The India advanced wound care management market is focused on developing effective treatment options for chronic and acute wounds. Advanced wound care products are used for the management of ulcers, burns, and surgical wounds. With a growing geriatric population in India, the prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers has increased significantly. Advanced wound care products facilitate faster wound healing and reduce the risk of infection. Biologics, skin grafts, and therapeutics are extensively utilized in advanced wound care management.
The global India advanced wound care management market is estimated to be valued at US$ 263 million 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:
The increasing prevalence of chronic wounds due to rising incidences of diabetes and pressure ulcers is a major factor driving the India advanced wound care management market growth over the forecast period. It is estimated that there are nearly 73 million people suffering from diabetes in India currently. Poorly managed diabetes results in foot ulcers which require advanced treatment for healing. Furthermore, the growing geriatric population prone to chronic diseases and injures is also accentuating the demand for advanced wound care products in India. However, the high cost of advanced wound care products and lack of adequate reimbursement policies can hamper the market growth.
Segment Analysis
The India advanced wound care management market is dominated by the chronic wounds segment accounting for around 60% share owing to higher incidence of diabetic foot ulcers, pressure ulcers and burn wounds. This is followed by acute wounds that comprise around 40% share due to increasing trauma cases and accidents in India. Homecare settings are growing at a fast pace due to rising preference for cost-effective treatments over hospital visits.
PEST Analysis
Political: The government focuses on increasing healthcare expenditure to improve medical facilities. Favorable regulations promote market growth.
Economic: Rising income levels and healthcare spending and public as well as private insurance coverage are supporting market expansion.
Social: Growing incidence of chronic diseases due to changing lifestyles and aging population augment market demand.
Technological: Advanced products incorporating AI, ML and digital technologies aid in faster recovery and better clinical outcomes. Adoption of telemedicine supports home-based management.
Key Takeaways
The India Advanced Wound Care Management Market Size is expected to witness high growthsupported by rising incidence of chronic wounds and accidents.
Regional analysis: Southern region dominates currently accounting for around 35% share due to higher awareness and health spending in states like Kerala, Karnataka and Tamil Nadu. Northern region is expected to exhibit fastest growth during the forecast period.
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, and MinXray Inc.
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