The global Traditional Wound Management Market is estimated to be valued at US$ 2080.08 Mn in 2023 and is expected to exhibit a CAGR of 6.7%
The traditional wound management market deals with products that help heal acute and chronic wounds. Advanced wound dressings aid in accelerated wound healing by maintaining a moist environment and protecting the wound from external contaminants. With benefits such as reducing healing time and pain, advanced wound dressings that incorporate technologies like hydrocolloids, alginates, hydrogels, and collagens are gaining popularity.
The global Traditional Wound Management Market is estimated to be valued at US$ 2080.08 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.
Market key trends: Increased demand for advanced wound dressings is one of the key trends driving the growth of the traditional wound management market. Advanced wound dressings help manage wound exudate better and form protective barriers against external contaminants. They aid faster healing and provide comfort to patients. With rising cases of chronic wounds such as diabetic foot ulcers and pressure ulcers, advanced wound dressings with added technological benefits are being preferred over conventional gauze and bandages. This has accelerated the demand for advanced wound dressings in the traditional wound management market.
Segment Analysis
The traditional wound management market is dominated by the chronic wounds segment owing to the high prevalence of chronic and hard-to-heal wounds worldwide. Chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers account for over 50% of the traditional wound management market share due to the associated high costs of treatment and extensive use of various products like dressings, growth factors, skin grafts, and substitutes to facilitate wound healing.
Key Takeaways
The global Traditional Wound Management Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America is currently the dominant region in the traditional wound management market and is expected to continue its dominance over the forecast period. This can be attributed to factors such as the rising geriatric population, high adoption of advanced wound care products and growing prevalence of chronic diseases in the region. Asia Pacific is projected to witness the highest growth rate during the forecast period owing to improving healthcare infrastructure and rising medical tourism in developing countries of the 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.
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