Asia Pacific Advanced Wound Dressings Market Size, Share & COVID-19 Impact Analysis, By Type (Alginate Dressings, Hydrogel Dressings, Collagen Dressings, Film Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, Foam Dressings, and Others), By End-User (Hospitals, Clinics, and Homecare Settings) & Forecast, 2020-2027

The Asia Pacific advanced wound dressings market size was USD 1,051.2 million in 2019. The impact of COVID-19 has been unprecedented and staggering in Asia Pacific, with advanced wound dressings witnessing a negative impact on demand across all countries amid the pandemic. Based on our analysis, the market exhibited a lower growth of 2.9% in 2020 as compared to the average year-on-year growth during 2016-2018. The market is projected to grow from USD 1,081.6 million in 2020 to USD 1,644.8 million in 2027 at a CAGR of 6.2% in the 2020-2027 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

In the current modern healthcare scenario, acute and chronic wounds are expected to exert an enormous economic burden on the healthcare systems in Asia. As the prevalence of chronic diseases such as diabetes increases, it is projected that the incidence of chronic wounds is also expected to substantially rise. This is expected to increase the demand for advanced wound care products, including wound dressings. Most of the countries in the Asia Pacific region are expected to witness overall improvement in several healthcare parameters such as expenditure, awareness, and infrastructure. As these changing trends are expected to lead to a greater surge for advanced wound dressings in Asia, the market is poised for robust growth in the forecast period.

Increased Usage of Advanced Wound Dressings in Homecare Settings to Reduce the Severity of COVID-19

The adverse impact of the COVID-19 pandemic on the healthcare market has been witnessed by both developed as well as emerging or developed countries. Widespread restrictions such as nationwide lockdowns were imposed by governments of several Asian countries to curb the spread of the infection. This led to a sharp decline in hospital visits for non-essential or non-critical medical procedures. However, the increasing usage of these type of dressings in homecare settings has minimized the impact on the Asian market. Furthermore, the robust supply chain and limited assistance required for usage have resulted in a medium impact of COVID-19 on its adoption rate. Hence, as of now, the 2019-20 coronavirus pandemic is expected to have a limited negative impact on the Asia Pacific market.

LATEST TRENDS

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Surging R&D in Advanced Wound Dressings in Asian Countries is a Prominent Trend

The most critical trend in the Asia advanced wound dressings market is the substantial initiatives for R&D being undertaken in the region. These trends are expected to lead to technological advancements. For instance, in July 2020, the University of South Australia initiated the development of a novel coating, which contains a special antioxidant that, when applied to any type of wound dressing, can reduce wound inflammation and also break up infection to aid in wound repair simultaneously.

Additionally, in August 2019, it was announced that Wound Innovations is anticipated to lead a USD 5.25 million aged care research project with Flinders University and global partner Paul Hartmann Pty Ltd. in Australia. The focus of this research would be ‘Wound Management in the Aged Care Sector,’ with particular emphasis on chronic conditions such as bed sores that are more prevalent amongst the older populace. These developments in terms of R&D are expected to lead to significant launches of technologically superior wound dressings, which will boost the market growth opportunities in the forecast period.

DRIVING FACTORS

Rising Prevalence of Chronic and Acute Wounds to Drive Market Growth

 The Asia Pacific advanced wound dressing market is anticipated to witness strong growth due to the increased incidences of chronic and acute wounds. The increasing prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, in various Asian countries, is expected to drive the number of patients undergoing treatment. This will fuel the adoption of these products during the forecast period. Furthermore, the increasing proportion of the aging population in Asia Pacific is expected to boost the Asia Pacific advanced wound dressings market growth.

For instance, according to an article published by the Value in Health (the official journal of International Society for Pharmacoeconomics and Outcomes Research, Inc.) in 2017, in India, Diabetic Foot Ulcers (DFUs) contribute to approximately 80% of all non-traumatic amputations annually. Furthermore, the patients with a history of DFU have a 40% higher 10-year death-rate than those without. Such trends are expected to drive the demand for advanced wound dressings as an increasing number of patients adopt these products in order to have improved patient treatment outcomes.

