Patch Based Wound Healing Products Market Size Is Likely To Be Valued At USD 1.52 Billion By 2026 | Grand View Research, Inc.

March 25 05:28 2021
Patch Based Wound Healing Products Market Size Is Likely To Be Valued At USD 1.52 Billion By 2026 | Grand View Research, Inc.

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The increasing instances of chronic diseases across the globe, as well as rise in the number of burn cases and accidents, have combined to offer significant growth opportunities to the patch based wound healing products market, as per a study by Grand View Research. The report also takes into account the impact of the COVID-19 pandemic on the overall industry.

The global patch based wound healing products market size is projected to reach USD 1.51 billion by 2026, according to a new report by Grand View Research, Inc. The industry is expected to advance at a CAGR of 4.2% over the forecast period. The patch based wound healing market comprises products utilized in the treatment of both acute and chronic wounds, where the skin is removed, cut and perforated. Factors such as growing prevalence of acute and chronic wounds, as well as increased instances of surgical procedures, have resulted in greater product demand in recent years. Additionally, the rising number of road accidents globally, along with sustained demand for rapid wound healing products, are expected to propel industry growth. As per a journal published by ScienceDirect in 2018, the prevalence of non-healing chronic wounds in developed economies is around 1.0 to 2.0% of the population.

Adoption of unhealthy and sedentary lifestyles, alcohol consumption, and smoking are some of the major factors contributing to the rise in prevalence of non-communicable diseases. According to the National Diabetes Statistic Report, 2017, published by the Centers for Disease Control and Prevention (CDC), more than 100 million people in the U.S. were living with diabetes or prediabetes in the same year. Furthermore, as per a report published by the American Diabetes Association in 2018, the annual incidence of diabetic foot ulcer (DFU) was around 2.0% in most Western countries. This is a major factor driving the industry demand, as patch-based wound healing products are used extensively in treatment of DFUs. Another area deploying heavy product usage is treatment of burns. As per the World Health Organization (WHO), over 1,000,000 people are registered, annually, as moderately or severely burnt, which offers great incentive for the market growth. 

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Patch Based Wound Healing Products Market Report Highlights

 The growing instances of burns and accidents globally has accelerated the demand for innovative wound healing products; according to the WHO, burns are responsible for 265,000 deaths each year. The same agency claims that road accidents cause 1.35 million deaths per year, while 20-50 million people suffer non-fatal injuries

The introduction of advanced dressing products, such as composite, thin hydrocolloid, transparent advanced, and transparent first-aid style dressings is expected to usher positive developments in the industry

Based on revenue, the acute wounds segment, which includes burns and surgical and traumatic wounds, held the largest application share in the patch based wound healing products market in 2018, owing to rising cases of road accidents & burns globally

The collagen based wound healing products held the largest market share in 2018 on account of the wide range of product application with regards to the treatment of various types of wounds

The patch based wound healing products market in Asia Pacific is expected to witness fastest growth over the forecast period, owing to the untapped market potential as well as rising cases of road accidents

The coronavirus pandemic impacted the overall wound healing market, as lockdowns across the globe restricted patient access to doctors. The market is expected to show healthy growth in the coming months, as lockdown norms are lifted by governments

Few of the prominent market players include Johnson & Johnson, Smith & Nephew, Mölnlycke Health Care, Coloplast, 3M, and B. Braun Melsungen AG; these companies undertake strategies such as mergers and acquisitions, collaborations, and R&D investments, in order to stay ahead in the industry

In March 2021, Smith & Nephew announced study results from Spain that pointed towards a significant reduction in dressing change frequency and weekly dressing costs associated with the use of the company’s ALLEVYN LIFE Foam Dressings; such developments are expected to enhance market appeal

Patch Based Wound Healing Products Market Segmentation

Grand View Research has segmented the global patch based wound healing products market report on the basis of formulation, application, and region:

Patch Based Wound Healing Products Formulation Outlook (Revenue, USD Million, 2015 – 2026)

     Povidone-iodine
     Silver
     Collagen
     Others

Patch Based Wound Healing Products Application Outlook (Revenue, USD Million, 2015 – 2026)

     Chronic Wound
     Acute Wound

Patch Based Wound Healing Products Regional Outlook (Revenue, USD Million, 2015 – 2026)

     North America
        • The U.S.
        • Canada
     Europe
        • Germany
        • The U.K.
    • Asia Pacific
        • China
        • Japan
     Latin America
        • Brazil
        • Mexico
     Middle East & Africa
        • South Africa
        • Saudi Arabia

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