Topical Wound Agents: Introduction
- Topical wound agents are medical preparations used to treat dermatological injuries. Topical wound agents are primarily formulated into creams, emulsions, oils, sprays, and others. Different type of agents are used for treatment of acute and chronic wounds. These agents are essentially used to control pain, inflammation, and infection.
- Topical wound agents include antiseptics, antibiotics, and non-steroidal anti-inflammatory agents. Antibiotics are agents, which help to kill or inhibit the growth of microorganisms. Antiseptics and disinfectants are primarily used to control infection and NSAIDs used for pain management.
- Topical wound agents are available in various forms such as creams, powders, lotions, gels, emulsions, and others
Key Drivers of Global Topical Wound Agents Market
- Rise in prevalence of chronic wounds and increase in health care expenditure are projected to boost the growth of the global topical wound agents market during the forecast period. Chronic wounds include diabetic foot ulcer, pressure ulcer, and venous leg ulcer. Surge in the number of patients with diabetic foot ulcer and pressure ulcer boosts the growth of the global topical wound agents market. According to the American Diabetes Association, the lifetime risk of foot ulcer in patients with diabetes (type 1 or 2) could be as high as 34%. The global annual incidence rate of diabetic foot ulcer is 6.3%.
- Increase in government initiatives and rise in awareness about wound infections among the general population fuel the growth of the global topical wounds agents market. Moreover, surge in health care funding and improving health care facilities contribute to the growth of the global topical wound agents market.
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Topical Gel Segment to Witness High Demand
- In terms of product type, the global topical wound agents market can be classified into creams, gels, powders, emulsions, and others
- The topical gel segment accounted for the largest share of the global topical wound agents market in 2019. The segment is projected to dominate the global topical wound agents market due to increase in use of topical gels in the treatment of burns and surgical bruises. Topical gels contain hydrogel, which helps in rapidly cooling wounds and relieving pain. Topical gels also provide adequate moisture to wounds and offer potential resistance against contamination.
Acute Wounds Segment to Witness Significant Growth
- Based on application, the global topical wound agents market can be divided into acute wounds and chronic wounds. The acute wounds segment can be segregated into surgical & traumatic wounds and burns. The chronic wounds segment can be split into diabetic foot ulcer, pressure ulcer, venous leg ulcer, and others.
- Acute wounds was the largest segment in terms of revenue in 2019. The segment is anticipated to witness strong growth during the forecast period. This can be attributed to high incidence rate of surgical & traumatic wounds and burns. According to the World Health Organization, in India, over 1,000,000 people are moderately or severely burnt every year and nearly 173,000 children in Bangladesh are moderately or severely burnt every year.
Hospital Pharmacies to be Most Promising Segment
- In terms of distribution channel, the global topical wound agents market can be categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies was the largest segment in terms of revenue in 2019. The segment is anticipated to witness strong growth during the forecast period due to increase in number of patients with acute and chronic wounds who require hospital visit.
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North America to Dominate Global Topical Wound Agents Market
- In terms of region, the global topical wound agents market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global topical wound agents market in 2019 and the trend is expected to continue during the forecast period. The region has large number of patients with burns, diabetic foot ulcers, and pressure ulcers. Moreover, early adoption of new products and presence of major manufacturers are likely to boost the growth of the topical wound agents market in North America.
- The market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, owing to increase in new product launches and rise in demand for topical wound agents in emerging countries such as India and China.
Key Players Operating in Global Topical Wound Agents Market
The global topical wound agents market was highly fragmented in 2019. Leading players operating in the global market are:
- Smith & Nephew plc
- Teva Pharmaceuticals USA, Inc.
- Mölnlycke Health Care AB
- Novartis AG
- Pfizer, Inc.
- Johnson & Johnson
- Mylan N.V.
- AstraZeneca plc
Global Topical Wound Agents Market: Research Scope
Global Topical Wound Agents Market, by Product Type
Global Topical Wound Agents Market, by Application
- Acute Wound
- Surgical & Traumatic Wound
- Chronic Wound
- Diabetic Foot Ulcer
- Pressure Ulcer
- Venous Leg Ulcer
Global Topical Wound Agents Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Topical Wound Agents Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.