by Advanced wound care products help treat chronic and acute wounds faster leading to significant advantages like reduced hospital stay and healthcare costs. Medical dressings, biologics and therapies are used for wounds from surgery, burns, ulcers, or traumatic injuries. The Global advanced wound care management market growth is driven by growing prevalence of chronic diseases, rising cases of road accidents and increasing aged population in India.
The India advanced wound care management market is estimated to be valued at US$ 302.98 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the India advanced wound care management are Toshiba Corporation, Carestream Health, General Electric Company, Hitachi Ltd., Siemens Healthcare Private Limited, Koninklijke Philips N.V., Shimadzu Corporation, MinXray Inc., KA Imaging, Samsung Group, OXOS Medical, InnoCare Optoelectronics, Siemens Healthineers, Shimadzu Medical Systems USA, Konica Minolta Healthcare Americas Inc., Canon Inc., Boston Imaging, Nanox, Fujifilm, Scanna-MSC, VUNO, and Canon Medical Systems USA Inc.
The key opportunities in the market include rising disposable income leading to better access to healthcare, growth of medical tourism industry and recent approval of advanced wound care products by the Indian regulatory authorities. Technological advancements like development of antibacterial dressings, growth factors, skin substitutes and negative pressure wound therapy systems are also fueling the market growth.
Market drivers
The major market drivers include rapidly growing geriatric population who are more prone to chronic wounds and traumatic injuries. As per WHO, the number of aged people in India will rise to 319 million by 2050 from 103 million in 2011. Secondly, increasing incidence of diabetes and vascular diseases have contributed to more cases of hard to heal wounds. It is estimated that over 77 million people in India suffer from diabetes currently. Rising road accidents and burn cases also support the need for advanced wound management in India.
Current challenges in the India Advanced Wound Care Management Market:
There is lack of awareness about advanced wound care among patients as well as healthcare professionals in India. Most patients rely on traditional methods for wound healing which delays the treatment. The advanced wound care products are also not commonly used due to their high cost. Reimbursement policies for such products need to be improved to increase their adoption. Availability of trained professionals for usage of advanced wound care management tools is another challenge. Skilled manpower requires specialized training which leads to additional cost and resource crunch for hospitals and clinics.
SWOT Analysis
Strength: Products like skin grafts and substitutes, growth factors offer quicker healing. Also, antimicrobial dressings help prevent infections.
Weakness: High costs of products limit their usage. Lack of specialized training for usage of tools.
Opportunity: Growing geriatric population prone to chronic wounds increases demand. Government support for wound management can boost market.
Threats: Alternatives like traditional wound remedies are cheaper. Economic slowdowns may impact discretionary healthcare spending.
Geographical Regions in India:
The western and southern regions of India account for over 60% share of the total advanced wound care management market analysis value in the country currently. States like Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka have well-developed healthcare infrastructure and higher disposable incomes leading to greater product adoption. The urban centers in these regions are major revenue generators.
Fastest Growing Geographical Region:
The northern region spanning states like Delhi, Haryana, Punjab, Uttar Pradesh is expected to witness strongest growth during the forecast period from 2024 to 2031. This is due to expanding healthcare facilities, rising medical tourism and greater priority on non-communicable diseases. Initiatives to boost healthcare accessibility in rural areas will further support market revenues from this region going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
