- Strong relationships with end users and an effective post sales service strategy must be a priority for wound care companies, says Frost & Sullivan
LONDON, Oct. 22, 2014 /PRNewswire/ -- The global wound care market is poised for steady growth due to the rapid rise in lifestyle diseases and the related risk of chronic wounds. A burgeoning population, greater awareness among patients, and higher buying power will further push the market. The emergence of private funding and clinics will also add to demand.
New analysis from Frost & Sullivan, Global Wound Care Market Outlook, finds that the market earned revenues of $8.73 billion in 2013 and estimates this to reach $11.13 billion in 2017. The wound care market in this study included the traditional wound dressings, moist wound dressings, antimicrobial dressings, active therapies, and negative pressure wound therapy.
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"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," said Frost & Sullivan Healthcare Senior Research Analyst Parthasarathy Raghava. "Long hospital stay times and increased bed occupancy are viewed as a bigger burden for hospitals than investment in advanced wound care treatment."
Nevertheless, cost concerns remain. Traditional wound closure products are still preferred over certain expensive solutions such as antimicrobial dressings with silver or hydrocolloid dressings. Focus on prevention and the lack of reimbursement also curbs the wound care therapies 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," noted Raghava. "Players must also widen their product portfolio to gain consumers, particularly as public hospitals opt for bulk purchases to contain costs."
The home care segment will be another key avenue for revenue generation for wound care solution providers in the global space. Enhancing brand loyalty by establishing a robust relationship with end users and an effective post-sales strategy will be the way forward for companies striving to carve a niche for themselves in the global market.
Global Wound Care Market Outlook is part of the Advanced Medical Technologies Growth Partnership Service program. Frost & Sullivan's related studies include: Russian Wound Care Market, Western and Eastern European Wound Care and Wound Closure Market, China Wound Care Market, and Wound Care and Wound Closure Market in India. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan