Healthcare and Medical

Traditional Wound Management Market Driven by Growing Geriatric Population

ashwini bakhade

Traditional Wound Management Market Driven by Growing Geriatric Population

Traditional wound management products provide effective treatment for both acute and chronic wounds. These include dressing materials such as hydrocolloids, alginates, hydrogels, and film and foam dressings that help manage wound exudate, promote autolytic debridement, and maintain a moist wound environment to enhance healing. Traditional wound dressings are widely used in home care settings and for basic wound care needs due to their cost-effectiveness. The demand for such dressings is increasing with the rising prevalence of diabetes and associated chronic wounds along with road accidents and trauma injuries. Additionally, the growing geriatric population prone to pressure ulcers and venous leg ulcers is also propelling the traditional wound management market.

The global traditional wound management market is estimated to be valued at US$ 2397.09 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the traditional wound management market is the growing adoption of advanced wound dressings made from hyaluronic acid, collagen, and alginate. Hyaluronic acid dressings have anti-microbial properties and allow autolytic debridement while maintaining a moist healing environment. Collagen dressings provide structural support during healing and stimulate cell proliferation. Alginate dressings absorb excess exudate to keep the wound bed moist and promote granulation tissue formation. The effectiveness of these advanced traditional wound dressings is increasing their popularity compared to basic gauze and film dressings. Their ability to manage chronic and complex wounds better is spurring revenue growth in the overall traditional wound management market.

Porter's Analysis

Threat of new entrants: Low barriers of entry with availability of generic wound management products and established distribution channels. However, presence of large players make it difficult for new entrants.

Bargaining power of buyers: Multiple product options available giving buyers bargaining power to negotiate on prices. Development of affordable generics further increases buyer power.

Bargaining power of suppliers: Large players have significant influence on suppliers and prices due to their sizable demand. However, easy availability of raw materials limits individual supplier power.

Threat of new substitutes: Growth of advanced wound care products poses a potential threat, though traditional products still have demand in cost-sensitive markets.

Competitive rivalry: High as the market is dominated by global players and witnessing new product launches and acquisitions. Players compete on pricing, innovation and marketing.

Key Takeaways

The Global Traditional Wound Management Market Size is expected to witness high growth. The global traditional wound management market is estimated to be valued at US$ 2397.09 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

North America region currently dominates owing to increasing incidence of chronic wounds and burns cases and availability of advanced products. However, Asia Pacific region is expected to showcase fastest growth over the forecast period owing to rising incidence of diabetic foot ulcers and presence of large patient pool.

Key players operating in the traditional wound management market are Gilead Sciences, Aradigm, Lupin Ltd., Polyphor, Insmed Incorporated, Pharmaero, Savara Pharmaceuticals, Joincare Pharmaceutical Group, Teva Pharamceuticals, Altan Pharmaceuticals, Raptor Pharmaceutical Corp., Cipla Limited, Maya Biotech Pvt. Ltd., Medisol Lifescience Pvt. Ltd., Nivon Specialties, Sentiss Pharma Pvt. Ltd., Ultratech India Limited, Midas Care Pharmaceuticals Pvt Ltd., Precept Pharma Ltd., Luckys Pharma, and Pharmaxis Ltd. These players are focusing on new product launches, acquisitions and geographical expansion to strengthen their market presence.

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The Global Traditional Wound Management Market is estimated to be valued at US$ 2,080. Segment Analysis The global traditional wound management market is segmented on the basis of product type, application, end user and region. On the basis of application, the market is categorized into, chronic wound and acute wound. The chronic wound segment held the largest market share in 2022 owing to increasing prevalence of diabetic foot ulcers and pressure ulcers globally. Regional analysis: North America dominated the global market in 2022 owing to increasing demand for advanced wound care products and growing wound care awareness programs in the region.

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The need for traditional wound management products is associated with the increasing incidences of chronic wounds, such as pressure ulcers, diabetic foot ulcers, and surgical wounds. As the elderly population increases, the prevalence of chronic wounds is also expected to rise, driving the demand for traditional wound management products. As a result, healthcare professionals and patients are increasingly switching to advanced wound care products, impacting the demand for traditional wound management products. Economic: The economic factor influences the traditional wound management market in terms of affordability and purchasing power of consumers. The increasing aging population and prevalence of chronic wounds drive the demand for traditional wound management products.

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The Traditional Wound Management Market has witnessed significant advancements in recent years, driven by the integration of emerging technologies and continuous developments. As per Coherent Market Insights Prediction, The Traditional Wound Management Market is anticipated to reach a value of US$ 2,080. Robot-assisted wound debridement is another emerging technology that has shown promise in wound management. Furthermore, advancements in telemedicine and digital health solutions have revolutionized Traditional Wound Management Market by enabling remote patient monitoring and consultation. The Traditional Wound Management Market is undergoing a transformative phase, characterized by the integration of emerging technologies and innovative developments.

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The global traditional wound management market is expected to generate profitable prospects from 2022 to 2032, with a valuation of US$ 5. According to a new analysis by Future Market Insights, the gauze category by product will lead the global market with a share of approximately 39. The market for traditional wound management grew at a CAGR of 2. The rise in trauma and chronic diseases such as diabetes and ulcers is the primary driver of the traditional wound management market's growth. Competitive LandscapeThe traditional wound management market environment is highly fragmented, with multiple competitors.

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