Advanced Wound Care is a competitive market with dozens of significant competitors and hundreds of smaller companies selling products designed to reduce hospital stays. The aging of the population and continued advances in biotechnology drive the wound care industry. As a result of the growing population of the elderly, healthcare systems are challenged to treat rising incidences of complex diseases and conditions. Patients are being moved through the hospital faster putting more pressure on caregivers across all care settings and increasing the need for more sophisticated means to care for these patients. Manufacturers must develop a formidable strategy, which involves matching internal capabilities with external opportunities and creating innovative products to provide a wider variety of choices.
The emerging generation of wound care products and technologies are well positioned to capitalize on this growth. Besides the always-improving synthetic dressing materials, newer technologies in wound treatment include the xenogeneic tissue scaffold, bilayered human dermal substitutes, recombinant growth factors, endoscopic subfascial ligation of venous perforators, and endovascular arterial repair techniques. New wound care products and devices are entering the market with lightening speed, all striving for the best clinical outcomes.
The worldwide wound care market reached revenues of $20,980.7 million in 2016 based on sales at the manufacturers' level. The market is varied in terms of both product offerings and product maturity. Several of the products within the worldwide wound care market are mature such as anti-infectives and pressure relief devices, while others such as biological dressings and negative pressure wound therapy are in the growth stages of development. Thus, some products within the market are slowing in growth rates while others are driving growth.