Topical Wound Agents Market Trends

Growth Drivers

• Growing Prevalence of Chronic Wounds - Chronic wounds are those that do not heal in a typical, timely, and proper sequence, and requires proper care present in different topical agents form such as antimicrobial wound dressing. They are widespread across the globe and frequently mistreated by the population. Their improper treatment results in severe inflammation and swelling of skin tissue. Therefore, the rising prevalence of chronic wounds is leading up the demand for global topical wound agents for proper chronic wound care which subsequently is attributed to the increase in market size over the forecast period. It was observed in a recent report that approximately 7 million people worldwide are currently living with chronic wounds. This number is further expected to rise by more than 2% by the next decade.

• Increasing Number of Diabetic Foot Ulcers - One of the most prevalent chronic conditions for people with poorly controlled diabetes mellitus is diabetic foot ulcers. Topical wound agents are highly used in diabetic ulcer treatment and provide comfort to patients. A recent report of 2020 estimated that in the United Nations, around 2 million Americans are diagnosed with diabetic foot ulcers every year. Also, it was calculated that diabetic foot ulcers cost the United States healthcare industry approximately USD 120 billion annually.

• Surge in Deaths in Burns Cases - According to the World Health Organization (WHO), every year, an estimated 180,000 individuals die in the world as a consequence of burns, the majority of such incidences occur in the workplace and at home.

• Escalation in Post-Surgical Wounds - During surgeries, usually patients suffer from surgical site infections and surgical bruises which are deeper and larger as compared to other wounds. These surgical wounds release exudates that require proper wound care management which brings the need for topical wound agents. Hence, an increase in the number of post-surgical wounds is projected to bring profitable growth opportunities for market expansion. The chances of a patient developing a surgical site infection after surgery are estimated to be between 3% to 7%, and the same type of infection is estimated to gross above 19% in the case of contaminated wounds.

• Upsurge in Surgical Procedures – For instance, every year, approximately 311 million major surgeries are performed worldwide which included approximately 41 to 52 million in the United States and 22 million in Europe.

Challenges

• High Cost of Chronic Wound Treatment - It is a well-known fact that topical wound agents can be very useful to heal wounds but they are not cost-effective. Additionally, people aren’t much aware of the presence of such wound treatment. Hence, these factors can hamper the growth of the market.
• Rising Need for Urgent Treatment
• Competitive Pricing of Topical Treatment Products Among Manufacturers