Advanced wound care management products including wound dressings, wound cleansers, and wound therapy devices are indispensable for the treatment of acute and chronic wounds. These products draw excess fluid away from wounds, protect wounds from contamination and further injury, and facilitate healing by maintaining a moist wound environment. The growing prevalence of diabetes in India is resulting in increased risk of diabetic foot ulcers, which are a major reason for hospitalization.
The Indian 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 Opportunity:
India is home to over 77 million diabetics, and this number is expected to grow to 134 million by 2045. Poor blood sugar control can damage nerves and reduce blood flow in legs and feet, making diabetics prone to foot ulcers and infections. More than half of all non-traumatic lower limb amputations in India are caused due to diabetes-related foot complications. Advanced wound dressings that help manage excess exudate and prevent infection can help reduce amputation rates and the economic burden of diabetes in the country. By facilitating faster healing of diabetic foot ulcers, advanced wound care management offers the potential to reduce hospitalization costs and improve patient quality of life.
Porter’s Analysis
Threat of new entrants: Low due to established distribution channels and brand recognition of existing players. However, opportunity exists for new players offering innovative products.
Bargaining power of buyers: High due to presence of many players and product substitutes. Buyers can negotiate on price and demand value-added services.
Bargaining power of suppliers: Moderate as suppliers of raw materials have established relationships with key players. However, threat remains from global suppliers.
Threat of new substitutes: Moderate threat from alternative treatment methods and new product innovations.
Competitive rivalry: Intense due to presence of global and local established players focusing on new product launches and partnerships.
SWOT Analysis
Strength: India has high prevalence of diabetes leading to growth in wound care management. Government initiatives are raising awareness.
Weakness: Lack of skilled professionals in rural areas. High costs inhibit growth.
Opportunity: Untapped rural markets and increasing medical tourism and insurance coverage will aid market expansion.
Threats: Low compliance to treatment reduces efficacy. Medical waste disposal issues impact sustainability.
Key Takeaways
The India Advanced Wound Care Management Market Size is expected to witness high growth owing to rising incidence of diabetes and associated chronic wounds. The market size for 2024 is projected to reach US$ 263 Mn, expanding at a CAGR of 7.3% during the forecast period of 2023 to 2030.
Regional analysis indicates that South India dominates the market currently due to vast patient population and improving accessibility to healthcare facilities. Northern India is emerging as the fastest growing region on back of increasing medical tourism and government initiatives.
Key players operating in the India advanced wound care management market are Toshiba Corporation, Carestream Health, General Electric Company, Hitachi Ltd., Siemens Healthcare Private Limited, Koninklijke Philips N.V., Shimadzu Corporation. These established global players are focusing on new product innovations and partnerships to gain market share. Local players offer cost-effective solutions but have limited geographic presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it