Topical Wound Agents Market is Poised to Exhibit A Moderate 6.6% CAGR through 2022-2032
The topical wound agents market is anticipated to reach US$ 3.0 million in sales by 2032, up from US$ 1.5 million in 2022, with a CAGR of 6.6% over the forecast period.
The global topical wound agents market has witnessed robust growth due to rising prevalence of chronic wounds in all age groups. Topical wound agents market is a witness to the presence of many local players which hold a huge market share in the Topical Wound Agents Market. There are huge opportunities for the manufacturers due to the large number of patients suffering from both acute and chronic wounds.
The key players in the topical wound agents market are mainly focused on R&D to accelerate the development of novel drugs to increase their market share. Improved accessibility to healthcare services along with increasing awareness in patient population is expected to boost the growth of the topical wound agents market in developing economies. The topical wound agents market is anticipated to grow with double digit CAGR during the forecast period. Topical wound agents are medical preparations used to treat dermatological injuries. Topical wound agents are mainly formulated into emulsions, creams, oils, spray and others.
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A wide variety of agents are used for the management of both acute and chronic wounds. Topical wound agents are mainly used for controlling inflammation, infection and pain. NSAIDs & Analgesics were used to treat inflammation & pain. However, wound healing is a complex progress and is affected by both intrinsic and extrinsic factors. Infection delays the healing process and increases the risk of infections. To control the infection, mainly disinfectants are used and they are active against disease-causing microorganisms and include antiseptics and antibiotics.
Antiseptics are broad-spectrum antimicrobials used to treat intact skin or open wounds. Antibiotics are agents that kill or inhibit the growth of microorganisms and are used against specific cells (narrow broad spectrum). Antibiotics are more susceptible to bacterial resistance and require a continuous change in treatment regimen. Topical antibiotics are more advantageous than systemic antibiotics due to fewer side effects and limited dosage errors.
Topical Wound Agents Market:
Drivers and Restraints
Rising prevalence of chronic wounds across the world will promote the growth of the topical wound agents market. Chronic wounds have a significant impact on quality of life, can lead to functional impairments as well as huge economic burdens. According to Wound Australia, the prevalence of chronic wounds is estimated to be from 1.1% to 26.7% in the hospital setting and it is around 6% to 29% in community setting.
The economic burden of wound treatment is also very high, for example, annual treatment of managing wounds in the NHS has been estimated to be Euro 5.3 Bn. To control prevalence and this economic burden, governments have initiated many actions plans for wound management.
Along with government initiatives, growing awareness about wound infections among the general population is fuelling the growth of the topical wounds agents market. Apart from these, increasing healthcare funding and improving healthcare facilities will also support the burgeoning growth of topical wound agents market.
Rising antibiotics concerns and lack of epidemiological data will restrain the growth of the topical wound agents market.
Topical Wound Agents Market: Region-Wise Overview
The global topical wound agents market can be segmented into the following regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding China & Japan, China, Japan and the Middle East and Africa. North America is dominant in the Global Topical Wound Agents market, mainly due to high awareness among the patient population.
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In North America, particularly the USA will hold the dominant position, mainly due to the high penetration. Economic conditions in the APAC region are set to drive the Topical Wound Agents market to new heights. APAC & Latin America is the fastest growing region in topical wound agents market due to improved healthcare services. Growth in the Middle East and African region is considerably less when compared to the other regions.
However, North America would maintain its position in the Topical Wound Agents market and it is anticipated that emerging economies, such India, China, Brazil & Mexico, will witness highest growth rate in the Topical Wound Agents market.
Topical Wound Agents Market: Key Participants
Some of the key participants in the Topical Wound Agents market include Teva Pharmaceutical Industries Ltd., Novartis AG, Pfizer Inc., Johnson & Johnson, Mylan N.V., AstraZeneca Plc. and others. Companies are focused on formulating new dosage forms to increase the adoption of topical wound agents.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Topical Wound Agents Market: Segmentation
Segmentation of Topical Wound Agents Market based on Drug Type
Segmentation of Topical Wound Agents Market based on Dosage Forms
Segmentation of Topical Wound Agents Market based on Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies/Drugstores
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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