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Traditional Wound Management Market Poised to Garner High Revenues Owing to Rising Prevalence of Chronic Wounds
Market Overview
The traditional wound management market consists of products that are used to treat both acute and chronic wounds. Some common traditional wound management products include gauze, bandages, tape, and dressings. Gauze is frequently used to control bleeding by applying pressure to a wound, while bandages secure gauze or other dressings over wounds. Tape is used to keep bandages in place. Dressings protect wounds from external contamination and moisture. Traditional wound management products play a vital role in managing wounds and promoting healing. Developing counties still largely rely on traditional products due to their affordability and accessibility compared to advanced wound care products.
The global traditional wound management market is estimated to be valued at US$ 2,080.8 million in 2023 and is expected to exhibit a CAGR of 3.4% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the Traditional Wound Management 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, 3M Health Care
The rising prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers present lucrative opportunities for manufacturers to introduce affordable and effective traditional wound management products. According to estimates, diabetic foot ulcers affect over 6% of the global diabetic population.
Traditional wound management product manufacturers are expanding their footprint in developing countries in Asia Pacific, Latin America, the Middle East, and Africa. This is attributed to improving access to healthcare facilities, growing medical expenditures, and the rising Traditional Wound Management Market Demand in these regions.
Market Drivers
The increasing incidence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers is a major factor driving the demand for traditional wound management products. These chronic wounds often require long-term treatment with dressings, bandages, and other traditional products. According to the World Health Organization, the global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014. Uncontrolled diabetes greatly increases the risk of developing chronic skin wounds.
Affordability of traditional wound management products also propels their demand over advanced wound care solutions, especially in price-sensitive developing markets. Gauze, bandages, and tape are much more economical options for wound treatment compared to advanced dressings, gels, and skin grafts. This significant cost-benefit drives hospitals and patients toward traditional wound management products.
Market Restrain
The growing preference for advanced wound care products acts as a key restraint for the traditional wound management market. Advanced products such as foams, hydrocolloids, hydrogels, alginates, and skin substitutes are more effective in managing chronic, complex, and hard-to-heal wounds. They also reduce treatment costs by promoting faster healing. However, the high costs of advanced wound care restricts its usage to developed markets only. Traditional products continue to have strong demand in developing countries with budget constraints.
Segment Analysis
The traditional wound management market is broadly segmented into gauze, bandages, cotton, viscose & rayon, and hydrocolloid dressings. Among these, gauze accounts for approximately 30% share of the overall market. Being highly absorbent, affordable and easily available, gauze is preferred for minor cuts, wounds and securing other dressings. Bandages hold the second largest share owing to their suitability for wounds requiring compression or securing primary dressings. Other segments like hydrocolloid witness growth due to increasing usage in chronic and hard to heal wounds.
Global Analysis
North America dominates the traditional wound management market with a share of over 35% attributed to rising incidence of diabetes and associated foot ulcers. Presence of advanced healthcare facilities and growing expenditure on surgical and chronic wound types treatment further support market growth. Asia Pacific demonstrates fastest growth led by India and China on account of huge patient population and improving access to healthcare. Latin America and Middle East & Africa also showcase notable potential for traditional wound dressings owing to increasing healthcare awareness and expenditure in emerging nations.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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