February 4th, 2020 Coherent Market Insights Releases
Some of the most widely used traditional wound care products include bandages, gauzes, woven gauze, sponges, and gauze sponge. Gauze sponges are made up of gauzes and are used to absorb blood and wound exudates.
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
Sustainable demand for first aid and versatility of products is expected to propel growth of the global traditional wound management market over the forecast period. There is steady demand for traditional wound managing first-aid products globally in home care settings as well as hospitals. Products such as gauze bandages and adhesive bandages enjoy sustainable demand for small cuts and bruises.
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Global Traditional Wound Management Market: Opportunities
Tracking interdisciplinary collaboration for wound management is expected to offer lucrative growth opportunities for players in the market. Inter and intra-departmental collaboration between surgeons and their support staff – the nurses plays a key role in better wound management. This determines product usage pattern, order placement cycles, and choosing preferred vendors. Application of customer analytics and critical vendor management strategies are factors that could fuel demand for traditional wound management products. Therefore, market players need to track zonal purchase patterns by departments in order to achieve higher profitability.
Global Traditional Wound Management Market: Restraints
Increasing R&D and demand for low molecular weight hyaluronic acid derivatives for wound healing is expected to hamper growth of the market. For instance, in July 2019, researchers from Jilin University, China, reported development of N-butyrylated low molecular weight hyaluronic acid for improved murine cutaneous wound healing.
The 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 2027 at a CAGR of 3.4% during the forecast period. Increasing development and adoption of advanced wound care products is expected to hinder growth of the market during the forecasted period.
The Surgeries segment held dominant position in the global traditional wound management market in 2019, accounting for 70.1% share in terms of value, followed by Skin and Diabetic Ulcers, respectively. Increasing number of surgical procedures is anticipated to assist the growth of the segment during the forecast period.
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High prevalence of diabetes and other chronic diseases is aiding in growth of the global traditional wound management market. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.
The adoption of traditional wound care measures with novel solutions such as foam, hydrogel dressing, and others has increased significantly. This, in turn, has led to high output in wound care management.
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
Players in the market are also focused on developing and launching sustainable products. For instance, in July 2019, Nutricare, an Australia-based company, launched PATCH, 100% compostable, natural and non-irritating bamboo bandage.
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