The Global Advanced Wound Care Market will reach $8.7BN in 2014

Wednesday 2 April 2014, Amsterdam

A new report predicts the global advanced wound care market will reach $8.7bn in 2014. That industry generated $7.4bn in 2012, and its revenues will show steady growth to 2024. That revenue forecast and others appear in the latest report the Advanced Wound Care: World Market Forecast 2014-2024 & Future Prospects for Leading Companies.

Modern wound management products have evolved from passive dressings (such as gauzes and lints) to interactive products that provide a controlled local environment for optimal healing. Wound care is essential in improving quality of life and overall well being, and many advanced wound care products have been proven to help lower the intensity and duration of inflammation, increase collagen synthesis, prolong angiogenesis and stimulate early wound contraction. The wound care industry is highly competitive and diverse with immense potential for growth. The rising prevalence of chronic wounds such as venous ulcers, diabetic ulcers and pressure sores is increasing the need for more innovative products in the wound care market. As our understanding of wound healing and the associated molecular processes increases, a number of new technologies and products, particularly in the field of biologics and devices, will continue to be developed and many are expected to be launched in the next 4-8 years.

Moses Akintomide-Akinwamide, a pharmaceutical and medical technology market analyst explains: “The global advanced wound care market has experienced significant growth in recent years. This growth will continue over the coming years as the global economy recovers and healthcare spending stabilises. As the traditional wound care market continues to shrink, the advanced wound care market will benefit from companies directing their efforts into the development of wound care devices and wound care biologic therapies instead. The moist wound care market is made up of a wide variety of products divided into various segments. This variety will contribute to growth in this market over the coming years. A lack of supporting clinical data is currently restraining the biologics and devices market. However, as more clinical data becomes available, the approval process for these products will shorten, health bodies will adopt them quicker and reimbursement rates will start to improve.”

In emerging economies the average disposable income is increasing. This will lead to more lifestyle related diseases such as cardiovascular disease and diabetes which increases the risk of developing chronic wounds. As wound care devices and wound care biologic therapies gradually become more cost effective over the coming years, the rise in the so called ‘diabesity epidemic’ in the developed countries and the consequent rise in wound incidences will act to increase the market penetration of these therapies.

The proposed changes to wound care reimbursement by the Centers for Medicare and Medicaid Services in the US from a pay-for-service model whereby doctors bill the government based on the number and type of procedures performed to a ‘pay-for-performance’ model whereby reimbursement for a given diagnosis is fixed will have a significant effect on the advanced wound care market over the coming years.

The leading developed countries currently present the greatest demand for advanced wound care therapies. The US market held the largest share of the global market in 2013. A major contributing factor to this is the high diabetic rate among the country’s over-65 population, with an estimated 27% of the US over-65 population in 2010 considered diabetic. The current pressure on healthcare providers and hospitals across Europe to lower their expenditures and bring their costs down will act as a restraint to growth in the advanced wound care market in this region over the forecast period. However, emerging economies such as China and India are set to enjoy growth in their respective advanced wound care markets as healthcare coverage and accessibility continue to improve in these markets.

Advanced Wound Care: World Market Forecast 2014-2024 & Future Prospects for Leading Companies adds to a range of analytical reports on industries and markets in healthcare.