Key Players are Coloplast A/S (Denmark.), Convatec Healthcare B.S.A.R.L (U.S.), Covidien PLC (Ireland), Derma Sciences, Inc. (U.S.), Ethicon, Inc. (U.S.), Hollister, Inc. (U.S.), Mölnlycke Health Care (Sweden), and Smith & Nephew (U.K.)
(PRWEB) February 08, 2015
The wound healing market across the globe is witnessing growth due to factors such as rising incidences of diabetes, rising aging population, increasing venture capitalist funding and support from the government in the form of funding, rapid technological innovations and rising awareness regarding new techniques of wound care. The key players are focusing on providing innovative products which will lead to effective wound healing over a short period. With this view companies are focusing on partnerships, collaborations, new product launches and acquisitions to attain leadership position in the market.
The global wound care market is expected to reach $18.3 billion by 2019 from $15.6 billion in 2014 growing at a CAGR of 3.2% from 2014 to 2019.
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The wound care market is highly fragmented and is divided into various segments. Each segment possesses different market players and market leaders. For instance the traditional and basic wound care market was led by Ethicon in 2013. Ethicon is a subsidiary of Johnson & Johnson and offers an exhaustive product portfolio in the traditional wound care. Ethicon’s product portfolio consists of various wound products such as tissue control devices, sutures, suture needles, suture cannula combination, suture assist devices and skin staples. The company invests heavily in R&D which helps it introduce technologically advanced products in the market.
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Smith & Nephew led the advanced and the bio-active wound care market in 2013. The company leverages its strong brand name and has a strong presence in the market which gives it a competitive edge over other players present in the market. The company is innovation centric and invests heavily in R&D for maintaining its market share. Moreover, the company possesses a strong sales force which helps it to sell its products efficiently. The company believes in both organic as well as inorganic growth for enhancing its market position. In November 2012, the company acquired assets of Healthcare bio therapeutics (U.S.) a biopharmaceutical company for $782 million. This acquisition enabled Smith & Nephew to incorporate the portfolio of Healthpoint biotherapeutics into its business which strengthened its bio-active wound care product offerings. Furthermore in November 2013 Smith& Nephew acquired Politec Saude (Brazil), the only distributor of Smith & Nephew’s products in Brazil. This acquisition enabled the company to strengthen its distribution network in the Brazilian market, which possesses a strong growth opportunity for the company.
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The key strategies followed by most companies in the wound care market are new product launches, agreements, collaborations, and partnerships; acquisitions; and expansions. Among all growth strategies being adopted by the market players in this field, new products launches accounted for the largest share of the overall growth strategies mapped from 2011 to 2014, in order to leverage the wound care market growth opportunities. Some leading players adopting the new product launches strategy include 3M Company (U.S.), Baxter International Inc, (U.S.), ConvaTec B.S.A.R.L. (Luxemburg), Covidien PLC (Ireland), Derma Sciences, Inc. (U.S.), Ethicon Inc. (U.S.), Kinetic Concepts Inc., (U.S.), Smith & Nephew (U.K.) and Mölnlycke Healthcare AB (Sweden). Acquisitions accounted for the second largest share of the overall growth strategies adopted by players in the market
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