The Traditional Wound Management Market is estimated to be valued at US$ 2,080.8 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Traditional wound management products consist of dressings, bandages and gauze that help manage and protect wounds from further infections. Dressings absorb exudate from chronic and acute wounds, prevent trauma to new skin and maintain a moist environment to encourage natural wound healing. Bandages provide support to dressings, hold them in place and protect wounds. Gauze is used to clean and debride wounds. With rising incidence of diabetes, ulcers and traumas, demand for traditional wound care products is increasing.
Market Dynamics:
The growth of the Traditional Wound Management Market is driven by rising geriatric population globally and higher prevalence of chronic wounds. According to the United Nations, the number of people aged 65 years and older is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Older adults are susceptible to chronic conditions like diabetes which increase their risk of developing pressure, surgical and vascular ulcers. Additionally, increasing trauma and accident cases also fuel the need for wound dressings and bandages for repair and protection.
Rising healthcare spending and availability of reimbursement boost adoption of Traditional Wound Management products. However, increasing preferences towards advanced wound care solutions may hinder market growth over the forecast period.
Segment Analysis
The traditional wound management market is primarily segmented into wound dressings and wound closure devices. Wound dressings dominate the market as they are one of the most common types of wound management products used. Wound dressings are further segmented into primary and secondary dressings. Primary dressings such as bandages and gauzes are widely used due to their affordability and universal usage for most wound types, making this the dominant sub-segment.
PEST Analysis
Political: Regulations regarding safety and efficacy of wound management products influence their demand. Standards ensure high quality products.
Economic: Rising healthcare costs are encouraging cost-effective traditional products over advanced solutions. The market also benefits from increased spending in developing countries.
Social: Growing geriatric population and prevalence of lifestyle diseases causing chronic wounds support market growth. However, adoption of advanced therapies may impact the traditional segment.
Technological: While new technologies offer improved healing, traditional products continue to serve basic needs through affordable solutions in developed and developing regions.
Key Takeaways
The Global Traditional Wound Management Market is expected to witness moderate growth, exhibiting a CAGR of 3.4% over the forecast period, due to increasing prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers.
North America dominates the traditional wound management market due to the increasing elderly population in the US and Canada which is more prone to chronic conditions like diabetes leading to complex wounds. Moreover, presence of major market players and availability of advanced healthcare systems promote market growth in the region.
Key players operating in the traditional wound management market are 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, H.B. Fuller, CURAD, and 3M Health Care. Smith & Nephew plc leads the market owing to its robust portfolio of traditional wound dressings and closures addressing chronic wound management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
