Advanced wound care products are used for treating acute wounds, chronic wounds and surgical wounds which helps in speeding up the healing process. Products used in advanced wound care management include wound debridement, wound closure, and wound care dressings. Wound debridement is used for removing dead or infected tissue from a wound to promote healing. Wound closure products are used for closing a wound by surgical procedures or using adhesives, tapes, and staples. Wound care dressings include film, foam, alginate, and hydrocolloid dressings. These dressings act as an protective barrier for the wound and absorbs excess exudates from the wound. The rising geriatric population is prone to chronic diseases and wound infections which is increasing the demand for advanced wound care products in India.
The global India advanced wound care management market is estimated to be valued at US$ 263 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Geriatric Population: As per the National Commission on Population (NCP), India’s geriatric population will increase from 103 million in 2011 to 323 million by 2050. The growing geriatric population is prone to chronic diseases as well as acute and surgical wounds. This is leading to the increasing demand for advanced wound care products like wound dressings, skin substitutes, and negative pressure wound therapy devices in India. This growing population counts as primary factor driving growth of the market.
Rising prevalence of lifestyle diseases: Unhealthy lifestyle including lack of physical activity, smoking, alcoholism and poor diet has led to high prevalence of chronic diseases like diabetes and other cardiovascular diseases in India. According to the World Health Organization, around 72 million people in India suffer from diabetes. Diabetes increases risk of developing chronic wounds thereby, propelling demand for advanced wound care. This acts as another driver for growth of the market.
Segment Analysis
The India advanced wound care management market is segmented into dressings, therapy devices, biologics and other products. Amongst these, the dressings segment dominates the market with over 45% share owing to the widening application of various traditional and advanced wound dressings in the treatment of acute and chronic ulcers. The therapy devices segment also has a sizable share as negative pressure wound therapy systems are gaining increased acceptance in India.
PEST Analysis
Political: The Government of India has launched various healthcare schemes like Ayushman Bharat to boost access and affordability of treatment. This will augment demand for wound care products.
Economic: India is one of the fastest growing economies and rising disposable incomes are enabling more patients to opt for superior wound management options.
Social: With growing elder population and lifestyle diseases incidence, chronic wounds requiring long term treatment are increasing in India. This presents opportunities for advanced wound care firms.
Technological: Firms are introducing novel wound dressings, sealants and skin substitutes in India utilizing technologies like hydrocolloids, hydrogels and nanofiber dressings to accelerate healing.
Key Takeaways
The Global India Advanced Wound Care Management Market Growth is expected to witness high. The global India advanced wound care management market is estimated to be valued at US$ 263 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises Regional analysis related content: The Western region dominates India’s advanced wound care market currently with over 35% share led by states like Maharashtra and Gujarat having higher healthcare infrastructure and expenditure. However, Southern states are emerging strongly and expected to surpass Western region by 2030 supported by initiatives in Telangana, Karnataka and initiatives to boost rural healthcare.
Key players related content comprises Key players related content: Key players operating in the India advanced wound care management market are Toshiba Corporation, Systagenix, ConvaTec Inc and 3M. Toshiba Corporation leads with its extensive portfolio of innovative dressings like Algisite and spray-on skin while Systagenix ranks second with gelling fiber dressings and skin grafts. Both are targeting physician education and rural penetration to further increase their market shares.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it