India Advanced Wound Care Management Market Poised For Robust Growth
Author : Leena Shedmake | Published On : 15 Jan 2024
Advanced wound care management products help manage chronic and acute wounds effectively. They involve dressings, wound therapy devices, grafts and matrices, and topical agents to heal wounds faster and prevent infections. Some common advanced wound care products are hydrocolloid dressings, alginate dressings, hydrogel dressings, film dressings, collagen dressings, foam dressings, antimicrobial dressings, and skin substitutes. They are used to treat ulcers, burns, cuts, lacerations, and surgical & trauma incisions.
The global India Advanced Wound Care Management Market is estimated to be valued at US$ 263 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The India advanced wound care management market is expected to witness robust growth, driven by the increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. It is estimated that approximately 15% of all diabetic patients develop foot ulcers due to diabetes. Moreover, advanced wound care products help enhance wound healing and prevent further complications and amputations. For instance, advanced dressings help manage wound exudate and decrease infection risk.
SWOT Analysis
Strength: India has a large population of diabetics. Advanced wound care products help heal chronic and acute wounds faster. Bandages, sealants, and bioengineered skin substitutes can save on healthcare costs over conventional treatments. Government initiatives to improve healthcare access will boost demand.
Weakness: The awareness about advanced wound care options is still low in rural areas. The high costs of some innovative products remain unaffordable for many. Quality standards are not consistent across domestic manufacturers yet.
Opportunity: As lifestyle diseases rise, the need for wound healing solutions will grow significantly. This market has scope for foreign investments and transfer of advanced technologies. The preventive segment focusing on wound infection control is under-penetrated.
Threats: Imitation of established brands by local startups can impact sales of top players. Economic slowdowns may temporarily reduce discretionary healthcare spends. Delays in approval processes can hamper new product launches.
Key Takeaways
The India Advanced Wound Care Management Market Size is expected to witness high growth over the forecast period. The market size for 2023 is pegged at US$ 263 Mn indicating a substantial opportunity. With rising incidences of diabetes and a focus on universal healthcare, wound care needs are set to surgeexponentially.
Regional analysis: India dominates the South Asia advanced wound care market with a share of over 85% in 2023. States like Tamil Nadu, Karnataka and Maharashtra are major revenue generators due to higher disease burdens and healthcare investments. Punjab, Gujarat and Haryana also exhibit above average growth rates aided by increasingmedical tourism.
Key players: Toshiba Corporation, Smith & Nephew plc, Mölnlycke Health Care AB, 3M, Coloplast Group, ConvaTec Group Plc., Medtronic Plc., Paul Hartmann AG, Baxter International Inc., and DeRoyal Industries Inc. are some leading players operating in the Indian advanced wound care management market. They cater to hospitals, clinics, home care settings and offer comprehensive wound portfolios.
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