June 22, 2024

India Advanced Wound Care Management Market Driven By Growing Prevalence Of Chronic Diseases

The India advanced wound care management market comprises wound care dressings, wound care devices, and wound care biologics. Wound care dressings help manage exudate levels and maintain a moist wound environment for faster healing. Wound care devices such as negative pressure wound therapy aid in wound closure through vacuum-assisted drainage. Wound care biologics such as skin grafts and growth factors accelerate wound healing. The increasing incidence of chronic diseases such as diabetes leading to complex wounds is driving the demand for advanced wound care products in India.

The India advanced wound care management market is estimated to be valued at US$ 302.98 million in 2024 and is expected to exhibit a CAGR of 7.3% 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. The rising prevalence of chronic diseases like diabetes is expected to drive the demand for advanced wound care products in India. The increasing spending on healthcare infrastructure and the focus on continuous professional education programs for healthcare workers are also fueling the growth of this market.

Indian companies are also focusing on expanding globally to cater to the increasing demand. For instance, Arogya World, an India-based non-profit organization, is working to strengthen primary healthcare systems and improve access to advanced wound care in underserved areas across Asia, Africa, and Latin America. Their work in countries like Tanzania, Uganda, and Guatemala aims to build the capacity of local health workers to effectively manage complex wounds.

Market Key Trends

The growing geriatric population prone to chronic wounds due to age-related health issues is one of the key trends in the India advanced wound care management market. As per United Nations Population Fund (UNFPA), the population aged 65 years and above in India is projected to increase from 103 million in 2021 to 323 million by 2050. This will surge the demand for advanced wound care products for treating pressure ulcers, diabetic foot ulcers, and vascular ulcers among the elderly. Additionally, continuous technological advancements are broadening the product portfolio. For instance, the introduction of intelligent wound care systems integrated with AI, ML, and IoT allows continuous monitoring and automated treatment of wounds. This will support market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: Low barrier to entry due to low initial investment required to enter into advanced wound care management market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Some suppliers have advantage over others due to proprietary technologies used in advanced wound care products.
Threat of new substitutes: Threat of new substitutes is moderate as new advanced wound care solutions are regularly being developed.
Competitive rivalry: Intense competition due to presence of multiple players.

Geographical Regions
India accounts for a major share of the advanced wound care management market size in the Asia Pacific region in terms of value. Factors such as growing geriatric population, increasing incidence of chronic conditions like diabetes leading to complex wounds, and rising awareness about available treatment options are favoring the growth of this regional market.

China is expected to witness the fastest growth in the advanced wound care management market during the forecast period. This can be attributed to large patient population, improving healthcare infrastructure, and increasing focus of key players on tapping opportunities in the untapped rural areas of the country.

Porter’s Analysis

Threat of new entrants: Low barrier to entry due to low initial investment required to enter into advanced wound care management market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.

Bargaining power of suppliers: Some suppliers have advantage over others due to proprietary technologies used in advanced wound care products.

Threat of new substitutes: Threat of new substitutes is moderate as new advanced wound care solutions are regularly being developed.

Competitive rivalry: Intense competition due to presence of multiple players.

Geographical Regions
India accounts for a major share of the advanced wound care management market in the Asia Pacific region in terms of value. Factors such as growing geriatric population, increasing incidence of chronic conditions like diabetes leading to complex wounds, and rising awareness about available treatment options are favoring the growth of this regional market.

China is expected to witness the fastest growth in the advanced wound care management market during the forecast period. This can be attributed to large patient population, improving healthcare infrastructure, and increasing focus of key players on tapping opportunities in the untapped rural areas of the country.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it