Traditional Wound Management Market Reach a Value of US$ 5,746.0 Million by 2026
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The global traditional wound management market is expected to reach a market value of US$ 5,746.0 Mn by the end of 2026, expanding at a CAGR of 3.1% during the forecast period (2016–2026). The market is segmented by product type into Bandages, Gauzes, Gauze Sponges, and Sponges. Out of these segments, the Gauzes segment is estimated to hold the largest market share and revenue from this segment is expected to increase with a highest CAGR of 3.5% over the forecast period owing to an increased usage in medical, surgical, and orthopaedic supplies.
Key market drivers and trends
Growth of the global traditional wound management market is primarily driven by increasing incidence of diabetic ulcers, an increasing geriatric population, sustainable demand for first aid and versatility of products, higher procurement by hospitals, and limited reimbursement for advanced wound management products. However, decreasing popularity of traditional wound management products due to adoption of alternative therapies such as advanced wound care, negative pressure wound therapy, and active wound management is likely to slow down the growth of the global traditional wound management market over the forecast period.
A growing disposable income per capita, joint efforts by supply chain executives to increase efficiency, and rising governmental support in developed economies is creating high potential growth opportunities for players operating in the global traditional wound management market.
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Market projections by geography
The global traditional wound management market is segmented into seven major regions: North America, Latin America, Western Europe, Eastern Europe, APEJ (Asia Pacific excluding Japan), Japan, and Middle East & Africa (MEA). In terms of value, North America is expected to be the dominant regional market in 2016 and is estimated to account for 48.3% revenue share by the end of 2016. The North America market is expected to expand at a CAGR of 3.4% over the forecast period, to reach a market value of US$ 1,792.4 Mn by 2026. North America is expected to be the most lucrative market with an attractiveness index of 2.4. Despite the availability of more convenient and advanced wound healing products, a majority of healthcare professionals in North America opt for the use of traditional wound management products due to cost-effectiveness and availability of clear reimbursement policies for these products in countries such as the U.S.
The APEJ market is expected to be the fastest growing market in terms of revenue growth in the global traditional wound management market, registering a CAGR of 3.6% over the forecast period to reach a market value of US$ 1,144.1 Mn by 2026. Revenue from the traditional wound management market in the APEJ region is expected to expand at a relatively higher CAGR due to increase in elderly population in countries in the region especially China. Further, decrease in prices of cotton as a raw material for traditional wound management products in countries such as India and China is expected to boost the growth rate of the APEJ traditional wound management market. The Japan traditional wound management market is expected to expand at a CAGR of 3.0% in terms of value over the forecast period. Revenue from the MEA traditional wound management market is anticipated to increase at a CAGR of 3.2% over 2016–2026, to reach US$ 360.9 Mn by 2026.
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