The advanced wound care management market in India is gaining traction owing to the rising prevalence of diseases such as diabetes and the growing incidence of road accidents and trauma cases. Advanced wound care products provide effective healing for acute and chronic wounds through a moist wound environment and help maintain a proper pH level. The growing geriatric population in India is also leading to a rise in age-related chronic diseases like pressure ulcers, thereby propelling the demand for advanced wound care solutions.
The Global 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 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.
Major opportunities in the market include a rise in funding activities for wound care research and increasing awareness about advanced wound healing products through various government initiatives. The Indian wound care market is also witnessing strong growth opportunities due to the expanding healthcare infrastructure and hospitals in Tier 2 and Tier 3 cities.
The key players are adopting various organic and inorganic growth strategies like new product launches, partnerships, and acquisitions to expand their global footprint. For instance, Smith and Nephew acquired Osiris Therapeutics in 2019 to strengthen its advanced wound care portfolio. Companies are also focusing on emerging economies in Asia Pacific and Latin America for global expansion owing to rising medical needs.
Market Drivers:
Rising prevalence of chronic diseases: The increasing incidence of diabetes and other chronic diseases is a key factor augmenting wounds and pressure ulcers, thereby propelling the demand for advanced wound care solutions.
Growing geriatric population: The growing elderly population is more prone to developing chronic wounds like leg ulcers and pressure ulcers due to reduced mobility and immune functions. This is expected to drive the adoption of advanced wound care management products.
Market Restraints:
High costs associated: Advanced wound healing products have a relatively higher cost than traditional dressing materials which may hinder widespread adoption.
Lack of reimbursement: Unfavorable reimbursement policies for advanced solutions further add to treatment costs, restricting market growth to some extent.
Segment Analysis
Moist wound dressings dominates the advanced wound care management market demand in India as it provides the optimum moisture level environment required for healing chronic and acute wounds. Moist wound dressings absorb excess exudates from the wound and actively prevent infections by maintaining a moist environment. Furthermore, they are easy to use, inexpensive and widely used in hospitals, home care settings.
Antimicrobial dressings have been gaining increased adoption in the advanced wound care management market. These dressings help in preventing wound infection by releasing antimicrobial agents such as silver, iodine, and chlorhexidine directly into the wound bed. They are highly preferred for treating chronic wounds that are prone to bacterial colonization and infection.
Global Analysis
North America holds the major share in the advanced wound care management market owing to the presence of advanced healthcare infrastructure and adoption of new technologies. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period. This is attributed to rising aging population, increasing incidence of chronic wounds such as diabetic foot ulcers and venous leg ulcers, and improving awareness regarding advanced wound care treatments. Moreover, improving healthcare expenditure and increasing focus of market players in developing countries further support the market growth in the Asia Pacific region.
Regional analysis related content:(Write regional analysis in 200 words explanation fastest growing and dominating region. Region is Asia-Pacific.). The advanced wound care management market in Asia Pacific region is expected to grow at a rapid pace during the forecast period. This is ascribed to the presence of developing economies like India and China, increasing diabetic population, rising per capita healthcare expenditure, improving healthcare infrastructure, and growing medical tourism in these countries. Furthermore, rising awareness about innovative wound care products, focus of key players to tap the untapped markets, and improving reimbursement policies are some other factors driving market growth in Asia Pacific.
Japan dominates the Asia Pacific market due to high healthcare standards and government initiatives to promote advanced wound care. However, China and India are expected to register highest CAGR by 2030 with rising discretionary incomes, improving accessibility to quality care, and increasing expenditure on chronic disease management. Key companies are expanding their distribution networks in emerging countries of Asia Pacific which will further support market growth.
Get more insights on this topic: https://www.ukwebwire.com/india-advanced-wound-care-management-market-industry-insightstrendsindia-advanced-wound-care-management-market/
Explore more information on this topic, Please visit: https://coolbio.org/emergence-of-online-clothing-rental-market/
