Traditional wound management involves usage of bandages, gauzes, cotton, antiseptics and topical antibiotics for treatment of acute and chronic wounds. It includes products such as adhesive bandages, gauze bandages, medical tapes, therapeutic tapes, dressings and so on. Traditional wound management finds applications in treatment of burns, cuts, lacerations and pressure ulcers. The global traditional wound management market is estimated to be valued at US$ 2080.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global traditional wound management market is witnessing significant growth due to increasing incidence of burn injuries, traumatic wounds and chronic ulcers coupled with rising geriatric population. Traditional wound management remains the first line treatment for minor cuts, lacerations and burns. However, advancement in wound care technologies is expected to drive the market during the forecast period. Emergence of advanced wound care products such as moisture therapy dressings, films, foams, alginates and hydrocolloids are gaining popularity.
Market Dynamics
Advancement in wound care technologies is one of the key drivers propelling the growth of traditional wound management market. Increasing availability of advanced wound care products such as skin and wound cleansing products, moist wound dressings, wound debridement agents and wound healing products are facilitating faster wound healing. This has led to gradual shift from traditional wound dressings to advanced wound care approaches. Additionally, rising geriatric population prone to chronic wounds and diabetes further fuel the demand for advanced wound management solutions over the forecast period.
Segment Analysis
The traditional wound management market can be segmented into chronic wounds and acute wounds. Chronic wounds, which comprises of diabetic foot ulcers, pressure ulcers and venous leg ulcers, accounts for over 60% of the market share. Chronic wounds segment dominates the market as these wounds are often difficult to treat and have a high risk of infection due to compromised blood flow and nerve damage in patients with conditions like diabetes.
PEST Analysis
Political: Governments across countries are increasingly focusing on supporting wound care research which is driving innovation. However, stringent regulations may increase compliance costs.
Economic: Rising healthcare spending and growing aging population are major drivers leading to high demand for traditional wound management products. However, inflation and economic slowdowns impact market growth.
Social: Increasing incidences of lifestyle diseases like diabetes are leading to chronic wounds requiring long term traditional treatment methods. Growing medical tourism and patient awareness regarding available treatment options also positively influence the market.
Technological: While advanced wound care products are gaining popularity, traditional wound dressing continue to play a major role, especially in developing regions, due to their easy availability and relatively lower costs. However, drug shortages during the COVID pandemic impacted market dynamics.
Key Takeaways
The Global Traditional Wound Management Market Size is expected to witness high growth driven by rising prevalence of chronic wounds and wounds caused due to accidents or injuries.
Regionally, North America dominates currently due to developed healthcare infrastructure and reimbursement coverage. However, Asia Pacific is anticipated to be the fastest growing market over the forecast period owing to growing medical needs of its aging population coupled with rising disposable incomes.
Key players operating in the traditional wound management market are Gilead Sciences, Lupin Ltd., Polyphor, Insmed Incorporated, Pharmaero, Savara Pharmaceuticals, Joincare Pharmaceutical Group, Teva Pharamceuticals, Maya Biotech Pvt. Ltd., Medisol Lifescience Pvt. Ltd., Nivon Specialties, Sentiss Pharma Pvt. Ltd., Ultratech India Limited, Midas Care Pharmaceuticals Pvt Ltd., Precept Pharma Ltd., Luckys Pharma, and Pharmaxis Ltd. These players are focusing on expanding their product portfolios and geographical presence through mergers and acquisitions to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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