Wound Care Products: A Global Strategic Business Report
San Jose, CA (Vocus) September 6, 2010
Wound care products are primarily aimed at ensuring timely healing of wounds and infection control. Considering the high costs associated with probable complications, including lengthy hospital stays, extended physician care and infection, expenses towards wound care are expected to escalate. Rising elderly population, increasing incidence of hospital-acquired infections and rapid increase of modern epidemics such as obesity and diabetes (both principal triggers of chronic wounds) are aggravating the scenario in the healthcare industry. Consequently, the global wound care marketplace is expected to witness rapid growth. Increase in the occurrence of diabetes globally, an aging populace and consistent development of cost-effective and clinically efficient technology and products (compared to traditional offerings) are driving growth in the advanced wound care market.
The United States, Europe and Japan collectively account for more than 80% of global wound care product sales, as stated by the new market research report on wound care products. Rapid advances in the technological sphere are fostering growth in the wound care market. Evolving biotechnology has allowed manufacturers to develop new products as a means to garner higher profit margins. With continuous developments in the wound care market, companies are devising new procedures and therapies for reducing time associated with the healing process, and for enhancing cost savings. Further, advent of novel biological techniques is expected to accelerate the pace of recovery and reduce the hospitalization period for patients undergoing surgical procedures. Biological dressings are also capable of improving patient care and reducing the overall costs of hospitalization. This is attributed to the fact that products or treatments that facilitate lowering of hospital costs are likely to find increased demand, particularly during the current adverse economic conditions. Several new wound care devices and products are rapidly being introduced in the market, as part of efforts to enhance clinical outcomes.
Traditional wound care products are growing at a relatively slower pace owing to the marked shift towards advanced wound care products. This is particularly true in developed markets of US, Europe, and Japan. However, traditional products still account for a bulk of wound care products market. Low cost and easy reimbursement are the primary factors that continue to sustain this mature market. The Japanese market for traditional wound care products is projected to reach US$1.9 billion by 2014. Wound management products market is predominated by developed countries owing to the presence of sophisticated medical delivery infrastructure as well as extensive insurance coverage for various primary healthcare procedures. The demand scenario in developing countries is expected to witness significant improvement owing to the increased accessibility and availability of basic health care services. Asia-Pacific, the fastest growing regional market for wound management products, is projected to reach US$644.7 million by the year 2015.
Wound care products market in the United States is a diverse sector, offering a range of products and services that endorse the advanced concept of wound healing. Growth in the market is primarily driven by the development and introduction of innovative and advanced products in the moist and active categories, in response to the increasing complexities in the wound treatment procedure. The market for active wound healing products is forecast to grow at a compounded annual rate of more than 10% over the analysis period. Adoption of path breaking technology in the skin replacement segment coupled with Medicare reimbursement in the hydrogel-dressing segment has resulted in a paradigm shift in the treatment of chronic wounds. Aging population is another key growth driver for wound care products in the US.
Rapid growth in the global wound care arena has led to intense competition, with players vying to gain a larger share of the market. The market is extremely saturated, and comprises of large multinational corporations with strong brand identities. Leading players in the market include Johnson & Johnson (J&J), Covidien, 3M Company, ConvaTec, Smith & Nephew, Coloplast, Molnlycke Health Care AB, and Kinetic Concepts, Inc. Key players profiled in the report include Beiersdorf AG, BSN Medical GmbH & Co. KG, C.R. Bard Inc., Covidien Ltd, Derma Sciences Inc., Medline Industries Inc., among others.
The report titled “Wound Care Products: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of value sales for regions including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Wound_Care_Products_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site http://www.StrategyR.com/