Traditional Wound Management Market Propelled by Increased...

Traditional Wound Management Market Propelled by Increased Incidences of Chronic and Acute Wounds

Posted 2024-02-06 12:51:33

The traditional wound management market comprises of products like wound closure strips, tapes, bandages, gauzes, dressings and others used for wound care management. These products help in protecting and covering the wound to aid natural healing and prevent infection. Growing geriatric population, increasing incidences of diabetes and other chronic diseases leading to chronic and acute wounds along with accidents and trauma cases have boosted the demand for traditional wound management products.

The global Traditional Wound Management Market is estimated to be valued at US$ 2397.09 Mn in 2023 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
Increased occurrences of chronic and acute wounds due to rising geriatric population as well as higher incidences of diabetes and obesity has fueled the demand for traditional wound management products. As per an article published in National Institutes of Health, prevalence of chronic diseases is growing rapidly across the world. It is estimated that by 2020, chronic diseases will account for almost three-quarters of all deaths globally. Conditions like diabetes that delay healing and increase risk of infections often lead to chronic wounds requiring long-term management with traditional products like dressings and tapes which has driven the growth of this market over the years.

SWOT Analysis
Strength: The traditional wound management market benefits from the growing need for effective wound healing treatments. Advanced traditional products offer improved healing and patient comfort.
Weakness: Traditional products face competition from innovative advanced wound care therapies. High costs of some traditional dressings limit widespread adoption.
Opportunity: The rising geriatric population suffering from diabetic foot ulcers and pressure sores create scope for traditional wound management. New product launches incorporating traditional methods can boost the market.
Threats: Stringent regulations for product approval delay market entry. Reimbursement issues in developing nations hamper revenue generation.

Key Takeaways
The Global Traditional Wound Management Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global traditional wound management market is estimated to be valued at US$ 2397.09 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Regional analysis indicates North America currently dominating the market due to rigorous research and increasing FDA approvals.

Key players operating in the traditional wound management market are Gilead Sciences, 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. Faster geographical expansion and strategic collaborations are expected to boost market shares over the forecast period.

For More details on the topic:

https://www.insightprobing.com/traditional-wound-management-market-market-size-and-share-analysis/

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