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.
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- 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
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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.
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.
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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
- Others
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