by Advanced wound care management refers to an interdisciplinary approach for treating acute, chronic, and difficult-to-heal wounds. It involves the use of products such as skin substitutes, growth factors, negative pressure wound therapy, and hydrocolloids to manage wound conditions like pressure ulcers, diabetic foot ulcers, and venous leg ulcers. Advanced wound care products help manage exudate levels at the wound site, remove dead or infected tissue, aid healing and also protect the wound from external contaminants. With rising incidence of chronic diseases coupled with increasing life expectancy, the demand for advanced wound care in India is growing significantly.
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:
As per UN population projections, the population aged 60 years and above in India is set to rise from 103 million in 2011 to 323 million by 2050. Moreover, the prevalence of lifestyle diseases like diabetes is also growing in India. As per International Diabetes Federation, around 77 million adults in India had diabetes in 2019 and this is projected to increase to 134 million by 2045. Diabetic foot ulcers are one of the major complications of diabetes which require advanced treatment with products like skin grafts. Thus, increasing diabetics along with geriatric population base will drive demand in the India advanced wound care management market over the forecast period. Furthermore, factors like rising awareness about available treatment options and favorable government initiatives for non-communicable diseases are also fueling the industry growth.
However, high costs of advanced wound care products continue to hinder widespread adoption, especially in rural areas of the country. Additionally, lack of adequate reimbursement and infrastructure especially at primary healthcare levels pose a challenge. Industry players are focused on developing affordable product lines as well as initiatives for skill building of healthcare professionals to expand access and uptake of advanced wound management in the country.
SWOT Analysis
Strength: The India advanced wound care management market has strong local manufacturers producing wound care products tailored to Indian needs and budgets. Government programs aim to improve access to advanced wound care, especially in rural areas. Telemedicine is expanding wound care expertise to remote communities through digital technologies.
Weakness: Low awareness among patients and some medical practitioners about modern wound care options. Limited healthcare budgets constrain adoption of advanced products. India has a shortage of specialized wound care clinicians and post-acute care facilities.
Opportunity: Rising incomes are increasing demand for superior wound healing. A growing elderly population and rising rates of lifestyle diseases increase the need for advanced wound care. E-commerce is expanding access in underserved regions. Government initiatives raise standards and investment in healthcare infrastructure.
Threats: Imitation products of questionable quality undermine branded advanced offerings. Infections remain a serious risk, despite new technologies. Economic slowdowns could reduce discretionary spending on healthcare.
Key Takeaways
The India Advanced Wound Care Management Market Size is expected to witness high growth. An aging population, increasing incidence of chronic diseases and road accidents are driving demand. The market size for 2024 is projected to reach US$ 263 million, growing at a CAGR of 7.3% between 2023-2030.
Regional analysis shows Western India has emerged as the dominant and fastest growing region. Initiatives by state governments are improving healthcare infrastructure and access in rural areas. However, Eastern and Central regions still lag due to poverty and lack of facilities.
Key players operating in the India advanced wound care management market are Toshiba Corporation, Carestream Health, General Electric Company, Hitachi Ltd., Siemens Healthcare Private Limited, Koninklijke Philips N.V., Shimadzu Corporation, MinXray Inc., KA Imaging, Samsung Group, OXOS Medical, InnoCare Optoelectronics, Siemens Healthineers, Shimadzu Medical Systems USA, Konica Minolta Healthcare Americas Inc., Canon Inc., Boston Imaging, Nanox, Fujifilm, Scanna-MSC, VUNO, and Canon Medical Systems USA Inc. These companies are focused on developing cost-effective solutions customized for the Indian market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
