Traditional wound management includes products such as antiseptics, cleansers, debriding agents, advanced dressings, traditional dressings, negative pressure wound therapy devices, and grafts & substitutes. These products play an important role in managing different types of wounds effectively such as diabetic foot ulcers, pressure ulcers, burns, and surgical & traumatic wounds.

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.

The global traditional wound management market is driven by the rising prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers among geriatric population. It is estimated that around 15% of all diabetic patients suffer from foot ulcers at some point in their lifetime.

Market Dynamics:
One of the key driver for the growth of the global traditional wound management market is the rising prevalence of chronic wounds. It is estimated that around 6.5 million people in the US suffer from chronic wounds. Moreover, the prevalence of chronic wounds is increasing among geriatric population owing to factors such as diabetes, obesity, and poor lymphatic drainage. According to the National Health and Nutrition Examination Survey 2017-2018, the prevalence of diabetes in US population aged 65 years and above is 26.8%. Diabetes drastically increases risk of developing chronic wounds such as diabetic foot ulcers. Hence, rising geriatric population and associated increase in chronic diseases is expected to propel the demand for traditional wound management products over the forecast period. Traditional wound dressings play a vital role in management of chronic wounds.

SWOT Analysis
Strength: The traditional wound management market benefits from well-established distribution channels and expertise in wound care. Several products in this segment have a well-known brand reputation and are trusted by healthcare professionals and patients due to their effectiveness and safety. Moreover, the availability of generic equivalents of patented drugs provides cost-effective treatment options.
Weakness: Traditional wound care products face increasing competition from advanced wound care therapies that often demonstrate superior healing outcomes. Additionally, traditional options can be limited in treating complex, non-healing chronic wounds. Regulatory pressures to demonstrate clinical efficacy may also constrain innovation and product development.
Opportunity: The rising prevalence of diabetes and associated chronic wounds in developing nations presents scope for traditional wound management players to expand operations and collaborations in emerging markets. Furthermore, developing affordable formulations for underserved patient segments could unlock new growth prospects.
Threats: Stringent regulatory norms for manufacturing and marketing approval may delay product launches and increase costs. Additionally, reimbursement barriers limit the adoption of newer, expensive wound therapies in certain regions. Patent expiries of blockbuster drugs alsothreaten established market leaders with generic competition.

Key Takeaways

The global Traditional Wound Management Market Share is expected to witness high growth over the forecast period driven by increasing incidence of ulcers and burns worldwide.

Regional analysis: The Asia Pacific traditional wound management market is expected to grow at the fastest pace due to rising healthcare expenditure, large patient population and increasing awareness about available treatment alternatives. China, India and other Southeast Asian countries will majorly contribute to regional growth. The large undiagnosed diabetic population in Asia represents exponential potential for traditional as well as advanced wound products.

Key players 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.

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