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Global Advanced Wound Management Markets
Frost & Sullivan, Feb 2005
Long-Term Cost Benefits Make Advanced Dressings More Attractive
Advanced wound management is poised to take over traditional wound care strongholds as it promises greater benefits for patients in terms of rapid healing and scar management. Advanced wound care products also ensure higher cost efficiency by mainly bringing down the nursing time. While these products are currently more expensive than traditional products, the end benefits in terms of total costs are greater and this is expected to spur uptake.
This Frost & Sullivan research service provides an overview of and outlook for the global advanced wound management markets. The study provides detailed revenue forecasts by region to help design marketing strategies and maximize growth. This enables companies to align their positioning strategies to benefit from the changing markets and obtain maximum return on investments.
Evidence-based Healthcare Given Priority
In the wound care market, the importance of evidence-based healthcare has increased. Responsibility lies on the manufacturers to provide clinical data, especially with new products for which the reimbursement approval process has become increasingly stringent. With the demand for greater efficiency in the healthcare system rising, extensive clinical evidence is necessary, prior to clinicians’ acceptance. However, the wound care community lacks a widely accepted measure of what constitutes effectiveness.
Participants need to support the economic benefits of advanced wound dressing to encourage end users to purchase more expensive dressings that improve outcomes and ultimately save on the other treatment costs, notes the analyst of this research. Companies must provide rigorous clinical and economic evidence by building up strong relationships with key opinion leaders and conduct research in partnership with key institutions.
Aging Population Expected to Give a Boost to the Market
The ageing population is a key driver of the advanced wound management market as the elderly account for a significant portion of the cases related chronic wounds. Advancements in technology, emphasis on efficient healing methods, an aging population, and increasing patient awareness are seen as key drivers for the advanced wound management market, says the analyst. The improved survival of patients with long-term illness and weak immune systems is another key related trend.
Overall, the global advanced wound care management market was worth $1.49 billion in 2004 and it is expected to reach $3.05 billion in 2011. During this period, the market has great potential for growth in terms of market reach and revenues.
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