The global Traditional Wound Management Market is expected to generate lucrative opportunities from 2022 to 2032, with a valuation of US$ 5.1 billion by the end of 2022 and exceedingly around US$ 6.9 billion by the end of 2032.
According to a recent study by Future Market Insights, the gauze segment by product will lead the global market with a share of approximately 39.7% in 2021. In 2021, the global wound care market is expected to be worth US$ 18.4 billion, with traditional wound management accounting for 26.6% of the total.
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The market for traditional wound management grew at a CAGR of 2.9% from 2014 to 2021. Traditional wound management is expected to undergo a shift in dynamics as a result of changes in the demographics of the geriatric population and the increasing incidence of wounds caused by the global problem of infection acquired during surgical procedures.
Furthermore, the surgical list includes chronic wound care. The rise in trauma and chronic diseases such as diabetes and ulcers is the primary driver of the traditional wound management market’s growth.
Key Takeaways
- The market is expected to showcase an optimistic outlook, owing to the cost-effectiveness and clear reimbursement policies. The drastic inclination towards wound healing and care dynamics along with the adoption of traditional wound management products presents a significant revenue opportunity for the traditional wound management sector.
- The surging number of chronic wound patients has encouraged the development and implementation of therapies that help in the promotion of faster and more efficient wound healing. Early healing is predicted to assist the lower and average length of hospital stays. A chronic wound is a chronic health problem because it frequently spreads to the surrounding tissues, resulting in infection and amputation.
- Several infections were caused owing to the rise of serious health issues and therefore resulted in the addition of overall system costs. Therefore, traditional methods of wound care and cleansing are re-evaluated and as a result, traditional wound care products are incorporated into the patient and wound care system for the reduction of infection-related costs.
- Irrespective of the availability of advanced wound care and healing products, major healthcare professionals and facilities choose traditional wound management products due to their cost-effectiveness and long-term training and research experience.
- The surge in various surgical procedures, the aging population, and the surge in the adoption of technically advanced products, are some of the factors driving the market. The hurdles faced are due to a lack of skilled professionals, general awareness about wound care, and rising medical waste.
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Competitive Landscape
With numerous competitors in the traditional wound management market landscape, the overall industry is fragmented. In order to meet consumer demand and expand their customer base, these companies are implementing methods such as expanding their production capabilities by constructing new factories and manufacturing facilities also indulging in partnerships and collaborations and availing new product launches with technological advancements.
Key Companies Profiled
- 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
More Insights into the Traditional Wound Management Market
The U.S. is expected to dominate the global traditional wound management market as it accounted for around 26.4% in 2021 and is expected to continue to experience the same growth throughout the forecast period.
China is the second largest manufacturer of traditional wound management. According to the estimations, China is expected to account for 6.0% of globally. The market is expected to surge at a robust pace over the forecast period due to rising healthcare facilities in the region along with the presence of prominent manufacturers.
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Key Market Segments Covered in Traditional Wound Management Industry Research
By Product:
- Bandages
- Adhesive Bandages
- Non-adhesive Bandages
- Compression Bandages
- Gauzes
- Woven Gauzes
- Non-woven Gauzes
- Gauze Sponge
- Woven Gauze Sponges
- Non-woven Gauze Sponges
- Sponges
- Woven Sponges
- Non-woven Sponges
By Application:
- Skin and Diabetic Ulcers
- Burns
- Surgeries
- Trauma
- Others (skin cuts, primary dressings, etc.)
By End User:
- Hospitals
- Clinics
- Diagnostic Centers
- Homecare Settings
- Ambulatory Surgical Centers
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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