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Advanced Wound Management Markets in South Korea
Frost & Sullivan, Sep 2007, Pages: 75
Acute Wound Care to Grow at Faster Pace than Chronic Wound Care
As one of the most developed Asian countries, South Korea has a well-established healthcare infrastructure and high per capita healthcare expenditure. It also has a strong National Healthcare Insurance (NHI) program. These factors make it an attractive market for advanced wound management products, which already have wide usage in chronic wound care. With usage in acute wound care also set to increase due to a rise in surgeries, the market is poised for strong growth. Specialist orthopedic and cardiothoracic surgeons use advanced wound management products more frequently than general surgeons, driving demand for these products.
'Acute wound care procedural growth is expected to outpace chronic wound care due to better management of chronic wounds, resulting in lower chronic wound care procedural volumes,' notes the analyst of this research service. 'Advanced wound management products are expected to be more applicable for acute wound types.' Nevertheless, chronic wound care products will be sustained by higher incidences of diabetic ulcers due to a large diabetic population in South Korea. Diabetic ulcers accounted for more than 50.0 percent of all chronic wound types in 2006.
Emergence of New Technologies and Increased Competition on the Cards
New technologies and treatment methods are expected to emerge in wound care and management under pressure to increase the quality of patient care. Technologies such as negative pressure wound therapy (NPWT) and tissue engineering for wound care are attracting growing interest from specialist surgeons in South Korea. Current usage rates of NPWT and biomaterials are currently around 4 to 5 percent, but these are set to increase.
The levels of competition in the South Korean advanced wound management market are also increasing due to the entry of local medical device manufacturers that have successfully partnered with pharmaceutical companies to distribute their products. This has led to their increasing domination in the moist wound dressing segment, the largest segment in the advanced wound management market. However, conventional products such as gauze are still being used widely in South Korea, indicating the ample scope for growth for greater usage of advanced wound management products.
The following technology is covered in this research:
- Negative Pressure Wound Therapy (NPWT): The application of suction to isolate a wound area, preventing infection and promoting better healing.
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Acute wound care
- Chronic wound care
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