The global silver wound dressings market is projected to expand at a promising rate from 2021 to 2031 (forecast period). Silver's usage as an antibacterial is not new, and healthcare professionals across the world are cognizant of their helpful characteristics in wound treatment. With the surge of difficult-to-heal wounds such as lacerations, ulcers, and burns, patient knowledge has increased. This knowledge is not just about the significance of good and safe wound care and wound management but also about the antibacterial properties of silver. Silver offers faster healing, a lower chance of infection, and cost-effective therapy as a wound dressing.
The growing frequency of chronic diseases, technological innovation, a spike in accidents and trauma cases, and an increase in the senior population are major factors expected to drive the global silver wound dressings market during the forecast period.
Key participants operating in the global silver wound dressings market are Medline, Mölnlycke Health Care AB, 3M, Smith & Nephew PLC, and Coloplast.
The global silver wound dressings market is moderately fragmented, with a significant number of participants. As technology advances and becomes more feasible, the life quality for individuals suffering from chronic wounds enhances. Conventional closure and wound care products are progressively being replaced by advanced closure solutions and wound care management due to their effectiveness in wound management by facilitating quicker recovery. Market participants are focused on the different expansion strategies to increase their market position, such as acquisitions, mergers, collaborations, partnerships, new product launches, etc.
As per World Health Organization data, over 305 million traumatic, acute, and burn wounds are registered and treated each year globally, and this figure is on the rise. Furthermore, it is estimated that nearly 2% of the population in developed countries suffers from chronic wounds each year. Obesity, diabetes, and the long-term consequences of radiation therapy are all aspects that contribute to the increasing prevalence of chronic wounds. According to research made by the Wound Healing Society (WHS) in the United States, about 8.2 million individuals in the United States experienced wounds in 2018. According to the data, there is a worldwide incidence of chronic wounds, which is a significant factor expected to drive the global silver wound dressings market.
Moreover, an increase in the prevalence of diabetic ulcers is projected to boost the global silver wound dressings market. According to a study issued by the American Diabetes Association, the annual prevalence of diabetic foot ulcers is roughly 2% and is on the upswing in Western countries. In the United Kingdom, patients with diabetes make for more than 40% of severe amputation hospitalizations and about 73% of minor amputations for foot ulcers. This demonstrates the potential for silver wound dressing products in the United States.
The North America silver wound dressings market is projected to expand due to the increased frequency of chronic diseases and the presence of many prominent players in the region. Moreover, the availability of qualified individuals and advancements in healthcare infrastructure is projected to propel the silver wound dressings market throughout the projection period.
The silver wound dressings market in Asia Pacific is expected to experience considerable growth throughout the forecast period. Growing countries such as India, China, and Japan are anticipated to promote regional market growth. Moreover, the rising prevalence of chronic disorders, particularly diabetes, is likely to drive market expansion over the forecast period.
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Silver Wound Dressings Market
