The traditional wound management market consists of solutions such as wound closure strips, sutures, staplers, tissue adhesives, and sealants that help manage both acute and chronic wounds effectively. These products aid in closing wounds with precision and promoting appropriate healing of surgical and traumatic wounds. The rising cases of diabetes, ulcers, and burn injuries have boosted the demand for traditional wound care products in recent years.
The global Traditional Wound Management Market is estimated to be valued at US$ 2080.08 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increased prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous ulcers has significantly augmented the demand for traditional wound management products over the years. As per estimates, around 27.5 million people in the United States suffer from chronic wounds annually. Chronic wounds do not heal within three months and their proliferation increases the infection risks, often necessitating frequent treatments. This has majorly contributed to the growth of the traditional wound management market over the forecast period.
Strength: First line products are easy to use and effectively treat wounds. Established market presence provides brand recognition.
Weakness: New advanced wound care products from competitors offer better healing outcomes. High costs associated with traditional products limit scope.
Opportunity: Growing geriatric population vulnerable to chronic wounds increases market potential. Developing markets yet to adopt modern solutions offer scope.
Threats: Reimbursement policies hinder product adoption. Stringent regulations delay product approvals.
The Traditional Wound Management Market Share is expected to witness steady growth.
Regional analysis: North America dominates currently due to well-established healthcare systems and frequent product approvals. However, Asia Pacific is expected to witness highest CAGR over the forecast period supported by growing medical tourism and healthcare investments in developing countries.
Key players operating in the Traditional Wound Management market are Gilead Sciences, Lupin Ltd., Insmed Incorporated, Cipla Limited, Medisol Lifescience Pvt. Ltd., Luckys Pharma, and Pharmaxis Ltd. Traditional suppliers focus on cost-effective commodity products while newcomers launch advanced solutions. Partnerships aid geographic expansions and new product launches to strengthen market positions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it