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Topical Wound Agents Market Size - By Product (Creams, Gels, Sprays), Drug Type (Antiseptics, Antibiotics, NSAIDS), Application (Chronic & Acute Wounds), Distribution Channel, End use – Global Forecast (2024-2032)
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Topical Wound Agents Market
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Base Year: 2023
Companies covered: 15
Tables & Figures: 449
Countries covered: 18
Pages: 196
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Topical Wound Agents Market Size
Topical Wound Agents Market size was valued at USD 1.7 billion in 2023 and is anticipated to grow at a CAGR of over 7.7% between 2024 and 2032. Topical wound agents refer to the management and treatment of wounds using products that are applied directly to the skin surface. The rising prevalence of both chronic and acute wounds functions as a driving factor for the industry gains. For instance, in the U.S., it is estimated that approximately 6 million people suffer from chronic wounds, annually. These wounds includes diabetic foot ulcers and pressure ulcers, venous ulcers, arterial ulcers, among others.
Moreover, the demand for topical wound agents is fueled by factors such as the growing geriatric population base prone to chronic conditions and impaired wound healing. Additionally, increased surgical procedures, surge in awareness regarding appropriate wound care practices, along with the availability of cutting-edge treatments.
Topical Wound Agents Market Trends
The increasing number of surgical procedures worldwide is leading to a higher demand for wound care products, including topical wound agents, to prevent surgical site infections and promote rapid healing. As surgical treatments become more accessible and affordable globally, more surgeries are estimated to be performed, leading to a higher demand for wound care products. Moreover, technological advancements in surgical techniques and the availability of advanced wound care, which accounted for USD 11.3 billion in 2023.
Topical Wound Agents Market Analysis
The industry by product is categorized into creams, gels, sprays, and other products. The creams segment garnered USD 667 million revenue size in the year 2023.
Based on drug type, the topical wound agents market unfolds into antiseptics, antibiotics, nonsteroidal anti-inflammatory agents (NSAIDS), and other drug types. The antiseptics segment garnered a market share of 34% in 2023.
Based on application, the topical wound agents market is segmented into chronic wounds and acute wounds. The chronic wound segment held 79% industry share in 2023.
Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and e-commerce. The hospital pharmacies segment is estimated to account for USD 1.3 billion by 2032.
Based on end-use, the topical wound agents market is segmented into hospitals, clinics, and other end-users. The hospitals segment garnered USD 734 million revenue size in the year 2023.
U.S. topical wound agents market accounted for USD 710 million revenue size in 2023.
Topical Wound Agents Market Share
The topical wound agents industry is consolidated, with key players including Smith & Nephew Plc., Teva Pharmaceutical Industries Ltd, Mylan N.V., AstraZeneca, and others dominating the market. These companies focus on ongoing product innovation, geographical expansion, and partnerships to secure substantial position in the market. For instance, in February 2023, SERDA Therapeutics, a biopharmaceutical company, announced the submission of an Investigational New Drug Application (IND) to the U.S. FDA for its flagship product, SN514 hydrogel. SN514 hydrogel is a groundbreaking enzymatic wound debriding agent developed by the company. This move substantially broadened company’s array of products, leading to increased revenue streams for the company.
Topical Wound Agents Market Companies
Some of the eminent market participants operating in the topical wound agents industry include:
Topical Wound Agents Industry News:
Topical wound agents market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Product, 2018 – 2032 (USD Million)
By Drug Type, 2018 – 2032 (USD Million)
By Application, 2018 – 2032 (USD Million)
By Distribution Channel, 2018 – 2032 (USD Million)
By End-use, 2018 – 2032 (USD Million)
The above information is provided for the following regions and countries: