In 2022, the traditional wound management industry was estimated to be worth US$5,059.1 million. In 2023, the market will be valued US$5,185.6 million. From 2023 to 2033, the global market for wound assessment and treatment is expected to grow at a compound annual growth rate (CAGR) of 2.5%. By 2033, the total market valuation is anticipated to exceed US$ 6,638 million at this modest growth rate.
One of the significant advantages of traditional wound management lies in its accessibility and cost-effectiveness, making it a viable option for both developed and developing regions. Moreover, healthcare professionals often prefer traditional wound care for certain types of injuries or minor wounds, as they strike a balance between simplicity and efficacy. Additionally, patients with limited access to specialized wound care products or medical facilities can benefit from these familiar and widely available methods.
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While the traditional wound management market faces competition from modern wound care alternatives, it continues to demonstrate its relevance and importance, particularly in cases where sophisticated technologies may not be readily accessible or necessary. As healthcare evolves, a harmonious integration of both traditional and advanced wound management approaches ensures that patients receive the most suitable and effective care for their specific wound healing needs.
As per the recent study by Future Market Insights, the gauze segment by product is leading the market with a share of about 39.7% in the year 2021, within the global market. The global wound care market is predicted to be valued at US$ 18.4 Billion out of which traditional wound management consists of a share of 26.6%, in 2021.
During the traditional period from 2014 to 2021, the market for traditional wound management expanded at a CAGR of 2.9%. Traditional wound management is expected to experience a shift in dynamics owing to the changes in demographics of the geriatric population and the growing incidence of wounds, owing to the rising problem of infection acquired during surgical procedures globally.
Furthermore, the surgical list falls under the care of chronic wounds. The surge of trauma and chronic diseases such as diabetes and ulcers are the leading cause of the rising demand for the traditional wound management market.
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:
- 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.
Key Segments:
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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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