Wound care management is a billion-dollar market accounting for a massive proportion of the healthcare expenses worldwide. Inter- and intra-departmental collaborations between surgeons and their support staff, i.e. the nurses, plays a key role in better wound management. This also determines the usage pattern for traditional wound management products, order placement cycles and choosing preferred vendors. The application of customer analytics and critical vendor management strategies are factors that are likely to fuel the demand for traditional wound management products, according to the Future Market Insights report on the global traditional wound management market. According to this report, the global traditional wound management market is estimated to expand by 1.4x in terms of value over 2016–2026, to reach a value of US$ 1,792 Mn by the end of 2026.
The gauzes product type segment contributed the highest revenue share in the global traditional wound management market in 2016. The usage of cotton gauze traditional wound management products for medical dressings, bandages, production of wound adhesions and many others is facilitating the growth of this segment in global traditional wound management market. Its non-adherent nature makes it more popular over other traditional wound management products.
Increase in outpatient wound care practices in ambulatory care centers is fuelling the usage of traditional wound management products. Moreover, traditional wound management products are witnessing demand from outpatient centers owing to low cost and easy availability as compared to advanced wound care products. Ambulatory care practices are also increasing due to the preference for minimally invasive or outpatient-based surgeries in the U.S and Europe. The development and incorporation of wound-care curriculum is boosting the usage of traditional wound management products among end users. Discussions with suppliers in the market revealed that the development and incorporation of wound-care curriculum in larger hospitals has improved product consumption/usage. This happens through continued education and rising awareness among caregivers regarding the proper usage of products, thus facilitating effective wound care consistent with the current “best practices.” These factors eventually help ensure best patient experiences as well as develop brand loyalty for traditional wound management products.
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The improvement and streamlining of regulatory processes in developing countries is expected to boost the formalisation of practice standards, the development of better clinical treatment guidelines, the standardisation of product usage, and the strengthening of the registration & licensing period required for traditional wound management products. This is expected to help companies operating in the traditional wound management market ensure that their products comply with the quality, safety and hygiene norms designed by nodal regulatory bodies such the U.S. CDC, Australian TGA and U.K. NHS, among others.
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Among all regions, North America dominated the global market for traditional wound management and is expected to continue to maintain its dominance. In spite of the availability of more convenient and advanced wound healing products, majority of healthcare professionals opt for the usage of traditional wound management products due to cost-effectiveness and the availability of clear reimbursement policies for these products in countries such as the U.S. The APEJ traditional wound management market is estimated to expand at the highest CAGR over 2016–2026. Decreasing prices of cotton as a raw material for traditional wound management products in countries such as India and China is contributing to the high growth of the APEJ traditional wound management market.
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Although traditional wound management constitutes the largest revenue share for total wound management, it is low-margin in nature. Most of the raw materials such as cotton, are exported from developing markets to markets that have a strong manufacturing base and high sales of finished products. Trading of these raw materials in traditional wound management market takes place at subsistence levels as these markets are mostly unorganized in nature. Lack of attractive margins is discouraging retailers from the business of traditional wound management products, and their focus is gradually shifting to the business of advanced wound care management products.
The global traditional wound management market is highly fragmented with a large number of regional and local players operating in the global market. Reimbursement service providers are more focused on providing reliable and cost-effective wound management solution to patients. Payers offering coverage for wound care and wound management are adopting traditional wound management as well as advanced wound care products.