Increasing Incidence of Diabetic Foot Ulcers in Asia to Accelerate Demand

Another critical factor that is projected to surge the market growth is the rising incidence of diabetic foot ulcers. A diabetic foot ulcer is one of the most prominent types of chronic wounds. The increasing prevalence of diabetes, along with the increase in the incidence of foot ulcers among these diabetic patients, is expected to boost the demand for these dressings in Asia Pacific. This is expected to drive the growth of the market in the forecast period.

A diabetic foot ulcer is a major complication associated with diabetes. Various clinical studies demonstrate that there is a significantly higher probability of a person suffering from diabetes to have diabetic foot ulcers as compared to a non-diabetic patient. According to an article published by the International Diabetes Federation (IDF) in 2020, an estimate of 7.3 million adults in Japan was living with diabetes, and the prevalence of diabetes in adults in Japan was estimated to be 7.9%. Such statistics, coupled with new product launches, are expected to further drive the market growth in the region.

RESTRAINING FACTORS

High Cost of Treatment and Inadequate Reimbursement to Restrict Growth

One of the most important limiting factors impacting the adoption of advanced wound dressings in the region is the high costs associated with these product offerings. This, combined with the inadequate reimbursement offered in the Asian countries, is expected to limit the usage of the related products. For instance, according to the Wound Healing Society (WHS), the average annual cost of wound care worldwide was estimated to be USD 2.8 billion in 2014 and is expected to reach USD 3.5 billion by the end of 2021. Thus, the high cost of expenditure on wound care treatment coupled with the presence of unfavourable reimbursement policies in emerging countries is expected to restrict the market growth during the forecast period. Hence, higher out-of-pocket expenditure associated with these products and limited reimbursement for these critical products is lowering the adoption of these products in the Asian market.

SEGMENTATION

By Type Analysis

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Alginate Dressings Segment to Grow at a Faster Pace during 2020-2027

On the basis of type, the market can be segmented into alginate dressings, hydrogel dressings, collagen dressings, film dressings, hydrocolloid dressings, antimicrobial dressings, foam dressings, and others. The alginate dressings segment is expected to register the highest CAGR in 2019. The reason for the strong growth of the segment is the excellent absorbent nature of the dressings coupled with the maintenance of a moist environment by the dressing at the wound site, which promotes quicker and more efficient healing. Antimicrobial dressings are estimated to be the largest segment in the forecast period. The dominance of this segment is attributed to the greater adoption of these dressings as an effective tool in the management of infections.

The foam dressings segment is expected to register the second-largest market share due to the various benefits associated with this type of advanced wound dressings. Some of the benefits include non-adherence to the wound and the suitability of usage of these dressings in various infections. The hydrocolloid dressings segment is anticipated to gain market share in the forecast period due to benefits such as the limited requirement of dressings change and the provision of thermal insulation. The film dressings segment is anticipated to register a comparatively lower CAGR due to the greater transition of patients toward technologically advanced products.

The collagen dressings segment is anticipated to register a lower market share in the forecast period. While high costs associated with collagen dressings can hinder its greater adoption in the forecast period, benefits, such as the suitability of this type for a number of wounds, are expected to boost its adoption. The hydrogel dressings segment is anticipated to gain a significant proportion of the market share in the forecast period due to a number of advantages, including their ability to rehydrate the wound bed, which leads to the reduction of wound pain.

By End-User Analysis

Hospitals to Be the Largest Segment during the Forecast Period

On the basis of the end-user, the market is segmented into hospitals, clinics, and home care settings. The hospitals segment is projected to account for the highest share in the market during the forecast period. The dominance of this segment is due to the high flow of patients suffering from critical wounds, necessitating the need for advanced type of wound dressings across Asia Pacific along with adequate reimbursement policies being awarded by hospitals wherever applicable. In addition to this, the presence of skilled staff in hospitals for regular wound care procedures, such as changing of dressings, are some of the major factors driving the patient flow toward these settings in the region.

The clinics segment is expected to grow at a comparatively strong CAGR during the forecast period. The home care settings segment is anticipated to grow at the highest CAGR in the forecast period. This higher growth is attributable to the increasing number of patients opting for advanced wound care in-home care settings due to a number of reasons. Some of the factors include the comparative ease of the change of advanced wound dressings at homecare settings and the reduction of hindrances while travelling to a hospital or clinic setting.

