According to a market report, published by Sheer Analytics and Insights, The global silver wound dressings market was valued at $0.83 billion in 2021 and it is expected to reach $1.4 billion at a CAGR of 4.6% between 2022 and 2032. Due to several important factors, such as the rising prevalence of chronic diseases, technological advancements, an increase in accidents and trauma cases, and an increase in the population of senior citizens, the market for silver wound dressings is predicted to grow significantly over the forecast period.
Silver wound dressings reduce the risk of infection, modify the activity of metalloproteinase in wounds, and offer a broad spectrum of antibacterial activity. As a result, silver wound dressings are swiftly replacing conventional wound care and closure techniques, which is the primary factor driving the market's growth. Moreover, silver wound dressings are reportedly being used more frequently in both inpatient and outpatient healthcare settings. In addition, governments throughout the world are spending more on overall medical costs and the incidence of sports-related injuries is rising, which are both significant drivers of the global market for silver wound dressings. These major factors have driven market growth over the past few years.
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The market is expanding due to an increase in traumatic incidents and traffic accidents. The expansion of the market for silver wound dressings will benefit from these opportunities. Silver wound dressings have a wide spectrum of antibacterial activity, minimize the risk of infection, and change the activity of metalloproteinase in wounds. As a result, traditional wound care and closure solutions are being quickly replaced by silver wound dressings, which is the main reason fueling the market's expansion. In addition, the prevalence of chronic wounds and burns is increasing, and people are becoming more aware of cutting-edge wound care techniques, which is fueling the demand for silver wound dressings. In addition, the prevalence of chronic illnesses like cancer, diabetes, and cardiovascular disorders has significantly increased (CVDs).
Furthermore, the majority of the dressings come in the form of charcoal cloth, foam, and hydrocolloids, as well as barrier layers. Since the bandage aids in reducing wound exudate, bacterial load, and granulation tissue healing, it can also be utilized in conjunction with adjuvant and topical therapy. Other reasons, such as the growing popularity of home healthcare, an aging population, an increase in traffic accidents, an improved healthcare infrastructure, technological improvements, and intensive research and development (R&D) activities, are also boosting the market's expansion. Hence, these primary factors are estimated to create more growth opportunities for the market in the future.
On the other hand, a couple of years ago, the outbreak of the COVID-19 pandemic negatively impacted the market. Most of the manufacturing companies of silver wound dressing had to stop their production due to several lockdowns. These issues hampered the market growth for a while. In addition, the market's growth rate will be constrained by the rising use of antimicrobial and tissue-engineered dressings as well as the high cost of wound care operations. However, new business strategies such as mergers and acquisitions, as well as innovative productions would gradually drive the market during the forecast period.
According to the study, key players dominating the global silver wound dressing market are 3M (U.S), Acelity (U.S), Areza Medical (U.S), Advanced Medical Solutions (U.S), B.Braun Holding (GmbH), Cardinal Health (U.S), Coloplast (Denmark), Convatec (U.K), Hollister Inc (U.S), Integra LifeSciences (U.S), Medline Industries (U.S), Smith and Nephew (U.K), among others.
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