July 24, 2024
India Advanced Wound Care Management Market

India Advanced Wound Care Management Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Wounds and Rising Geriatric Population

The global India Advanced Wound Care Management Market is estimated to be valued at US$ 263.0 million in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Indian advanced wound care management market includes a wide range of products that are used for the treatment and management of chronic wounds such as diabetic ulcers, pressure ulcers, and venous ulcers. These products include dressings, therapy devices, and active wound care products. They are designed to promote healing, reduce pain, prevent infection, and enable faster recovery. With the increasing prevalence of chronic wounds, especially among the geriatric population, the demand for advanced wound care management products is expected to witness significant growth in India.

Market Dynamics:

1) Driver: Increasing prevalence of chronic wounds

The prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, is on the rise in India. This can be attributed to the increasing incidence of chronic diseases, such as diabetes and cardiovascular diseases, which are associated with poor wound healing. According to the International Diabetes Federation, India had the second-highest number of individuals with diabetes in 2019, with an estimated 77 million people affected. These individuals are at a higher risk of developing chronic wounds, driving the demand for advanced wound care management products.

2) Driver: Rising geriatric population

India has a rapidly growing geriatric population, which is prone to chronic wounds due to age-related factors such as reduced skin elasticity and impaired immune function. According to the United Nations, the number of individuals aged 60 years and above in India is expected to reach 319 million by 2050. This increasing elderly population is likely to drive the demand for advanced wound care management products to effectively manage and treat chronic wounds.

 SWOT Analysis:

Strengths:

Increasing prevalence of chronic wounds

Rising geriatric population

Weaknesses:

Lack of proper infrastructure for wound care management

Limited awareness about advanced wound care products

Opportunities:

Technological advancements in wound care management

Increasing healthcare expenditure in India

Threats:

Price sensitivity among the Indian population

Competition from traditional wound care products

Key Takeaways:

The India Advanced Wound Care Management Market is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period, due to the increasing prevalence of chronic wounds and rising geriatric population.

The southern region of India is expected to be the fastest-growing and dominating region in the advanced wound care management market, followed by the western region. This can be attributed to the presence of well-established healthcare infrastructure and a higher concentration of geriatric population in these regions.

Key players operating in the India Advanced Wound Care Management Market include Smith and Nephew Plc, Coloplast A/S, Johnson and Johnson, 3M, Convatec Group Plc, Cologenesis Healthcare Pvt Ltd, Mil laboratories Pvt Ltd, Essity AB, and Eucare Pharmaceuticals Ltd. These players are focusing on new product launches, partnerships, and acquisitions to expand their product portfolios and strengthen their market presence in India.