Market Trends of Global Silver Wound Dressing Industry
This section covers the major market trends shaping the Silver Wound Dressing Market according to our research experts:
Burns are Expected to Witness a High CAGR Over the Forecast Period
Burns are one of the most common household injuries, especially among children. Burns are characterized by severe skin damage that causes the skin cells to die. As stated by the American Burn Association (2020), over 450,000 serious burn injuries occur every year in the United States. Furthermore, as per American Burn Association, between the years 2009-2019, the proportion of burn center admissions due to scald burns has continued to increase each year (i.e., 29.8% to 34.7%). Scald burns (from hot water, other liquids, and steam) comprise 35% of overall burn injuries admitted to the United States burn centers. However, 61% of these occur in children less than five years old, as per the data from the same source.
As per the data from the World Health Organization 2021, non-fatal burn injuries are a leading cause of morbidity. Similarly, as per the data of Children's Wisconsin, 2020, the most common type of injury among children aged five and less are flame and scald. Around 4,500 adults and children die yearly from burn injuries in the United States.
Similarly, around 7 million people in India suffer from burn injuries, as stated by the National Health Portal of India (2020). Owing to the high number of burn injuries across various countries, there is a rising demand for medical tapes and bandages required in burn injury treatment. Researchers from the University of South Australia developed new technology in 2021 in which advanced silver nanoparticle hydrogel-coated dressing is used for burn wounds. This dressing delivers an 'on demand' release of ultra-small silver nanoparticles that can safely break down antibiotic-resistant bacteria and promote wound repair.
Hence, looking at the overall statistics of burn injuries across various countries and the developments being carried out to make burn injury treatment more effective, the segment is expected to witness high growth.
North America to Hold the Largest Market Share
The North American region is expected to witness the highest share in the global silver wound dressing market. This is majorly due to the well-established healthcare system and the presence of key companies that offer advanced products. In North America, the United States is believed to dominate the market studied.
The North American region is expected to witness the highest share in the global silver wound dressing market. This is majorly due to the well-established healthcare system and the presence of key companies that offer advanced products. e of DFU (Diabetic Foot Ulcers) in the United States was 15-25% as of the year 2021. This is augmenting the demand for wound care management in this country; ultimately, the market is growing. Diabetic foot ulcers impose a substantial burden on public and private payers in the United States, doubling care costs per patient compared with diabetic patients without foot ulcers.
As per the US Bureau of Labor Statistics, 4,764 fatal work injuries were recorded in the United States in 2020, requiring hospitalization and wound management. Such injuries are propelling the demand for medical tapes and bandages across United States hospital facilities, resulting in market growth. The country has a presence of well-established companies, such as Johnson & Johnson, 3M, and Cardinal Health Inc., with an extensive range of product portfolios, including medical tapes and bandages.
Therefore, with the factors above, the market is expected to accelerate during the forecast period.
