PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1224501
PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1224501
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The South East Asia advanced wound care market size is expected to reach USD 353.78 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.11% from 2023 to 2030. The increasing number of people suffering from chronic wounds, a rise in technologically advanced wound care, and rising cases of traumatic accidents are expected to be the key driving factors for the market growth.
There has been an increase in the number of people suffering from chronic disorders such as diabetes, as a result, the number of people suffering from diabetic foot ulcers is increasing. For instance, as per American Diabetes Association, the estimated national prevalence of diabetes in Thailand was calculated to be 9.6% of the population, i.e., around 2.4 million people. Similarly, according to PLOS, diabetes is estimated to affect around 7 million Malaysian by 2025. Thus, the rise in diabetes is anticipated to increase the number of diabetic foot ulcer patients, thereby increasing the demand for advanced wound care products, hence impelling the South East Asia advanced wound care market during the forecast period.
Moreover, the rising geriatric population is among the major factors driving the market growth. For instance, according to Ageing Asia, in Indonesia, the number of people aged 60 and above was 27,524,000 in 2019, which is anticipated to increase by 153.56% and reach 69,792,000 in 2050, accounting for 21.1% of the total population. Older people are more susceptible and prone to injury, which may lead to an increase in the incidence of chronic wounds, eventually increasing the demand for advanced wound care.
The outbreak of COVID-19 resulted in a region-wide lockdown, as a result, the growth of the advanced wound care market was restricted to a certain extent. However, the South East Asia advanced wound care industry is projected to witness a significant growth rate during the post-pandemic period. This can be attributed to various strategies such as product launches, partnerships, and geographic expansion used by leading market players.
For instance, in October 2021, NUS researchers developed a smart bandage for chronic wound management. The technology can detect and analyze wound biomarkers within 15 minutes. Thus, as a result of the aforementioned factors, the advanced wound care market in South East Asia is expected to witness significant growth during the post-pandemic period the regional growth.