Market Overview:
Advanced wound care products are primarily used to treat chronic, difficult-to-heal wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. These products help manage wounds effectively by maintaining a moist wound environment that promotes faster healing. They provide an effective barrier to external contaminants and regulate moisture levels by absorbing exudate from wounds.
Market key trends:
One of the major trends anticipated to fuel the growth of the India advanced wound care management market includes rising prevalence of diabetes in India. Diabetes increases the risk of developing chronic wounds such as diabetic foot ulcers. According to the International Diabetes Federation, approximately 77 million adults were living with diabetes in India in 2019, and this number is estimated to reach 134 million by 2045. Advanced wound care products play a vital role in effective management of diabetic foot ulcers by promoting wound healing and preventing amputations. Their ability to facilitate a moist wound environment helps accelerate cellular activity and tissue regeneration.
Porter’s Analysis
Threat of new entrants: Low barriers to enter the advanced wound care management market make the threat of new entrants moderate. However, existing players have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate to high bargaining power. Large buyers can negotiate lower prices while smaller buyers have lesser power.
Bargaining power of suppliers: Due to availability of raw materials and substitutes, suppliers have low bargaining power.
Threat of new substitutes: Although some alternative therapies exist, substitutes offer limited advancements. The threat is low.
Competitive rivalry: The market is highly competitive with global and local players. Competition is based on product quality, innovation, and pricing.
The global India Advanced Wound Care Management Market Demand is estimated to be valued at US$ 280.8 Million in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global India Advanced Wound Care Management market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing prevalence of chronic wounds and rising number of surgical procedures.
Regional analysis
In terms of revenue, North region holds the largest share in the India’s advanced wound care management market owing to increasing incidences of chronic wounds among the aging population. South region is expected to witness highest growth rate during the forecast period attributed to growing focus towards advanced treatment options.
Key players
Key players operating in the India Advanced Wound Care Management market are Smith and Nephew Plc, Coloplast A/S, Johnson and Johnson, 3M, Convatec Group Plc, Cologenesis Healthcare Pvt Ltd, Mil laboratories Pvt Ltd, Essity AB, and Eucare Pharmaceuticals Ltd. Johnson and Johnson dominates the market due to its diverse product portfolio and strong brand recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
