Traditional wound management products are the basic products intended for management of non-severe and acute wounds. These products are generally used to absorb exudate, seize bleeding, close the open trauma and surgical wounds and dry the wound to help it heal faster.
The global traditional wound management market is estimated to account for US$ 5,926.0 Mn in terms of value by the end of 2027.
Global Traditional Wound Management Market: Drivers
Increasing prevalence of diabetic foot ulcers is expected to propel growth of the global traditional wound management market over the forecast period. For instance, in June 2018, the prevalence of diabetic foot ulcers was 51.8% in a community based study conducted by Kasturba Medical College, India.
Moreover, increasing geriatric population is also expected to boost growth of the market, For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global traditional wound management market in 2019, accounting for 30.4% share in terms of value, followed by Europe.
Figure 1. Global Traditional Wound Management Market Value (US$ Mn), by Region, 2019
Global Traditional Wound Management Market: Restraints
Increasing development and adoption of advanced wound care products is expected to hinder growth of the market. For instance, in December 2019, researchers from ETH Zurich and the National University of Singapore reported development of superhydrophobic hemostatic nanofiber composites for fast clotting and minimal adhesion.
Moreover, traditional wound management is a low-margin business. Most of the raw materials are exported from developing markets to markets strong in manufacturing and sale of finished products. Such trading happens at subsistence levels as these markets are mostly unorganized in nature. Lack of attractive margins steals prominence and the focus is gradually shifting from traditional products to advanced wound care management products. This in turn is expected to hinder growth of the market.
Global Traditional Wound Management Market: Opportunities
Market players require to focus on better relationship with surgeon stakeholders in order to increase penetration of traditional wound management products in hospitals. Marketplace discussions indicate that surgeons play a key role in selection of wound dressing material. Offering this stakeholder group a plethora of product choice is expected to lead to higher probability of order generation.
Moreover, improving regulatory scenarios in developing countries is also expected to offer lucrative growth opportunities for players in the market. Improvement and streamlining of regulatory processes in developing countries is expected to boost formalization of practice standards, development of better clinical treatment guidelines, standardize product usage, and shorten registration & licensing periods for traditional wound management products.
Gauzes segment in the global traditional wound management market was valued at US$ 1,820.3 Mn in 2019 and is expected to reach US$ 2,381.9 Mn by 2029 at a CAGR of 3.4% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing increasing demand for non-woven gauzes in wound care and wound management, owing to their virtually non-adherent and faster wicking ability. Such superior attributes of woven gauzes are ideal for wound dressings, wound packing, and general wound care.
Reimbursement service providers are more focused on providing reliable and cost effective wound management solution to patients. This in turn has led to adoption of both traditional and advanced wound care products.
Value Chain Analysis - Optional
Note: The marginal impact of fluctuation in raw seed cotton prices is less than 1% on the final retail price of manufactured goods as significant part of costs can be attributed to manufacturing and processing of the raw material into finished product. This factor directly impacts the magnitude of margins in both upstream and downstream activities
Global Traditional Wound Management Market: Competitive Landscape
Major players operating in the global traditional wound management market include, 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, and BSN Medical.
Global Traditional Wound Management Market: Key Developments
Major players in the market are also focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in January 2018, Mölnlycke partnered with Tissue Analytics, a developer of sophisticated digital wound imaging platforms.
Traditional wound management products are the basic products intended for management of non-severe and acute wounds. Most commonly used used traditional wound care products include, bandages, gauzes, woven gauze, sponges, and gauze sponge. Increasing prevalence of diabetic foot ulcers, and increasing geriatric population along with increasing demand for first aid is expected to propel growth of the global traditional wound management market over the forecast period. Furthermore, improvement and streamlining of regulatory processes in developing countries is expected to boost the growth of the market during the forecasted period.
Key features of the study: