The Traditional Wound Management Market Is Estimated To Witness Moderate Growth Owing To Increased Practice Of Advanced Wound Care Products
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| Traditional Wound Management Market |
The Traditional Wound Management Market is estimated to be valued at US$ 2,080.8 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Traditional wound management products refer to conventional wound care products
such as gauze, bandages, plasters, adhesive tapes, and cotton. These products
are primarily used for protecting wounds from external agents and maintaining a
moist healing environment. Gauzes and bandages absorb exudate from wounds to
keep them dry. Traditional wound management plays a crucial role in wound
healing and infection prevention.
Market key trends:
Increased practice of advanced wound care products: Advanced wound care
products offer more effective wound healing as compared to traditional wound
care products. These products include wound contact layers, alginate dressings,
hydrocolloid dressings, hydrogel dressings, antimicrobial dressings, and growth
factor dressings. They promote faster wound healing, manage heavy exudate, and
prevent wound infections. Hence, the increased adoption of advanced wound care
products is restraining the growth of the traditional wound management market.
Porter’s Analysis
Threat of new entrants: The
traditional wound management market requires large capital and infrastructure
to establish manufacturing units and distribution networks. This poses a
moderate threat for new entrants.
Bargaining power of buyers: The
presence of several established brands gives buyers moderate bargaining power
in this market. Buyers can negotiate on price and quality of products.
Bargaining power of suppliers: The
raw materials required for traditional wound care products such as gauze,
bandages etc. are commodity products available from numerous global suppliers
at competitive prices. This gives suppliers low bargaining power.
Threat of new substitutes:
Technological advancement has led to newer advanced wound care products.
However, traditional products still have wide acceptance, offering a low threat
from substitutes.
Competitive rivalry: The market is
dominated by few global players intensifying competition.
SWOT Analysis
Strength: Established brands and
large product portfolio, Strong distribution network.
Weakness: Higher cost of production
and distribution compared to local players, Threat from new advanced treatment
options.
Opportunity: Untapped growth
potential in developing regions, Launch of innovative products.
Threats: Price wars among
established brands, Stringent regulatory approvals.
Key Takeaways
The Global
Traditional Wound Management Market is expected to witness a CAGR of
3.4% over the forecast period, due to increasing incidence of chronic wounds
worldwide. Extensive use of traditional dressings in home care settings will
further support market growth.
Regional analysis: North America dominates the traditional wound management
market with a share of over 35% in 2023. However, Asia Pacific is expected to
grow at the fastest pace, exhibiting a CAGR of around 4.5% during 2023-2030.
Improving healthcare infrastructure and growing medical tourism in China, India
will boost the regional market.
Key players operating in the traditional wound management market are 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, H.B. Fuller, CURAD, 3M Health Care. The market is fragmented with the
top 4 players holding around 45% share.
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