Wilmington, Delaware, United States, June 29, 2023 (GLOBE NEWSWIRE) -- In 2020, the global nasal dressings market was estimated to be worth USD 1.1 billion. From 2021 to 2031, the global market is expected to grow at a CAGR of 9.01%. The worldwide nasal dressings market is expected to be worth USD 2.7 billion by 2031.
The nasal dressings industry is expected to grow due to the development of robust recyclable nasal dressings, which are fragmentable dressings that decompose with regular nasal cavity cleansing. This reduces the requirement of eliminating them while also lowering the risk of harming the post-operative systems. Biodegradable nasal dressings act as a base for wound healing, reducing the danger of adhesions and promoting local hemostasis.
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Manufacturers are implementing emergency procedures to deal with changes in consumer demand, supplies of material, and logistical service accessibility. They are expanding their manufacturing facilities to lessen their reliance on raw supplies from other nations. As a result, the reopening of the nation's borders aids in the resolution of transportation and logistical challenges.
To increase their reputation in the manufacturing of PVA nasal dressings, companies in the nasal dressings market are complying with ISO standards. Nasal procedures such as rhinoplasty, septoplasty, and turbinectomy are all leading to the growth of the nasal dressings industry. Throughout surgery, these nasal packing gadgets aids to fill and stabilize nasal cavities, enabling smooth septum airflow and ease for patients.
Key Takeaways from the Market Report
- From 2021 to 2031, the hospitals and clinics segment is predicted to grow at an 8.19% CAGR.
- Over the coming decades, North America is anticipated to have a CAGR of 8.5%.
- In 2020, the epistaxis management application segment comprised 29% of the global market.
- By 2031, the PVA/PVAc & PEG material segment is expected to be worth $810.8 million.
- By 2031, the biodegradable nasal dressings product type segment is expected to exceed US$ 1.6 billion.
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Nasal Dressings Market: Prominent Drivers and Trends
- In terms of revenue, the hospitals and clinics end-user segment led the worldwide market in 2020, and this pattern is expected to persist during the forecast time frame. From 2021 to 2031, the hospitals and clinics segment is predicted to grow at a rapid pace. A progressive expansion of the total number of government and private hospitals in developing nations including China and India, as well as an upsurge in the number of nasal treatments executed in hospitals, drive the market's development.
- Novel breakthroughs in nasal packing equipment are expected to drive global market expansion in the coming years. Diagnostic software innovations, including PARASCADD Private Limited's Proplan, make virtual osteotomies of the nasal bone and imaging of a supplementary bone graft possible.
- In regard to revenue, the PVA/PVAc & PEG material segment represented a significant proportion of the global market in 2020. By 2031, the segment is expected to be worth $810.8 million. This is because more polyvinyl alcohol coated nasal packing (expandable packing) is being used in rhinological surgery to limit the potential of adhesion to tissue and coagulation of blood within the sponge's coating.
Nasal Dressings Market: Regional Analysis
- In 2020, North America held the greatest share of the worldwide nasal dressings market, and this trend is expected to maintain during the period of projections. The existence of significant players, an upsurge in choice for aesthetic treatments, a rise in the introduction of novel products, mergers, acquisitions, or partnerships, and territorial expansion by regional competitors in the United States and Canada are all factors driving the development of the nasal dressings market in the region.
- The Asia Pacific market is predicted to grow rapidly during the projected time frame, as a result of a spike in healthcare expenditure, a rise in the frequency of nose and sinus illnesses, and a spike in citizen knowledge about nasal surgery.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Nasal Dressings market report:
- Anika Therapeutics, Inc.
- Datt Mediproducts Private Limited
- First Aid Bandage Company (FABCO)
- Lohmann & Rauscher GmbH & Co. KG
- Medtronic plc
- Olympus Corporation
- Smith & Nephew plc
- Stryker Corporation
- Summit Medical LLC (Innovia Medical)
Market participants concentrate on R&D operations in order to create new items.
- Anika Therapeutics, Inc., for example, spent US$ 16.7 Million in R&D in 2019, with plans to increase that to US$ 23.4 Million in 2020. Furthermore, Anika Therapeutics, Inc. teamed with orthopedic surgeons as a medical facility in May 2021 to better comprehend the requirements of patients and create products accordingly. This collaboration allowed the organization to concentrate on product development and advancement.
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Nasal Dressings Market: Key Segments
Product Type
- Non-biodegradable (Conventional) Nasal Dressings
- Biodegradable (Bioresorbable and Biofragmentable) Nasal Dressings
Material
- Chitosan Lactate & Chitosan Hydrochloride
- Polyvinyl Alcohol (PVA) / Polyvinyl Acetate (PVAc) & Polyethylene Glycol (PEG)
- Cellulose & Carboxymethyl Cellulose (CMC)
- Hyaluronic Acid (HA)
- Synthetic Polyurethane Foam (SPF)
Application
- Wound Care
- Epistaxis Management
- Hemostatic Control
- Rhinoplasty
- Septoplasty
- Sinus Surgery
- Others
End User
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Home Care Settings
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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