Australia wound care management market to grow at 4% CAGR through 2033, forecasts GlobalData

23 Apr, 2024 Australia wound care management market to grow at 4% CAGR through 2033, forecasts GlobalData

Posted in Medical Devices

Chronic wounds are a major issue in Australia, greatly affecting the quality of life of people and causing economic burden to the healthcare system. Through initiatives such as the Wound Consumables Scheme and Stepped Care models, the government is attempting to make wound care more accessible and less costly. Against this background, the wound care management (WCM) devices market in Australia is expected to grow at a compound annual growth rate (CAGR) of around 4% through 2033, forecasts GlobalData, a leading data and analytics Company.

GlobalData's research reveals that Australia accounted for around 10% of the Asia-Pacific WCM devices market in 2023. Growing prevalence of chronic wounds, preference for advanced wound care, and government initiatives to improve the availability of evidence-based wound care in general practices are driving the market.

Soumya Shraddhya Paul, Medical Devices Analyst at GlobalData, comments: "Diabetic foot ulcers, pressure ulcers, and venous leg ulcers form due to various complications such as diabetes, aging and obesity, posing significant challenges to both patients and healthcare providers. Proper wound care management is crucial to prevent infections, promote healing, manage pain, and preserve function and aesthetics. The Australian government is trying to tackle this problem by developing, implementing, and evaluating many wound care initiatives."

Australia announced a significant allocation of over $3 million in March 2024 to Wounds Australia and the Australian College of Nursing (ACN), as a part of the government's $47.8 million Chronic Wound Consumables Scheme, to combat chronic wound problems by enhancing wound care knowledge, offering scholarships for medical professionals, and prioritizing public awareness. While initially focusing on the individuals aged 65 and over with diabetes, or 50 and over for First Nations people, the grants will benefit individuals of all ages at risk of chronic wounds, thus addressing a pressing issue across the country.

Paul concludes: "In tackling the growing problem of wound healing, the Australian government's new budget provision is a major step forward. Increased public and provider awareness of chronic wounds leads to the early detection and treatment, the adoption of advanced wound care products such as tissue engineered skin substitutes for faster healing and better outcomes. In addition, this investment seeks to promote the creation of novel treatments and therapies by supporting initiatives headed by various organizations such as Australian College of Nursing and Wounds Australia. These preemptive actions demonstrate the government's dedication to enhance healthcare and address significant public health concerns."