by Advanced wound dressings form a protective barrier over the wound to prevent infection and maintain a moist environment for healing. Wound therapy devices help in debridement of dead or damaged tissue through methods like pressure, vacuum, and lavage. The growing geriatric population is more prone to chronic wounds like diabetic foot ulcers, pressure ulcers, and venous leg ulcers which has been a major driver for the growth of advanced wound care products in India. As per estimates, about 12% of the Indian population will be 60 years or older by 2050 increasing the prevalence of age-related chronic wounds.
India Advanced Wound Care Management Market is estimated to be valued at US$ 206.5 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
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 players are focusing on new product launches and partnerships to expand their market share.
The growing prevalence of chronic wounds like diabetic foot ulcers and pressure ulcers in India is driving the demand for advanced wound dressings, skin grafts, and other active wound care products which help in faster healing.
The India Advanced Wound Care Management Market Size is also witnessing expansion in terms of availability of innovative products and increased awareness among healthcare facilities about the therapeutic benefits of advanced wound care over traditional compression therapy. International players are strengthening their presence in India through partnerships with local players.
Market key trends
The increasing rate of obesity and associated chronic diseases like diabetes has been fueling the cases of chronic wounds in India. As per National Family Health Survey-5, one in every five Indians aged above 18 years is obese. This has led to a rise in demand for advanced wound care therapies that can help manage diabetes-related foot ulcers and lower healing times.
Technological advancements are also an important trend, with players coming up with smart wound dressings integrated with sensors and imaging capabilities for remote monitoring of wound healing. For instance, TattvaMed launched Contact-RF sensor which can be embedded in wound dressings for continuous monitoring of wound parameters.
Chronic wound debridement through minimally invasive procedures like hydro-surgical debridement and larval therapy is gaining popularity against traditional sharp debridement due to benefits like reduced pain and infection risk. This has boosted growth of hydro-surgical wound debridement devices.
Here are the responses without mentioning any information mentioned not to include:
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to easily available technology and expertise.
Bargaining power of buyers: High bargaining power of buyers due to availability of substitutes.
Bargaining power of suppliers: Concentrated market with few major suppliers having bargaining power over buyers.
Threat of new substitutes: Medium threat due to new innovative substitutes emerging in wound care products segment.
Competitive rivalry: High competitive rivalry among existing players to gain market share.
Geographical Regions
India accounts for a major share in the advanced wound care management market in terms of value owing to the rising incidence of chronic wounds and diabetic foot ulcers. Presence of major market players and availability of advanced treatments further boost the market growth in the country.
Middle East & Africa is expected to witness the fastest growth in the advanced wound care management market during the forecast period. This is attributed to the growing geriatric population, increasing healthcare expenditure, and rising awareness about advanced treatment options in the region.
North America represents the largest market for advanced wound care management in terms of value due to the increasing prevalence of chronic wounds among the aging population and favorable reimbursement policies in countries like the US and Canada.
Asia Pacific excluding Japan is projected to grow at the highest CAGR during the forecast period driven by growing medical tourism industry, rising healthcare spending, large patient population and improving access to healthcare in emerging nations.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
