India Advanced Wound Care Management Market Is Estimated To Witness Strong Growth Owing To Rising Geriatric Population & Increasing Healthcare Expenditure

The India advanced wound care management market is estimated to be valued at US$ 281.35 million 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 provide a moist environment that supports the body’s natural healing process. These include hydrocolloid dressings, alginate dressings, collagen dressings, hydrogel dressings, wound contact layers, foam dressings, and antimicrobial dressings. Rising incidence of diabetes and associated chronic wounds has increased the demand for advanced wound management products in India.

Market Dynamics:
The India advanced wound care management market is witnessing strong growth driven by the rapidly rising geriatric population and increasing healthcare expenditure in the country. As per the National Institutes of Aging, India’s geriatric population which was 103 million in 2011 is expected to rise to 323 million by 2050. Older adults are more prone to chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Therefore, the growing elderly population base suffering from chronic conditions will upsurge the demand for advanced wound care products over the forecast period.

Moreover, rising healthcare spending on account of growing per capita income is expected to boost market growth. Government initiatives such as the National Health Mission and Ayushman Bharat are focusing on improving access to healthcare in rural India. This is likely to increase awareness and adoption of advanced wound care solutions. Additionally, favorable regulatory guidelines for new product approvals along with technological advancements in wound management solutions will propel the market in the coming years.

SWOT Analysis

Strength:
– Large population base acts as potential customer base.
– Growing incidence of chronic diseases and diabetic ulcers that require advanced wound care management.
– Increasing focus of government healthcare policies and programs towards better wound management.

Weakness:
– Low awareness about advanced wound management products among general public.
– High cost of advanced wound care solutions limits their adoption.

Opportunity:
– Untapped rural markets present significant growth opportunities.
– Rising medical tourism and super speciality hospitals drive market growth.

Threats:
– Increased dominance of alternative wound healing therapies such as biosynthetic skin substitutes.
– Limited supporting infrastructure and skilled professionals in some regions.

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. The market size for 2021 was US$ 263.0 million.

Regional analysis

India advanced wound care management market owing to presence of key players and rising awareness. Additionally, Western India region is expected to grow at fastest pace on account of growing geriatric population, increasing incidence of diabetes related wounds and improved accessibility to healthcare facilities.

Key players

Key players operating in the India Advanced Wound Care Management 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. These players are focused on developing innovative and affordable wound care solutions to gain higher market share.

Read More:

https://www.ukwebwire.com/the-fast-growing-india-advanced-wound-care-management-market-to-witness-a-sustained-rise-over-the-next-eight-years/

 

 

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