February 21, 2024

Traditional Wound Management Market to Witness Growth Owing to Increasing Prevalence of Chronic Wounds

Traditional wound management is used to treat acute and chronic wounds such as pressure ulcers, diabetic foot ulcers, and venous leg ulcers. It aims to keep wounds moist and protect them from infection or trauma while new skin forms from the edges inward over the wound. Traditional wound dressings made of gauze and bandages continue to be a first line treatment approach for most minor wounds and ulcers.

The global traditional wound management market is estimated to be valued at US$ 2397.09 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing prevalence of chronic wounds such as pressure ulcers, diabetic foot ulcers and venous leg ulcers remains a key driver bolstering growth of the traditional wound management market. It is estimated that over 6.5 million people in the US alone suffer from chronic wounds. The growing geriatric population and high incidence of obesity and diabetes are major factors fueling the burden of chronic wounds worldwide. According to the above mentioned driver, the traditional wound management market is expected to witness significant growth over the forecast period.

SWOT Analysis

Strength: The traditional wound management market has widespread availability of traditional wound management products. There is a large patient pool suffering from acute and chronic wounds globally. Traditional wound management products are cost effective compared to advanced wound management products.

Weakness: Traditional wound management products are often less effective on complex wounds compared to advanced wound management products. Adoption of advanced wound care products is increasing which can threaten traditional wound management products. Lack of innovative products in the traditional wound management space.

Opportunity: Large patient population in developing countries provides major market opportunity. Increasing incidences of diabetes and associated diabetic foot ulcers offers growth prospects. Rise in aging population prone to chronic wounds presents lucrative opportunities.

Threats: Stringent regulatory approval process for new product launches. Increase in awareness about advanced wound management products poses threat. Reimbursement issues related to traditional wound care products in developed markets.

Key Takeaways

The Global Traditional Wound Management Market Size  is expected to witness high growth over the forecast period. The market size for 2024 is estimated to be US$ 2397.09 Mn registering a CAGR of 6.7% between 2024-2031.

Regional analysis
North America dominates the global traditional wound management market owing to increasing incidence of chronic wounds among geriatric population in the US and Canada. Asia Pacific region is expected to witness fastest growth during the forecast period due to large patient population and rising healthcare expenditure in China and India.

Key players
Key players operating in the traditional wound management market are Gilead Sciences, Aradigm, Lupin Ltd., Polyphor, Insmed Incorporated, Pharmaero, Savara Pharmaceuticals, Joincare Pharmaceutical Group, Teva Pharamceuticals, Altan Pharmaceuticals, Raptor Pharmaceutical Corp., Cipla Limited, 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.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it