November 3, 2024

Better Access To Healthcare Propels Growth In The Traditional Wound Management Market

The Global Traditional Wound Management Market is estimated to be valued at US$ 2,080.8 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Traditional wound management products include bandages, gauzes, tapes, and dressings which help absorb wound exudate and create an ideal moist environment to promote healing. These products help manage injuries such as lacerations, abrasions, burns, and ulcers. They act as a protective barrier against external environmental factors and secondary infections. Traditional wound management provides easy access and cost-effective treatment to patients suffering from acute and chronic wounds across healthcare facilities.

Market key trends:
One of the key trends in the traditional wound management market is the increasing prevalence of chronic diseases leading to chronic wounds. Chronic conditions such as diabetes, obesity, and peripheral artery disease often result in hard-to-heal chronic wounds that require long-term management. According to estimates, over 8.2 million people suffer from chronic wounds in the U.S. alone. Additionally, growing incidences of burn injuries and traumatic wounds due to the rising number of road accidents and trauma cases are also expected to drive the demand for traditional wound dressings for effective wound management over the forecast period.

Porter’s Analysis

Threat of new entrants: The well-established distribution channels and significant capital requirements for R&D pose barriers for new players entering the traditional wound management market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple players offering similar products. However, need for wound care products provides stable demand.

Bargaining power of suppliers: A few major players dominate the supply of raw materials, giving them significant influence over pricing. However, availability of substitutes limits suppliers’ power.

Threat of new substitutes: New alternative advanced wound care products pose a threat to traditional wound dressings and bandages.

Competitive rivalry: The market is highly fragmented with the presence of several global and local players.

Key Takeaways

The Global Traditional Wound Management Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of chronic wounds and road accidents.

On a regional basis, North America is expected to dominate the global traditional wound management market over the forecast period. This is attributed to the growing geriatric population in the region which is prone to chronic conditions leading to wound development. However, Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period owing to increasing healthcare expenditure and rising incidence of diabetic foot ulcers.

Key players operating in the traditional wound management market 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. Smith & Nephew plc specializes in advanced wound management products and holds a significant market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

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