Traditional Wound Management Market To Generate a Significant Revenue of US$ 5,926.0 Million By 2027 | CAGR: 3.4%: Coherent Market Insights
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The most commonly used traditional wound care products include bandages, gauzes, woven gauze, sponges, and gauze sponge. Gauze sponges are made up of gauzes and are primarily utilized to absorb blood and wound exudates.
The global traditional wound management market is estimated to be valued at US$ 5,926.0 Mn in terms of value by the end of 2027.
Global Traditional Wound Management Market: Drivers
The increasing demand for first aid and versatility of products, among populace and health care providers are expected to drive growth of the global traditional wound management market over the forecast period. There is significant demand for products such as gauze bandages and adhesive bandages for small cuts and bruises.
Global Traditional Wound Management Market: Opportunities
Moreover, tracking interdisciplinary collaborations for wound management is expected to offer lucrative growth opportunities for market players over the forecast period. Inter and intra-departmental collaboration between surgeons and their support staff such as nurses plays a key role in better wound management. This defines product usage pattern, order placement cycles, and choosing preferred vendors. Application of customer analytics and critical vendor management strategies are factors that could fuel demand for traditional wound management products. Therefore, market players need to track zonal purchase patterns by departments, in order to achieve higher productivity.
Global Traditional Wound Management Market: Restraints
However, increasing number of R&D and rising demand for low molecular weight hyaluronic acid derivatives for wound healing are the major factors that are expected to hinder growth of the market over the forecast period. For instance, in July 2019, researchers from Jilin University, China, reported development of N-butyrylated low molecular weight hyaluronic acid for improved murine cutaneous wound healing.
On the basis of product type, gauzes segment in the global traditional wound management market is estimated to be valued at US$ 1,820.3 Mn in 2019 and is expected to reach US$ 2,381.9 Mn by 2027 exhibiting a CAGR of 3.4% over the forecast period. However, increasing development and adoption of advanced wound care products is expected to hinder growth of the segment over the forecast period.
Among application, surgeries segment is estimated to account for major market share of 70.1%, in terms of value in 2019, accounting for, followed by skin and diabetic ulcers segments, respectively. The growth of the segment is attributed to increasing number of surgical procedures, globally.
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The increasing prevalence of diabetes and other chronic diseases are expected to drive growth of the global traditional wound management market over the forecast period. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.
The adoption of traditional wound care measures with novel solutions such as foam, hydrogel dressing, and others has increased significantly. This in turn has led to high output in wound care management.
Global Traditional Wound Management Market: Competitive Landscape
Key players operating in the global traditional wound management market include Smith & Nephew plc., B. Braun Melsungen AG, Johnson & Johnson Pvt. Ltd., Medtronic Plc., Cardinal Health, Derma Sciences Inc., Paul Hartman AG, Molnlycke Health Care, Medline Industries, Inc., DUKAL Corporation, and BSN Medical.
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Global Traditional Wound Management Market: Key Developments
Key players in the market are also focusing on developing and launching sustainable products. For instance, in July 2019, Nutricare, an Australia-based company, launched PATCH, 100% compostable, natural, and non-irritating bamboo bandage.
- Traditional Wound Management Market, By Product Type:
- Adhesive Bandages
- Non-adhesive Bandages
- Compression Bandages
- Woven Gauzes
- Non-woven Gauzes
- Gauze Sponge
- Woven Gauze Sponges
- Non-woven Gauze Sponges
- Woven Sponges
- Non-woven Sponges
- Traditional Wound Management Market, By Application:
- Skin and Diabetic Ulcers
- Others (skin cuts, primary dressings etc.)
- Traditional Wound Management Market, By End User:
- Diagnostic Centers
- Homecare Settings
- Ambulatory Surgical Centers
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