating wounds were reported from road casualties in Great Britain in 2021.
- As a result of the increase in the number of chronic wounds and government and private sector initiatives related to wound healing, the chronic wounds segment is expected to witness growth during the forecast period.
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North America is Expected to Witness a Growth in the Interactive Wound Dressing Market Over the Forecast Period
- North America is expected to witness growth in the interactive wound dressing market owing to the factors such as the growing prevalence of chronic wounds, better healthcare infrastructure, and a rising number of surgical procedures in the region. The increase in the prevalence of diabetic populations in the country, especially in the United States, indicates that there are chances of rising diabetic ulcers.
- As per the data published by IDF in 2021, the incidence of diabetes in Canada (per 100,000) for 2021 was around 37.9% in children aged between 0-14 years. In addition, the number of adults aged 20-79 years suffering from diabetes in Canada was around 3 million for the year 2021. Therefore, with the increasing burden of diabetes in Canada, the interactive wound care dressing market is expected to witness healthy growth over the forecast period.
- The presence of competitors, acquisitions, and mergers boost the market growth. For instance, in March 2022, the medical products and technologies business ConvaTec Group acquired Triad Life Sciences, a US-focused medical device company. The Triad team's current portfolio and product pipeline was transferred to ConvaTec's Advanced Wound Care (AWC) business, and is now known as ConvaTec Advanced Tissue Technologies.
- Furthermore, in October 2022, Collagen Matrix, Inc. acquired Polyganics. Polyganics is a medical technology company that develops and manufactures bioresorbable medical devices. The acquisition expands Collagen Matrix's portfolio of bioresorbable solutions and technology platforms for bone and tissue repair, unlocking new markets and clinical opportunities for the company.
- As a result, the growing prevalence of chronic wounds, enhanced healthcare infrastructure, and increased surgical operations are anticipated to boost North America's interactive wound dressing market over the forecast period.
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