With Adoption in Developing Economies, the Traditional Wound Management Market Will Reach New Heights
The global Traditional Wound Management Market is anticipated to create lucrative opportunities over the assessment period ranging from 2022 to 2032, by enjoying a valuation of US$ 5.1 Bn by the end of the year 2022 and exceedingly around US$ 6.9 Bn by the year 2032.
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As per the recent study by Future Market Insights, the gauze segment by product is leading the market with a share of about 39.7% in the year 2021, within the global market. The global wound care market is predicted to be valued at US$ 18.4 Bn out of which traditional wound management consists of a share of 26.6%, in 2021.
During the traditional period from 2014 to 2021, the market for traditional wound management expanded at a CAGR of 2.9%. Traditional wound management is expected to experience a shift in dynamics owing to the changes in demographics of the geriatric population and the growing incidence of wounds, owing to the rising problem of infection acquired during surgical procedures globally.
Furthermore, the surgical list falls under the care of chronic wounds. The surge of trauma and chronic diseases such as diabetes and ulcers are the leading cause of the rising demand for the traditional wound management market.
- The market is expected to showcase an optimistic outlook, owing to the cost-effectiveness and clear reimbursement policies. The drastic inclination towards wound healing and care dynamics along with the adoption of traditional wound management products presents a significant revenue opportunity for the traditional wound management sector.
- The surging number of chronic wound patients has encouraged the development and implementation of therapies that help in the promotion of faster and more efficient wound healing. Early healing is predicted to assist the lower and average length of hospital stays. A chronic wound is a chronic health problem because it frequently spreads to the surrounding tissues, resulting in infection and amputation.
- Several infections were caused owing to the rise of serious health issues and therefore resulted in the addition of overall system costs. Therefore, traditional methods of wound care and cleansing are re-evaluated and as a result, traditional wound care products are incorporated into the patient and wound care system for the reduction of infection-related costs.
- Irrespective of the availability of advanced wound care and healing products, major healthcare professionals and facilities choose traditional wound management products due to their cost-effectiveness and long-term training and research experience.
- The surge in various surgical procedures, the aging population, and the surge in the adoption of technically advanced products, are some of the factors driving the market. The hurdles faced are due to a lack of skilled professionals, general awareness about wound care, and rising medical waste.
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With numerous competitors in the traditional wound management market landscape, the overall industry is fragmented. In order to meet consumer demand and expand their customer base, these companies are implementing methods such as expanding their production capabilities by constructing new factories and manufacturing facilities also indulging in partnerships and collaborations and availing new product launches with technological advancements.
Key Companies Profiled
- 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
- BSN Medical
More Insights into the Traditional Wound Management Market
The U.S. is expected to dominate the global traditional wound management market as it accounted for around 26.4% in 2021 and is expected to continue to experience the same growth throughout the forecast period.
China is the second largest manufacturer of traditional wound management. According to the estimations, China is expected to account for 6.0% of globally. The market is expected to surge at a robust pace over the forecast period due to rising healthcare facilities in the region along with the presence of prominent manufacturers.
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Key Market Segments Covered in Traditional Wound Management Industry Research
- 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
- Skin and Diabetic Ulcers
- Others (skin cuts, primary dressings, etc.)
By End User:
- Diagnostic Centers
- Homecare Settings
- Ambulatory Surgical Centers
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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