The global market for traditional wound management will climb from $1.6 billion in 2012 to $1.9 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 2.1%, as the therapy continues to be the primary mode of treatment in developing countries, says a new report on ASDReports.
The company’s latest report states that bandages, gauzes and sponges are still the main injury management devices in countries such as India and China, as there is limited access and insurance coverage to support the use of other techniques.
Additionally, the cost of traditional wound management products in developing countries is low, which will subsequently help in driving the market. On the other hand, the preference for advanced wound management therapies in developed economies will restrain further market growth.
Srikanth Venkataraman, Analyst for the new report, says: “While traditional wound management is still perceived as cost-effective in itself, advanced wound management has proven to be more economical for overall treatment. This is due to the higher material cost of advanced wound management being offset by cost savings in terms of the nurse resources needed for wound dressings, the frequency of dressings required, and reduction in surgical-site infection rates.”
Still, traditional wound management products account for more than 45% of the overall wound dressings market and form the backbone of any wound care regimen, thanks to their ability in treating a wide range of injuries.