Global Wound Care Market Rife With Opportunity

Strong relationships with end users and an effective post sales service strategy must be a priority for wound care companies. These are the latest findings of Frost & Sullivan (Frost; London, United Kingdom), an international market research firm.

The global wound care market is at a growth stage, driven by the increasingly aging population as well as rising rates of diabetes and obesity. These chronic health problems lead to diabetic ulcers, venous leg ulcers, and major surgeries requiring treatment solutions, thereby driving the usage of the wound care products, which increases the revenue for this market. A greater awareness among patients and higher buying power will further push the market, as will the emergence of private funding and clinics.

The home care segment will be another key avenue for revenue generation for wound care solution providers in the global space. Enhancing brand loyalty will thus be important for companies striving to carve a niche for themselves in the global market.

“The biggest opportunity for wound care manufacturers and suppliers will emerge from the public healthcare sector and hence, they must work closely with the government to determine and forecast demand in this sector,” said Parthasarathy Raghava, healthcare senior research analyst at Frost & Sullivan. “Players must also widen their product portfolio to gain consumers, particularly as public hospitals opt for bulk purchases to contain costs.”

The cost concern is one of the major reasons traditional wound closure products are still preferred over certain expensive solutions such as antimicrobial dressings with silver or hydrocolloid dressings, active therapies, and negative pressure wound therapy (NPWT). Focus on prevention and the lack of reimbursement also curbs the wound care therapies market. Nevertheless, Frost & Sullivan found that the market earned revenues of USD 8.73 billion in 2013, and estimates this to reach USD 11.13 billion by 2017.

“Better awareness among physicians and doctors on the benefits of advanced wound care products that enable faster healing than traditional methods is aiding market expansion,” concluded Mr. Raghava. “Long hospital stay times and increased bed occupancy are viewed as a bigger burden for hospitals than investment in advanced wound care treatment.”

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