Wound care has come a long way from being an art to emerging as a science. Contemporary wound healing doctrines and procedures have changed the face of conventional healing methods. With constan...
Wound care has come a long way from being an art to emerging as a science. Contemporary wound healing doctrines and procedures have changed the face of conventional healing methods. With constant developments and changes in the market for wound care products, companies are developing new therapies for reducing the time and cost associated with the healing processes. In spite of the popularity of low-cost traditional wound care products, technological advancements continue to promote growth and introduction of innovative and advanced products.
The market can be segmented into dressings types (film, foam, alginate, antibacterial, non-adherent), bandages, hydrogels, hydrocolloids, pharmaceuticals, tissue engineered products, and physical treatments. Certain advanced and leading edge developments in this field, those that provide a novel perspective, include the use of growth factors, stem cells, gene therapy, and so on.
The most important factor steering sales of new wound care products, even advanced costlier products, is the need to decrease hospital treatment costs. Developments in this sector are credited to the steady increase in challenging chronic wounds encountered due to lifestyle diseases such as diabetes and obesity. The increasingly ageing world population and high occurrence rate of hospital-acquired infections are other important factors driving the growth of this market. Also, market growth is being influenced by development of technologies and products that are clinically more competent and cost effective than their traditional counterparts. These products consume less time in healing wounds as compared to conventional products, thereby reducing the overall hospital expenditure, which accounts for a huge portion of the total patient billing. Along with this, physicians have also achieved the ability to select dressings that provide numerous beneficial features from a wide range of available options.
An innovative set of technologies and products developed using modern biotechnological methods are entering the market, promising to achieve new levels of efficient and effective wound care management. Technical developments such as enhancements in synthetic dressing materials, and newer technologies such as bi-layered human dermal substitutes, recombinant growth factors, endovascular arterial repair techniques, and xenogenic tissue scaffolds, are projected to have great potential in driving the growth of the advanced wound management market. While the demand for wound care technologies is to a large extent based on the existing occurrence of diseases and trauma, the future prospects for this market are being driven by consumer demographics and the continuous pressure on manufacturers to lead the market while minimizing the cost of providing these products/services.
The United States calls for a major share in the global wound care market. Developed markets such as Japan and Europe are estimated to record higher growth rates, especially in the advanced wound care section. These shall be closely followed by the developing regions, which are seeing remarkable developments on the account of increased governmental intervention and funding. Key players in the market for wound care management include Johnson & Johnson, B. Braun Medical, Novartis Nutrition, Kinetic Concepts Inc., LifeCell, 3M, and Smith & Nephew.