Silver Wound Dressing Market

Market Overview

The global silver wound dressing market size was valued at USD 951.33 million in 2022. It is estimated to reach USD 1,540.29 million by 2031, growing at a CAGR of 5.5% during the forecast period (2023–2031). Factors such as increasing prevalence of chronic diseases and rising number of accidents, significantly drives the silver wound dressing market demand by 2031.

Silver as an antibiotic in human medicine has a lengthy and fascinating history. Silver is utilized in wound dressings in several ways. After 30 minutes of interaction with clinically relevant bacteria, silver has been shown to begin acting as an antibacterial agent. Silver wound dressings are topical wound care products that release a constant quantity of silver to the wound to provide antimicrobial and antibacterial action. They are available in the form of charcoal cloth dressings, hydrocolloids, foam dressings, and barrier layers.

Silver dressings can be utilized as primary or secondary for managing mild, moderate, or severe exudate in acute and chronic wounds, like surgical wounds, pressure ulcers, burns, leg ulcers, and diabetic foot ulcers. To lower the bacterial load, confine exudate, and enhance the look of the granulation tissue in the wound, they can also be used under compression or in combination with certain topical and adjuvant therapies. Silver wound dressings have become incredibly popular in recent years in the healthcare sector for treating acute or chronic wounds with or at risk of local infection or bioburden.

Market Dynamics

Global Silver Wound Dressing Market Drivers

Increasing Prevalence of Chronic Diseases

The global increase in chronic diseases like diabetes, cancer, and other autoimmune diseases augments the silver wound dressing market growth According to the 2017 National Diabetes Statistic Report from the Centers for Disease Control and Prevention (CDC), over 100 million Americans have prediabetes or diabetes. In addition, cancer has burdened the world's healthcare system because it is among the prominent causes of death. Globally, cancer is the biggest cause of mortality, accounting for nearly 1 in 6 fatalities, according to figures from the WHO.

The frequency of surgeries has also increased due to the rise in chronic disease instances. Wound dressing products are, thus, increasingly being used to prevent surgical site infections. Most surgical wounds post-cancer surgery are relatively large and deep, producing exudate that requires regular management. The wound dressing products such as bandages, gauze, and biomaterials help manage large wounds, significantly reducing the risk of infection. Therefore, the surging incidence of chronic diseases is anticipated to increase the demand for silver wound dressing products, propelling the market growth.

Rising Number of Accidents

Increasing incidence of accidents like burns, road accidents, and trauma events worldwide is anticipated to drive the market growth. For instance, as per WHO (2018), around 1,000,000 people are severely or moderately burnt in India annually. In addition, as per NCBI, in 2017, countries such as Bulgaria, Finland, the Netherlands, China, Australia, and the UK reported a rise in the incidence of burn wounds.

Furthermore, per the American Society for the Surgery of Trauma, there were about 1.2 million fatalities worldwide in 2017, equating to about 3,242 daily fatalities due to traffic accidents. Most traffic accidents happen in nations with middle- or low incomes. Biomaterials and skin substitutes are used to heal all kinds of burn wounds. Similarly, gauze and bandages are also employed to treat small wounds. The market is therefore expected to grow during the forecast period as it is anticipated that an increase in accidents would raise demand for products that contain silver wound dressing.

Global Silver Wound Dressing Market Restraint

Stringent Manufacturing Policies

The U.S. FDA classifies most wound dressing products under Class I medical devices, exempted from premarket approval. Surgical dressings must be produced in a sterile setting free from microbial contamination because they cover open incision wounds. The healing process might be slowed or even stopped if microbes are at the wound site. Thus, manufacturing companies may not need premarket approval but may be required to comply with the Good Manufacturing Practices (GMP). According to these policies, wound dressing products must be manufactured under sterile conditions and undergo an extensive quality control process before launching the product into the market. Therefore, stringent manufacturing policies are expected to hamper the market growth.

