SAN FRANCISCO, March 2, 2021 /PRNewswire/ --The global traditional wound management market size is expected to reach USD 7.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.7% from 2021 to 2028. The rising incidence of chronic diseases, increasing number of accidents, and rising number of ambulatory surgery centers (ASCs) are the key driving factors for the market.
Key suggestions from the report:
In terms of revenue, the acute wounds segment held the largest revenue share in 2020 owing to the rising cases of accidents and trauma globally
The gauze segment held the largest share in 2020 owing to its wide range of applicability in various types of injuries and availability of numerous products
The hospital segment dominated the market and held the largest revenue share in 2020 due to the rising cases of burns and surgeries
In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising number of diabetic patients in this region
The global increase in the incidence of chronic diseases such as diabetes, cancer, and other autoimmune diseases is one of the key driving factors for market growth. Factors such as the adoption of unhealthy and sedentary lifestyles, alcohol consumption, and smoking are majorly contributing to the rise in the prevalence of non-communicable diseases. Cancer has been a global healthcare burden as it is one of the leading causes of death. Most surgical wounds post-cancer surgery are relatively large in size and deep, producing exudate that requires regular care.
The wound care products such as bandages, medical tapes, and gauze help to manage large wounds, significantly reducing the risk of further infection. According to the estimates from the WHO, in 2018, one in five men and one in six women globally develop cancer during their lifetime. Moreover, as per reports published by WHO, 18.1 million new cancer cases have been reported in 2018, globally. In addition, it also reported that over 70.0% of cancer-related deaths typically occur in middle- and low-income countries. Furthermore, the rising prevalence of chronic conditions and the number of surgeries being performed have also increased globally. Therefore, such factors are anticipated to positively impact market growth over the forecast period.
Grand View Research has segmented the global traditional wound management market on the basis of product,application, end-use and region:
Traditional Wound Management Product Outlook (Revenue, USD Million, 2016 - 2028)
Traditional Wound Management Application Outlook (Revenue, USD Million, 2016 - 2028)
Diabetic Foot Ulcers
Venous Leg Ulcers
Other Chronic Wounds
Surgical & Traumatic Wounds
Traditional Wound Management End-use Outlook (Revenue, USD Million, 2016 - 2028)
Traditional Wound Management Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Traditional Wound Management Market
Medical Gauze And Tapes Market– The global medical gauze and tapes market size was valued at USD 6.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027.
Pain Management Devices Market– The global pain management devices market size was valued at USD 5.54 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2020 to 2027.
Diabetic Foot Ulcer Treatment Market– The global diabetic foot ulcer treatment market size was valued at USD 3.6 billion in 2017. It is anticipated to expand at a CAGR of 8.2% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.