The market for silver wound dressing is majorly driven by factors such as growing incidence of the chronic wounds, increasing geriatric population who is prone to diseases such as Diabetes, raising awareness among the general population regarding the advanced wound care treatment and the adoption to the same in developing as well as developed countries.
According to the data given by World Health Organization, every year more than 305 million acute, traumatic and burn wounds are recorded and treated across the globe and it is indicated that this number is on the rise. Added to that, it is also suggested that up to two percent of the population across the developed countries is suffering from chronic wounds every year. Diabetes, Obesity, and the late effects of radiation therapy are some of the factors that also contribute to the rising incidence of chronic wounds.
A study conducted by the Wound Healing Society (WHS), United States, revealed that approximately 8.2 million people had wounds with or without infection during the year 2018 in the United States and the total cost of Medicare for acute and chronic wounds was around USD 21.1 to USD 96.8 billion. The statistics indicate that there is a burden of chronic wounds across the globe which is a direct factor propelling the growth of the market studied.
Furthermore, a rise in the incidence of Diabetic ulcers is contributing to the rapid growth of the market studied. This proves the opportunity that silver wound dressing products have in this country.
Key Market Trends
Burns are Expected to Witness a High CAGR Over the Forecast Period
Burns is one of the most common household injuries, especially among children. It is the burning sensation associated with this injury. Burns are characterized by severe skin damage that causes the affected skin cells to die.
According to the World Health Organization 2018, An estimated 180 000 deaths every year are caused by burns and the vast majority occur in low- and middle-income countries. Non-fatal burn injuries are a leading cause of morbidity. Similarly, data from the National Center for Injury Prevention and Control in the United States show moderate to severe burn injuries requiring hospitalization account for approximately 100,000 of these cases, and about 5,000 patients die each year from burn-related complications There are approximately 90% of burns that occur in low to middle-income countries, and these countries generally lack the necessary infrastructure to reduce the incidence and severity of burns.
Morover, growing burden of diabetes coupled with rising incidence of burns increasing the demand for the silver wound dressings market over forecast period.
United States to Hold the Largest Market Share
Major factors that are driving the market studied in the United States are rapidly growing the aging population, a high number of diabetic population, and the developed healthcare system which adapts to the novel innovations. The high number of Diabetic population in the country is indicating that there are chances of rising cases of diabetic ulcers which are showing moderate prevalence. For instance, the National Institute of Health has stated that the incidence of DFU (Diabetic Foot Ulcers) in the United States was 15% in the year 2018. This is augmenting the demand for silver wound dressing in this country and ultimately the market is growing.
The silver wound dressing market is moderately fragmented with the presence of a large number of players. As technology progresses and becomes more viable, the quality of life of patients afflicted with chronic wounds improves. Traditional wound care and closure products are being increasingly substituted with advanced wound care management and closure products due to their efficacy and effectiveness in managing wounds by enabling faster healing. Market players are focusing on various growth strategies in order to enhance the market presence by mergers, acquisitions, partnerships, collaborations, new product launches, etc.
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