by The India Advanced Wound Care Management market is estimated to be valued at US$ 278 Mn in 2022 and is expected to exhibit a CAGR of 5.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Advanced wound care products are used for the treatment of acute, chronic, and hard-to-heal wounds. These include wound dressings, bioengineered skin substitutes, wound care devices, and others. With the increasing prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers, the demand for advanced wound care products is growing in India. The prevalence of diabetes and the associated risk of foot ulcers in India has increased the need for advanced wound management products to treat chronic wounds and facilitate faster healing.
Market Dynamics:
The India’s advanced wound care management market is driven by the growing prevalence of diabetes and associated risk of chronic wounds such as diabetic foot ulcers in the country. As per International Diabetes Federation, there were about 77 million people suffering from diabetes in India in 2019. This high prevalence of diabetes has contributed to the increasing incidence of diabetic foot ulcers, augmenting the demand for advanced wound care products. Additionally, initiatives by the Government of India such as Pradhan Mantri Jan Arogya Yojana (PM-JAY) for expanding health insurance in the country and promoting universal healthcare have boosted the adoption of advanced wound care therapies. This is encouraging key players to launch innovative and affordable advanced wound care products to cater to the needs of the untapped healthcare market in the country.
Segment Analysis
India advanced wound care management market is dominated by the chronic wounds sub-segment. Chronic wounds account for over 60% share of the market due to the growing prevalence of diabetic foot ulcers, pressure ulcers, and venous leg ulcers in India. The increasing rates of diabetes and obesity which are contributing to higher cases of chronic wounds like diabetic foot ulcers is expected to drive the growth of this sub-segment over the forecast period.
PEST Analysis
Political: The government initiatives to improve access to advanced wound care products especially in rural areas by lowering customs duty and improving healthcare facilities will support market growth.
Economic: Rising disposable incomes have increased affordability of advanced treatment options for chronic wounds in India. Growing geriatric population with age-related wounds is positively impacting market revenue.
Social: Increasing awareness through social media marketing and health programs about new treatment solutions for wounds is encouraging adoption of advanced wound care therapies at medical centers.
Technological: Development of advanced wound dressings, bioactive therapies, and smart wound management devices integrating technologies like AI will aid market growth in coming years.
Key Takeaways
The global India advanced wound care management market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing prevalence of chronic diseases like diabetes leading to chronic wounds. The market was valued at US$ 263.0 million in 2021.
Regionally, South India dominated the Indian advanced wound care market in 2021 with over 35% share owing to rapidly increasing diabetic population and improved access to healthcare facilities. States like Telangana and Karnataka contributed significantly to regional revenue.
Key players operating in the India advanced wound care management market are Smith and Nephew Plc, Coloplast A/S, Johnson and Johnson, 3M, Convatec Group Plc, Cologenesis Healthcare Pvt Ltd, Mil laboratories Pvt Ltd, Essity AB, Eucare Pharmaceuticals Ltd. Large players are focused on expanding their product portfolios through innovations to meet the evolving needs of chronic wounds.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
