TRADITIONAL WOUND MANAGEMENT MARKET ANALYSIS

Traditional Wound Management MarketSize and Trends

The global traditional wound management market is estimated to be valued at US$ 2,080.8 million in 2023 and is expected to exhibit a CAGR of 3.4% during the forecast period (2023-2030).

Figure 1. Global Traditional Wound Management Market Share (%), by Product Type, 2023

Global Traditional Wound Management Market– Driver

Research on New kind of Bandages for the Wound Management

To meet the needs of patients, U.S. researchers have developed a novel smart bandage with biosensors that can help heal chronic wounds, like diabetic ulcers, and burns. The smart bandage developed by researchers at the California Institute of Technology (Caltech) may make treatment of these wounds easier, more effective and less expensive. Unlike a typical bandage, which might only consist of layers of absorbent material, smart bandages are made from a flexible and stretchy polymer containing embedded electronics and medication.

Figure 2. Global Traditional Wound Management Market Value (US$ Million), by Region, 2023

Global Traditional Wound Management Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global Traditional Wound Management market over the forecast period. North America is estimated to hold 30.4% of the market share. The growing prevalence of burns and wounds directly impacts the increased demand for the traditional wound management market. For instance, according to the Children’s Safety Network 2021, nearly 300 children and adolescents die from fire or burn injuries each year, and over 100,000 are admitted to a hospital or treated in an emergency department. Fires and burns are the fifth leading cause of unintentional injury-related deaths to children ages <1-19 in the U.S.

Global Traditional Wound Management Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global Traditional Wound Management market. During COVID-19, the traditional wound management market increased as people avoided visiting the hospital to prevent the spread of the SARS-CoV-2 virus and opted for self-care methods at home. This shift in behavior led to a surge in demand for over-the-counter wound care products, such as bandages, antiseptics, and ointments. Additionally, telemedicine platforms and virtual consultations also gained popularity as healthcare professionals provided guidance and advice on wound management from the comfort of patients' homes.