Traditional Wound Management Market Size to Reach $7.63 Billion, Globally, By 2028 at 4.7% of CAGR: AMR
- Increase in incidence of accidents and surge in ambulatory surgical centers (ASCs) drive the global traditional wound management market
PORTLAND, Ore., June 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Traditional Wound Management Market by Product (Gauze, Bandage, Cotton, and Others), Application (Acute wound and Chronic Wound), and End User (Hospital & Clinics, Home Healthcare, Ambulatory Surgical center, and others): Global Opportunity Analysis and Industry Forecast, 2021–2028". According to the report published by Allied Market Research, the global traditional wound management market was pegged at $5.24 billion in 2020, and is estimated to reach $7.63 billion by 2028, growing at a CAGR of 4.7% from 2021 to 2028.
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Key Determinants of the market-
Rise in incidence of accidents, surge in ambulatory surgical centers (ASCs), and increase in incidences of chronic disease and surgeries drive the global traditional wound management market. However, rise in development and adoption of advanced wound care products hinder the market growth. On the contrary, improving regulatory scenarios in developing nations is expected to create lucrative opportunities for the market players in the future.
Covid-19 scenario:
- The outbreak of the pandemic immensely affected the traditional wound management industry as several hospitals suspended their wound centers because they misclassified the facility as nonessential.
- The Covid-19 pandemic disturbed workflows in the healthcare sector across the globe and forced several industries to close including traditional wound management.
The gauze segment to lead throughout the forecast period-
Based on product, the gauze segment dominated with the highest market share in 2020, with around one-third of the market. This is attributed to rise in the number of cases of acute wounds such as burn, trauma, surgical wounds, and chronic wounds. At the same time, the bandage segment is anticipated to exhibit the highest CAGR of 5.5% during the forecast period.
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The acute wound segment to dominate by the forecast period-
Based on application, the acute wound segment dominated with highest market share in 2020, accounting for more than half of the market. Furthermore, the segment is projected to portray the highest CAGR of 4.9% during the forecast period. This is owing to rise in cases of trauma and burn across the globe. The report also includes chronic wound segment.
The North America region to hold the lion's share by 2028-
Based on region, the market across North America held the highest revenue share, holding more than two-fifths of the market. This is due to increase in sports injuries, road accidents, and increase in prevalence of chronic diseases in the region. Moreover, the market across Asia-Pacific is projected to cite the highest CAGR of 5.5% during the forecast period. This is owing to increase in cases of burns, trauma, and constant expansion of healthcare infrastructure in this province.
Key market players-
- BSN Medical
- B. Braun Melsungen AG
- Derma Sciences Inc.
- Cardinal Health
- Medtronic PLC
- Johnson & Johnson Pvt. Ltd.
- Mölnlycke Health Care AB
- Medline Industries, Inc.
- Smith & Nephew
- PAUL HARTMANN AG.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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