REGIONAL INSIGHTS

In terms of the Asia Pacific advanced wound dressings market, the region can be segmented into China, Japan, India, Australia, Taiwan, Indonesia, and the rest of Asia Pacific. The market size in Asia Pacific stood at USD 1,051.2 million in 2019. In terms of countries, China accounted for the largest market revenue share in the region. Some of the reasons for China’s dominance include the strong potential patient base suffering from acute and chronic wounds coupled with the strong healthcare expenditure. For instance, the International Diabetes Federation (IDF) 2020 stated that the number of total cases of diabetes in adults in China was estimated to be over 116 million in 2020. Hence, China ranks first in the world in terms of the number of diabetes cases and has a significant prevalence of 10.9% of adult diabetes. Japan is estimated to be the second-largest country in terms of revenue share in the market.

India is projected to be the third-largest market and is expected to register a strong CAGR in the forecast period. The increasing presence of key market players such as BSN medical in the country is further anticipated to enable the country to increase its market share in the forecast period. Australia is expected to be a prominent market owing to the strong adoption of technologically advanced wound dressings in the country. Indonesia and Taiwan are projected to register comparatively lower market shares in the forecast period. However, the countries may witness strong future growth prospects. This is primarily due to the overall improvement in healthcare infrastructure and expenditure in these countries.

KEY INDUSTRY PLAYERS

Robust Portfolios of 3M and Smith & Nephew to Help Them Dominate Asia Pacific Market

The Asia Pacific market reflects a competitive landscape, comprising of a number of established players such as 3M and emerging companies such as Chinmed. In the present market scenario of Asia Pacific advanced wound dressings, 3M and Smith & Nephew are leading the market. Both the companies accounted for a dominant revenue share in 2019. 3M leads the market due to its comprehensive product portfolio and a strong market presence in the Asia Pacific region. Some important product offerings of 3M in terms of wound dressings include the company’s Tegaderm range. Some of the prominent product offerings of Smith & Nephew in the Asia Pacific market is the Allevyn range.

The established companies in the Asia Pacific region include BSN medical (Essity), Mölnlycke Health Care AB, Coloplast A/S, and ConvaTec Group PLC. Some of the emerging companies in Asia Pacific include companies with a strong presence at the domestic level. These include Chinese companies such as Chinmed, which possess a comprehensive product portfolio.

LIST OF KEY COMPANIES PROFILED:

• Medline Industries, Inc. (Northfield, U.S.)


• Mölnlycke Health Care AB (Gothenburg, Sweden)


• Coloplast A/S (Humlebaek, Denmark)


• 3M (Maplewood, U.S.)


• Smith & Nephew (London, U.K.)


• ConvaTec Group PLC (Reading, U.K.)


• BSN medical (Essity) (Hamburg, Germany)


• Cardinal Health (Dublin, U.S.)


• Chinmed (Ningbo, China)

KEY INDUSTRY DEVELOPMENTS:

• May 2021 - Arch Therapeutics, Inc, announced that the company recognized the 2021 Symposium AC5 advanced wound system. This system had received marketing authorization from U.S. Food and Drug Administration and is now commercially available.


• April 2020 – BandGrip and Medline announced an exclusive sale, marketing, and distribution agreement. This exclusive partnership will enhance the post-operative patient experience as Medline offers patient-centered solutions.


• July 2020 - The University of South Australia initiated the development of a novel coating that comprises a unique antioxidant that can be applied to any wound dressing to simultaneously reduce wound inflammation a­­nd break up infection to assist in wound repair.

REPORT COVERAGE

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The market research report provides in depth analysis of the market and focuses on key aspects, such as the prevalence of key indications in key countries, the economic cost burden of chronic wounds in key countries, product mapping by key players, pricing analysis for key brands/ key players in key countries, the impact of COVID-19 on the Asia advanced wound dressings, and key industry developments. Besides this, the report offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the Asia Pacific market over recent years.

Report Scope & Segmentation