New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- As per Persistence Market Research, the global Wound Healing Ointment Market was valued at US$ 958.1 million in 2021 and is projected to expand at a CAGR of 6.2% from 2022 to 2032. The market for wound healing ointments is expected to reach a valuation of US$ 1.9 billion by 2032.
The high prevalence of diabetic foot ulcers is expected to drive the wound healing ointment market forward. Chronic wounds include diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Wound healing is a complex process driven by several stages that require a proper wound closure environment. This process is further expedited by proper wound care and the application of wound healing ointments to limit the spread of infection.
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Increasing number of patients with diabetic foot ulcers and pressure ulcers is driving the demand for wound healing ointments.
- According to the American Diabetes Association, the lifetime risk of foot ulcers in diabetics (type 1 or type 2) can be as high as 34%. The global annual incidence of diabetic foot ulcers is 6.3%. Furthermore, the annual risk of progression of foot ulcers in diabetic patients is estimated to be 2%, but this risk in patients with a history of foot ulcers is expected to increase from 17% to 60% over the next three years.
The market is growing due to the growing use of wound healing products for recovery. Applying a topical cream may facilitate wound healing over a moist dressing because it facilitates the repair process by maintaining hydration levels in the affected area. Additionally, major players in the market are focusing on developing new and improved products that offer enhanced stability, efficacy, and protection from infections.
For instance:
- In October 201, Lupin introduced Clobetasol Propionate, a generic ointment with 0.05% strength for the treatment of itching and inflammation caused by various skin diseases.
Key Takeaways from Market Study
- In 2021, antibiotic ointments accounted for 44.6% share of the global wound healing ointment market owing to their quality of healing almost all types of minor abrasions and burns.
- Based on application, the acute wounds segment occupied a leading share of 56.3% of the market in 2021.
- Based on distribution channel, the retail pharmacies segment led the global market in 2021 with a share of 42.2%.
- North America accounted for a market of 26.7% in 2021.
“Growth of the wound healing ointment market is expected to be driven by increasing cases of chronic diseases such as diabetes and the high occurrence of acute wounds that require special treatment,” according to a Persistence Market Research analyst.
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Market Competition
- Taro Pharmaceutical Industries Ltd
- 3M
- Smith & Nephew
- Novartis AG
- Pfizer Inc.
- Mölnlycke Health Care AB
- ConvaTec, Coloplast
- MiMedx
- Cardinal Health
- Integra LifeSciences Corporation
- Johnson & Johnson Services, Inc.
Market leaders such as Smith Nephew and Galderma are prioritizing product development, partnerships, collaborations, mergers, and acquisitions to expand their product portfolios.
- In February 2022, Smith Nephew launched IRUXOL MONO ointment, which accelerates wound healing by removing foreign material and damaged tissue. In just 8 weeks, the product showed a 40.6% mean reduction in the surface area of stage 3 pressure ulcers.
- In February 2022, Galderma and Taro Pharmaceutical Industries Ltd. signed a definitive agreement for Taro to acquire Alchemee, formerly The Proactiv Company (TPC), from Galderma. These efforts demonstrate the companies' commitment to growing their product offerings in the wound healing ointment market.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the wound healing ointment market in its latest study, presenting a historical demand assessment for 2017 to 2021 and projections for 2022 to 2032.
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The research study provides insights based on
- drug class (antibiotic ointments, steroidal ointments, anti-inflammatory ointments, others),
- application (acute wounds, chronic wounds),
- distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, others,)
- across 7 key regions of the world.
For additional insights on how the growth of the wound healing ointment market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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