Australian wound care management market set for 4% CAGR growth until 2033

The country has accounted for 10% of  APAC’s WCM devices market in 2023.

Australia’s wound care management (WCM) devices market is projected to grow at a compound annual growth rate (CAGR) of about 4% through 2033, according to GlobalData.

The report also mentioned that government initiatives are attempting to make wound care more accessible and less costly.

“Proper wound care management is crucial to prevent infections, promote healing, manage pain, and preserve function and aesthetics.” Soumya Shraddhya Paul, Medical Devices Analyst at GlobalData, said.

In line with this, Australia has allocated over $1.95m (A$3m) to Wounds Australia and the Australian College of Nursing (ACN) as part of the government’s $31.2m (A$47.8m) Chronic Wound Consumables scheme.

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“This investment seeks to promote the creation of novel treatments and therapies by supporting initiatives headed by various organizations such as the Australian College of Nursing and Wounds Australia” Paul added.

Meanwhile, The report revealed that Australia accounted for 10% of the Asia-Pacific’s (APAC) WCM devices market in 2023.

Along with government initiatives, other factors that have driven the market’s growth include the growing prevalence of chronic wounds and preference for advanced wound care.

(A$1 = $0.65)