A new study by the company titled ‘Advanced Wound Management Market: Global Industry Analysis 2007-2017 and Opportunity Assessment 2018-2028‘ lists key strategies employed by companies involved in advanced wound management to stay sustainably profitable in the long run in the market. North America is the prime region for advanced wound management products as healthcare practitioners now prefer advanced wound management products over traditional products in the region. APEC advanced wound management market is expected to grow due to rising patient pool and rising geriatric population in major economies, such as Japan. Increasing demand, availability of cost-effective treatment options and rising spending on healthcare in developing regions are some of the important factors creating a robust platform for the growth of the advanced wound management market.
Advanced wound management market report reveals that as compared to traditional wound management products, advanced wound management products are specially designed for the treatment of complex wounds. They perform various functions, such as maintaining a stable temperature around the wound, allowing oxygen flow, protecting the wound from infection, removal of dead tissues and relieving pain during dressing changes. Advanced wound management involves silver based product which is a very effective modality for prevention or treatment of infection caused due to various bacteria, viruses, fungi and molds. It has very few side effects and is thus, finding space in advanced wound management products. That apart, biological wound products helps to treat multiple complex wounds in an effective manner.
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Growing awareness regarding personal health and hygiene is also expected to boost the demand for advanced wound management products. Patients have become aware and pro-active about their health and are willing to seek physicians’ advice at an early stage. Also, growth in per capita disposable income is further encouraging people to spend more on their health-related needs.
Health care providers and physicians in developing regions are reluctant to adopt advanced wound management products. It has also been observed that the adoption rate of advanced wound management products in Europe is low as compared to the U.S. High cost of advanced wound management therapy has been the essential factor for the reluctance of physicians to adopt these technologies.
There are various bioengineered skin products available in the advanced wound management market; however, the cost analysis of these products reveals that a normal dressing costs around US$ 3.25 whereas bioengineered skin products costs around US$ 650. Due to the significant difference in cost, patients and healthcare providers are reluctant to adopt advanced wound management products. This has resulted in stagnant sale of novel technologies, especially those that haven’t seen enough advertisements or public knowledge.
Advanced wound management products face still competition from traditional wound care products. Advanced wound management product include products ranging from advanced wound dressings and wound contact layers to superabsorbent dressings and negative pressure wound therapy devices.
Hospitals, clinics, ambulatory surgical centers, skilled nursing facilities and other facilities are the primary point of contact for patients needing such advanced wound management products.
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The advanced wound management market is a lucrative market. Regions, such as APEC and China, still enjoy relevance and dominance of local players. These local players, as a matter of fact, are also affecting the growth of the advanced wound management market in the region. However, the global advanced wound management market is consolidated in nature, with key players enjoying significant position in the advanced wound management market. Some of the key companies present in the advanced wound management market and included in this study are B. Braun Melsungen AG, Mölnlycke Health Care, ConvaTec Group plc., Coloplast A/S, SIGVARIS, Acelity L.P. Inc., 3M, BSN Medical, Ethicon Inc., Medline Industries, Inc. and Smith & Nephew PLC.