Market Challenges And Opportunities
Global Wound Healing Films Market Drivers:
- Rising prevalence of wounds: Rising prevalence of chronic wounds is a major factor driving the wound healing films market. Chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers are on the rise globally due to the aging population and increasing prevalence of diabetes. This is creating high demand for advanced wound care products such as wound healing films that can provide optimal moist environment and accelerate healing. For instance, in December 2021, according to the Frontiers Media S.A., 77 Mn people in India were suffering from diabetes, out of which 25% were expected to develop diabetic foot ulcers in the year 2021. Furthermore, in October 2022, according to the same source., 12.16% of the people in Pakistan were suffering from diabetic foot ulcer in the year 2021.
- Technological advancements: Technological advancements and new product developments are also boosting the growth of the wound healing films market. Manufacturers are innovating bioactive wound healing films infused with antimicrobials, stem cells, and growth factors, and others. that provide active healing environment. For instance, in July 2021, Bactiguard AB, a medical technology company, and Schulke & Mayr GmbH, a provider of infection prevention solutions, signed an agreement for wound care, in Germany. This agreement will complement Schulke & Mayr GmbH’s comprehensive product range of antiseptic and wound care products with Bactiguard AB’s hypochlorous acid-based portfolio. Hypochlorous acid is an antimicrobial substance that reduces the risk of infection and promotes wound healing.
- Favorable reimbursement: Favorable reimbursement policies especially in developed regions like North America and Europe provide impetus to the wound healing films market. Insurance coverage for advanced wound care dressings including films allows patients to avail these products, thereby driving the market growth.
- Rising adoption of wound healing films in home healthcare: The rising adoption of wound healing films in home healthcare settings owing to their advantages such as ease of use and reduced frequency of dressing changes also augments the market growth. Healthcare providers are emphasizing on shifting wound treatment from hospitals to homecare settings.
Global Wound Healing Films Market Opportunities:
- Development of novel dressings: The development of novel dressings can unlock significant growth opportunities in the global wound healing films market. Advanced wound care sees continuous innovation to address the growing worldwide prevalence of chronic and hard-to-heal wounds. Novel dressings that can more effectively manage wound exudate, maintain a moist environment, protect against infections, thereby promote faster healing, and offer pain relief have high market potential. For instance, on April 27, 2023, 3M, a technology and science company, Health Care's innovative 3M Veraflo Therapy, with both 3M Veraflo Cleanse Choice Complete Dressing and 3M V.A.C. Veraflo Cleanse Choice Dressing, received the first-ever Food and Drug Administration (FDA) clearance for hydromechanical removal of infectious materials, non-viable tissue and wound debris which reduces the number of surgical debridement’ s required.
- Increasing healthcare expenditure: Emerging economies in Asia Pacific, Latin America, Middle East and Africa with large patient pool and increasing healthcare expenditure offer lucrative growth opportunities for global players. Rising disposable incomes in these regions will drive adoption of premium wound healing films.
- Growing use of combination dressings: Growing use of combination dressings that provide multiple benefits drives innovation opportunities for manufacturers. Combination films such as silicone-based soft silicone dressings, antimicrobial film overlays on foam dressings present avenues for product development and differentiation.
- Increasing research on active wound healing films: Increasing research on active wound healing films containing drugs, biologics and stem cells also opens up prospects for new product launches and partnerships between companies and research institutes, thus accelerating the market growth.
Global Wound Healing Films Market Restraints:
- High cost of advanced wound dressings: High costs of advanced wound healing films compared to traditional dressings is a major barrier to adoption especially in emerging economies where patients have limited disposable incomes and underdeveloped healthcare infrastructure.
- Reimbursement issues in emerging markets: Reimbursement challenges also restrain market growth in developing regions where advanced films may not be covered adequately under insurance plans or government healthcare programs.
- Lack of trained professionals: In rural areas and smaller healthcare settings, lack of trained professionals on appropriate use of wound healing films affects product adoption and prospects of player penetration in these regions.
- Side effects of certain dressings: Hypersensitivity, maceration, and skin irritations in some patients due to components of certain wound healing films poses a challenge for universal usage and may necessitate discontinuation.
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