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.
The increasing geriatric population is contributing to the growth of the wound dressing market. The World Population Aging report by the United Nations Department of Economic and Social Affairs mentioned that the population over the age of 60 would reach 2.1 billion by 2050 from 962 million in 2017. With aging, the immune system becomes compromised, making the elderly susceptible to various diseases that may require surgeries. These conditions may result in wound formation, as collagen deposition and blood circulation are impaired with aging, which necessitates the use of wound dressing products.
Technical advancements in the development of wound dressing products are another influential factor in the wound dressing market progress. Many companies are enthusiastically investing in new and innovative technologies to come up with advanced wound healing products. For instance, AQUACEL, a product that minimizes the risk of infection at the site of surgery, was launched by ConvaTec Group PLC in September 2016. This surgical dressing aids in wound healing by conforming to specific wound types, including lumbar spine surgery and cesarean section and imparting antimicrobial protection to the wounds.
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On the basis of region, the wound dressing market is categorized into North America, Latin America, Europe, Middle East & Africa, and Asia-Pacific (APAC). During the historical period (2013–2017), the North American region held the largest share in the market. During the forecast period, the fastest growth is predicted to be witnessed by the APAC region. This can be correlated to the rising diabetes prevalence in numerous Asian countries, particularly China. The International Diabetes Federation predicted that by 2035, approximately 142.7 million people would suffer from diabetes in China.
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.