Skin Replacements and Substitutes Industry Growth and Future Analysis

In 2023, the skin replacements and substitutes market brought in revenue totaling USD 1,178.2 million. With a projected compound annual growth rate (CAGR) of 7.0% from 2024 to 2030, it is anticipated to reach USD 1,869.2 million by 2030. This is mainly because of the increasing expenditure on appearance, growing populace, rising occurrence of burns and skin illnesses, and mounting life expectancy throughout the globe.

The growing burns occurrence is one of the sturdiest propellers in the industry. The WHO says that around 0.18 million individuals die of burns each year, while in India alone, more than 1 million individuals are affected by them.

The count of burn cases is lesser in high-income nations, while it is a key reason for disability-adjusted life years in low- and middle-income nations. Additionally, non-deadly burns are a key cause of illness. The mainstream of the cases is reported in homes and offices, among which most happen accidentally.

On the basis of product, the acellular category is projected to lead the skin replacements industry, with a revenue share of approximately 45% in 2030. An acellular skin replacement can be achieved in any demographic. It is suitable for the pediatric population, and it can be utilized in excised and insincere wounds.

Geographically, in 2023, the North American region will lead the industry, with approximately USD 0.6 billion in revenue, because of the growing expenditure on skincare, rising awareness of the appearance of advancing treatments obtainable, the growing pace of improvements in healthcare tech, and the existence of sophisticated medical facilities.

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How is Rising Chronic Disease Prevalence Contributing in Wound Dressing Market Growth?

With the changing environment and lifestyle, the prevalence of various life-threatening diseases is increasing, thereby driving the volume of surgeries for improving the quality of life. Further, the growing geriatric population is another major factor that results in the high number of surgeries and occurrence of various ailments, as the aged are susceptible to many diseases due to their weakened immune system. The United Nations Department of Economic and Social Affairs presented a report on World Population Aging that stated that the population aged 60 years and above would reach 2.1 billion by 2050 from 962 million in 2017. The elderly require surgeries for various conditions, such as neurological disorders, cancer, and cardiovascular diseases, which puts them at risk of developing various infections, as wound healing is slowed down in them due to impaired blood circulation and reduced collagen deposition.

A study published by P&S Intelligence reported that the wound dressing market would grow at a 7.2% CAGR in the coming years, generating a revenue of $17.3 billion, compared to $11.4 billion in 2017. Wound dressings are means of enhancing the wound healing process by absorbing the exudates, allowing gaseous exchange, providing thermal insulation, and preventing the spread of infections. Wound dressings are used for treating chronic wounds, surgical wounds, and ulcers. Wound dressings are primarily of two types — traditional and advanced. Advanced wound dressings were used more than the traditional ones due to the rising popularity of many enhanced products, such as hydrocolloids, foams, alginates, films, hydrofiber, collagen, wound contact layers, hydrogels, and superabsorbent wound dressings.

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Approximately 117 million people in the U.S. suffered from one or more chronic health conditions in 2012, reported the Centers for Disease Control and Prevention. This increase was primarily seen in the prevalence of lifestyle diseases, such as stroke, cancer, respiratory diseases, heart diseases, and even diabetes. These conditions, as they worsen over time, lead to severe complications, with surgeries being the only plausible treatment option. Diabetes leads to the occurrence of many health issues, such as diabetic foot ulcers. These ulcers, if not managed timely, may even lead to amputations and may require management by surgeries to prevent the maceration of the surrounding tissue by using appropriate products, including foams, hydrocolloids, and alginates. Postoperative care comprises wound dressing as an essential component; therefore, the growing prevalence of such diseases and volume of surgeries to treat them would aid in the advance of the wound dressing market.

Though the demand for wound dressing is expected to witness a massive across the world, the most rapid surge would be seen in Asia-Pacific (APAC). The International Diabetes Federation (IDF) estimated that about 142.7 million cases of diabetes would be reported in China by 2035. Additionally, a  Global Status Report on Road Safety mentioned that 207,551 and 261,367 fatalities were reported in India and China, respectively in 2015. In the light of these numbers, it is easy to infer why the demand for wound dressing products is expected to be the highest in the Asia-Pacific region. Other than the factors listed above, this high demand can also be attributed to the rising geriatric population, incidents of burn cases, and number of accidents in the region.

Read more: https://www.psmarketresearch.com/market-analysis/wound-dressings-market

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Smart Bandages Trend to Drive Wound Dressing Market

Expected to generate $17.3 billion in 2023, the worldwide wound dressing market would grow at a 7.2% CAGR during the forecast period (2018–2023) from the 2017 figures of $11.4 billion. The quickening of the wound healing process by allowing gaseous exchange, preventing the spread of infections, absorbing exudates, and providing thermal insulation is achieved by using wound dressings. They are extremely helpful in treating different types of wounds, such as those of surgical and chronic nature and ulcers.

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.

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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.

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.

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