SEATTLE, May 18, 2020 (GLOBE NEWSWIRE) -- India Advanced Wound Care Management Market is estimated to be valued at US$ 484.8 million in 2020 and is expected to exhibit a CAGR of 5.8% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The rapidly evolving COVID-19 pandemic in India is impacting the advanced wound care management market negatively. As the hospital outpatient-based wound care departments have been placed in the non-essential group by many hospitals has become a difficult situation for the patients with chronic wounds (diabetic foot ulcers, pressure ulcers, venous ulcers, arterial ulcers, etc.). Hospitals are adopting aggressive infection control and social distancing precautionary measures at hospitals and with staff members. The wound care service providers are working to limit clinic visits and move as many patients as practical to tele-health treatment.
The increasing number of product approvals and launches, distribution agreements, and mergers and acquisitions by key players are the major factors that are expected to drive growth of the India advanced wound care management market during the forecast period.
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Rising number of product approvals by regulatory bodies is expected drive growth of the India advanced wound care management market during the forecast period. For instance, in February 2018, Axio Biosolutions announced that it received 510(K) Food and Drug Administration (FDA) clearance for Axiostat, a 100% chitosan hemostatic dressing to stop external bleeding. The product is proven as an innovative first-aid dressing that stops uncontrollable bleeding within two-three minutes of its application. Axiostat is ‘India’s first trauma hemostat’, a wound dressing made of chitosan, a naturally occurring polymer found in shellfish. Axiostat turns sticky and forms an adhesive layer on the blood vessels.
Key players are focused on development and launch of new advanced EEG wound care products in the market, which is expected to contribute significantly to the India advanced wound care management market growth. For instance, in December 2018, Indonesia-based Dermozone launched three Dermozone wound care products – ‘Dermozone Antiseptic Wash’ for chronic wounds, ’Dermozone Antiseptic Burn Gel’ for burns, and ‘Dermozone Antiseptic Wax’ for those with metabolic disorder wounds, especially cancer and diabetic patients.
The increasing adoption of inorganic strategies such as acquisition in India advanced wound care management market by major players is expected to accelerate the India advanced wound care management market growth in the near future. For instance, in October, 3M announced completion of acquisition of Acelity, Inc. and its KCI (Kinetic Concepts, Inc.) subsidiaries, worldwide. This acquisition is expected to expand 3M’s medical solutions business and support growth in advanced and surgical wound care solutions.
Several market players are focused on strategic partnerships and collaborations to commercialize next-generation wound healing products, which is expected to increase the India advanced wound care market’s revenue. For instance, in May 2013, Smith & Nephew, a global medical technology business, entered into an agreement to acquire Adler Mediequip Private Limited and also the brands and assets of Sushrut Surgicals Private Limited, who offers orthopedic trauma wound care products for the Indian market.
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Key Takeaways:
- The India advanced wound care management market is expected to exhibit a CAGR of 5.8% over the forecast period (2020-2027), owing to the increasing number of product approvals and launches by key players
- Among product type, the moist wound dressings segment is expected to hold a major revenue share in 2027, owing to increasing product launches in this segment. For instance, in May 2018, Coloplast U.S. announced the launch of Biatain Silicone incorporated with 3DFit Technology. Biatain Silicone with its unique 3DFit Technology conforms to the wound bed to minimize the creation of dead space, thereby reducing exudate pooling for optimal healing conditions.
Major players operating in the India advanced wound care management market include—
3M Company, Medtronic Plc, Baxter International, Inc., Coloplast A/C, Smith and Nephew, Johnson & Johnson, and Convatec Inc.
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Market Segmentation:
- India Advanced Wound Care Management Market, By Product Type:
- Moist Wound Dressings
- Foam Dressings
- Hydrocolloid Dressings
- Film Dressings
- Alginate Dressings
- Collagen Dressings
- Wound Therapy Devices
- Pressure Relief Devices
- Negative Pressure Wound Therapy Systems
- Hyperbaric Oxygen Equipment
- Electrical Stimulation Devices
- Active Wound Care
- Artificial Skin Substitutes
- Topical Agents
- Moist Wound Dressings
- India Advanced Wound Care Management Market, By Wound Type:
- Surgical Wounds
- Ulcers
- Pressure Ulcers
- Diabetic Foot Ulcers
- Venous Ulcers
- Traumatic Wounds
- Burns
- Others
- India Advanced Wound Care Management Market, By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- Others