March 1, 2024

The Traditional Wound Management Market is Estimated to Witness High Growth Owing to Availability of Advanced Products for Complex Wounds

Traditional wound dressings such as hydrocolloids, hydrogels, alginates, and saline-soaked gauzes are effective in absorbing wound exudate and maintaining a moist environment to promote healing. In addition, negative pressure wound therapy devices facilitate wound closure by applying sub-atmospheric pressure. The growing prevalence of diabetic foot ulcers and surgical site infections has augmented the demand for effective wound management solutions.

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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity: 

The availability of advanced products for managing complex chronic and acute wounds presents a major market opportunity. Chronic wounds such as pressure ulcers and diabetic foot ulcers are difficult to treat and there is a need for specialized dressings and therapies. Some new products entering the market include antimicrobial dressings impregnated with silver, iodine or other agents to prevent infections in complex wounds. Living skin equivalents comprising genetically modified skin tissues are also innovating the treatment of severe burns and non-healing ulcers. With growing research focus on regenerative strategies, tissue-engineered skin substitutes and bioengineered products are emerging to enhance wound healing outcomes in complicated wounds. This would drive the demand for advanced traditional wound management solutions.

Porter’s Analysis

Threat of new entrants: The traditional wound management market is well-established with key players dominating the market, making it difficult for new players to enter. However, opportunities exist in developing cost-effective products.

Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have many existing product options from major players. However, demand for affordable treatment increases buyers power.

Bargaining power of suppliers: Major suppliers in this market include manufacturers of raw materials, making their bargaining power moderate given established supply relationships.

Threat of new substitutes: New substitute products constantly emerge, increasing threat. However, established products dominate with proven clinical efficacy and brand recognition.

Competitive rivalry: Intense as major players compete for market share through differentiation, innovation and geographic expansion.

SWOT Analysis

Strengths: Strong presence of global leaders, availability of wide range of products, rising healthcare expenditure boost market.

Weaknesses: High costs associated, poor reimbursement policies in developing regions.

Opportunities: Developing economies offer scope, affordable product development seeing demand.

Threats: Patent expiries lead to generic competition, supply chain disruptions impact availability.

Key Takeaways

The Global Traditional Wound Management Market Size is expected to witness high growth over the forecast period, registering a CAGR of 6.7% from 2024 to 2031. 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 2024-2031.

North America dominates the market currently owing to established healthcare infrastructure and high awareness about advanced treatment options. However, Asia Pacific is likely to see fastest growth over the coming years due to rising medical tourism, healthcare expenditure and growing patient pool.

Regional analysis: Asia Pacific is likely to offer lucrative growth opportunities owing to its huge population base, rising disposable incomes, and improving access to healthcare insurance coverage. China, India and several Southeast Asian countries are expected to drive above average growth in this region.

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. Major players are focused on collaborations and new product launches to consolidate their market position.

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