Global Silver Wound Dressing Market Opportunities

Rising Number of Ambulatory Surgical Centers (ASCs)

ASCs offer various services, such as surgical care, diagnostics, and preventive procedures. Earlier, ASCs were only capable of performing GI-related minor surgeries; however, with an increase in the number of minimally invasive surgical procedures, services offered by ambulatory surgical centers expanded and grew exponentially. According to the U.S. Department of Health and Human Services (HHS) data records of 2014, there were 17.2 million hospital visits. These included invasive, therapeutic surgeries, and ambulatory surgeries. Around 9.94 million (57.8%) of these surgeries occurred in hospital-owned ambulatory surgery settings, and the remaining 7.26 million surgeries (42.2%) were conducted in hospitals.

Additionally, the rising number of ASCs has lowered prices for its patients. Favorable reimbursement coverages are being provided concerning services provided by ASCs. The chances of contracting post-surgical, hospital-related infections are also reduced. ASCs provide specific instructions to patients regarding dressing and post-surgical homecare. Therefore, with a surge in the number of ASCs and the number of surgeries being performed, demand for silver wound dressing products is expected to increase, thereby creating opportunities for market expansion.

Regional Analysis

North America Dominates the Global Market

Based on region, the global silver wound dressing market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global silver wound dressing market shareholder and is estimated to exhibit a CAGR of 5.61% during the forecast period. The silver wound dressing industry in North America is anticipated to be driven by advancing road accidents, sports injuries, and the prevalence of several key participants. The availability of qualified professionals and the development of healthcare infrastructure are estimated to drive the market over the forecast period. In addition, the U.S. held the most significant share of the North American wound dressing market. Well-developed healthcare infrastructure, increasing awareness about the usage of advanced wound care products, and the presence of several key market players are the major drivers of the market.

Furthermore, an increase in orthopedic procedures due to the high prevalence of sports injuries is also anticipated to drive the market. For instance, as the CDC, around 51.4 million orthopedic procedures were performed in the U.S. in 2015. Moreover, Canada is a rapidly developing market for silver wound dressing products owing to the rising geriatric population, increasing government funding, and favorable reimbursement policies. In Canada, a major part of healthcare is publicly funded, leading to healthcare facility advancements. This is expected to expedite the market growth in Canada.

Europe is estimated to exhibit a CAGR of 5.2% over the forecast period. Europe's market for silver wound dressing is driven by high disposable income, well-established healthcare infrastructure, and the availability of skilled professionals. Moreover, favorable reimbursement coverage has increased the adoption of surgical procedures. In addition, the increasing senior population and rising cases of burns and trauma are also anticipated to drive the market. Therefore, Europe's silver wound dressing market is anticipated to grow significantly over the forecast period.

The UK dominates the regional market. The UK has a universal healthcare system where most of the population is covered under free healthcare services offered by national healthcare centers. Thus, competition in the market is high as the government is the key customer for market players offering treatment for sports injuries, chronic diseases, and other disorders in the UK. The presence of several essential players coupled with favorable reimbursement policies is anticipated to boost market growth over the forecast period. Similarly, free healthcare services offered by the government have resulted in high demand for advanced wound care treatments in the UK.

Asia-Pacific's silver wound dressing market is anticipated to expand quickly throughout the forecast period. The rapidly growing medical tourism business in these countries can be credited to the rise in demand for wound dressing products in this region. For instance, according to the Directorate-General of Business Intelligence and Statistics of India's report on Export Health Services for 2015–2016, India had 58,300 medical tourists with valid medical visas. In addition, China is the largest revenue contributor to this region. The availability of resources enables technological advancements at cheaper costs, which has led to an increase in numerous manufacturing facilities in the country. Moreover, China has issued Order 650 (formerly Order 276), Rules for the Supervision and Administration of Medical Devices, which aims to protect domestic manufacturers of medical devices by limiting foreign investment in the nation. Hence, the number of local silver wound dressing manufacturers is anticipated to increase, owing to which the market is expected to grow.

Latin America is estimated to grow significantly during the forecast period. It is predicted that the presence of developing economies like Brazil and Mexico will predominantly drive the Latin American market. The availability of low-cost advanced treatment options in Latin America makes the region more preferred for medical tourism. In addition, governments of Latin American countries are consistently involved in improving healthcare infrastructure. Such factors are expected to bolster the growth of the market for silver wound dressing over the forecast period.

