Topical Wound Agents Market Projected to Reach ~USD 5 billion by 2033 | Industry, Drivers & Trends Analysis 2023-2033

The global topical wound agents market is estimated to garner a revenue of ~USD 5 billion by the end of 2033

NEW YORK, UNITED STATE, January 16, 2023 /EINPresswire.com/ -- Global Topical Wound Agents Market Key Insights

During the forecast period of 2023-2033, the global topical wound agents market is expected to reach an estimated value of ~USD 5 billion by 2033 by expanding at a CAGR of ~9%. The market further generated revenue of ~USD 2 billion in the year 2022. Major key factors propelling the growth of the global topical wound agents market worldwide are rising cases of road accidents, and chronic & sports injuries across the globe boosting the demand for wound agents. Furthermore, these agents can also prevent odor and dryness of the wounds. The annual rate of death due to road accidents stated by the World Health Organization is about 1.3 million.

Market Definition of Global Topical Wound Agents Market

Topical wound agents are utilized by healthcare providers to cure dermatological injuries and are available in the market in the form of creams, emulsions, oils, sprays, and others. These agents are the medical preparation that can manage chronic and acute injuries. A person can be injured due to multiple reasons such as, recreational activities, daily household work, accidents, and others. Hence, a higher demand for topical wound agents emerges in the market since people utilize them more frequently.

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Global Topical Wound Agents: Growth Drivers

The growth of the global topical wound agents market can majorly be attributed to escalating research and the launch of multiple wound agents to cure wounds within a small period of time by multiple companies globally. For instance, Molnlycke Health Care AB has developed and launched its product, Mepilex Ag. This product is capable to heal a variety of wound types along with burns, and infections. It can also relieve the pain caused by the infection or any sort of trauma. On the other hand, the market growth can also be attributed rising acquisition of small medical companies for their unique technologies and methods to develop more enhanced topical wound agents. For instance, Triad Life Sciences Ins. has been acquired by ConvaTec Limited along with the entire product pipeline. The pipeline and current portfolio of Triad Life Science Inc. is now known as Convatec Advance Tissue Technologies under the brand name, Advanced Wound Care (AWC).

The global topical wound agents market is also estimated to grow majorly on account of the following:

Escalating cases of chronic wounds
Increment in the number of diabetic foot ulcers
Up-surged cases of burns by fire
Higher prevalence of sports injuries
Significant demand for the surgical procedures
Global Topical Wound Agents Market: Restraining Factor

Wounds take weeks to be recovered entirely and it is not convenient to purchase wound agents daily hence, they are not cost-effective. Apart from that, people are more inclined toward the use of traditional methods of healing wounds. Hence, this factor is expected to be the major hindrance for the growth of the global topical wound agents market during the forecast period.

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Global Topical Wound Agents Market Segmentation

By Product Type (Creams, Gels, Powders, Lotions, Emulsions, and Others)
By Disease (Kidney Disease, Urological Cancer & BPH, Pelvic Organ Prolapse, and Others)
By Application {Acute Wound (Surgical & Traumatic Wound, and Burns), and Chronic Wound (Diabetic Foot Ulcer, Venous Leg Ulcer, Pressure Ulcer, and Others)}
By End-User (Hospitals, Clinics, and Others)
The hospital segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising patient pool with injuries and a booming number of hospitalization owing to the availability of the medical force and necessary drugs in a single place. For instance, it was estimated that 52% of people who were hospitalized had some sort of injury.
By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and E-Commerce)
By Region
The North America topical wound agents market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Escalated prevalence of chronic and acute injuries and developing health care expenditure along with increasing awareness toward the infection and others to drive the growth of the market in North America during the forecast period. The Centers for Medicare and Medicines stated that the health expenditure of the USA is set to rise by 1.5% annually from 2021 to 2030 hitting approximately USD 6.8 trillion.

The market research report on global topical wound agents also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Topical Wound Agents Market

Some of the key players of the global topical wound agents market are Smith & Nephew PLC, Mölnlycke Health Care AB, Novartis Pharma AG, Pfizer Inc., Johnson & Johnson Services, Inc., Viatris Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Coloplast A/S, ConvaTec Limited, and others.

AJ Daniel
Research Nester Inc.
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