The Middle East and Africa is predicted to grow considerably over the forecast period. The countries with significant growth rates in this region are South Africa, Saudi Arabia, UAE, and Turkey. Factors responsible for expanding the MEA market for silver wound dressing are the growing geriatric population, increasing number of surgeries, and rising incidence of sports-related injuries. With increasing government initiatives to develop healthcare infrastructure, the region is estimated to see a rise in the number of surgeries, leading to an increase in demand for silver wound dressing products for postoperative care.

Segmental Analysis

The global silver wound dressing market is segmented by product and end-user.

Based on product, the global silver wound dressing market is divided into traditional and advanced silver wound dressing. 

The advanced silver wound dressing segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.7% over the forecast period. Advanced silver wound dressing contains antimicrobial properties that allow rapid wound healing. These dressings can be used as primary and secondary dressings and are suitable for managing moderate, minimal, and heavy exudates. These dressings are commonly used for surgical wounds, pressure ulcers, diabetic foot ulcers, venous leg ulcers, and burn wounds. The increase in the number of acute wound cases has resulted in a rise in demand for silver antimicrobial wound dressing across the globe, which is expected to drive the segment.

Additionally, the advanced silver wound dressing segments are further bifurcated into silver foam dressing, silver plated nylon fiber dressing, silver hydrogel/hydro fiber, silver alginates, nanocrystalline silver dressings, and others. The silver foam dressing segment dominates the advanced silver wound dressing segment. Foam dressings are composed of hydrophilic polyurethane, which is a highly absorbent material. Foams help in absorbing moisture, which aids in maintaining the integrity of injured tissues. Increasing cases of burns and trauma are also expected to propel the segment's growth.

Traditional silver wound dressing market share is anticipated to decline owing to increasing technological advancements and rising expenditure for R&D by key players operating in the market. These dressings are indicated for clean and dry wounds with minimal exudate. These are also used as a secondary dressing for wounds. However, the increasing number of surgeries across the globe is likely to boost the market growth. The segment is further sub-segmented into silver bandages and other traditional silver dressings. Silver bandages comprise cotton gauze treated with silver antimicrobial agents. These dressing inhibits the growth of gram-positive and gram-negative bacteria and is effective against a broad spectrum of pathogens. Silver bandages are soft, flexible, and cost-effective. Therefore, silver bandages held the largest share of the traditional silver wound dressing industry. Traditional silver dressing includes creams, ointments, powders, silver nitrate sticks, and cloth. Factors attributed to the small market share include low product price, reusability, and the presence of substitutes in the market.

Based on end-user, the global market for silver wound dressing is bifurcated into hospitals, clinics, home healthcare, and others. 

The hospital segment owns the largest market share and is estimated to exhibit a CAGR of 5.7% over the forecast period. The surging cases of diabetic foot ulcers and venous leg ulcers are the major driving factors for segment growth. In addition, increasing cases of surgical wounds due to the rising number of surgeries are also driving segment growth. Silver wound dressings are generally used for healing SSI wounds. Therefore, such factors may surge segment growth over the forecast period.

Increasing clinics and surgical procedures are the major factors stimulating segment growth over the forecast period. Moreover, increasing cases of surgical wounds is one of the significant driving factors for the segment's growth. Wound dressing after surgeries requires constant monitoring, so clinic demand is increasing among patients. Hence, such factors are expected to surge the segment growth over the forecast period.

Recent Developments

• January 2023- W.F. Young, a world leader in animal health products like Absorbine® and The Missing Link®, unveiled its new Silver Honey® Rapid Ear Care line for pets, expanding its Silver Honey® family of products, which also includes Hot Spot & Wound Care Spray Gel and Ointment.

• October 2022- Healthium Medtech launched a new wound dressing portfolio, Theruptor Novo, for treating chronic wounds such as diabetic foot and leg ulcers. Healthium claims to introduce Theruptor Novo to strengthen its existing portfolio of patent-protected advanced wound dressing products.