The key factors propelling the wound care management device market include an increase in chronic wounds and ulcers, rising incidence of diabetes, aging population, increasing awareness about new technologies for wound care, and government support in the form of funding.
According to the Centers for Disease Control and Prevention (CDC), the number of US adults aged 18 years or older with diagnosed diabetes quadrupled from 5.5 million in 1980 to 21.9 million in 2014, corresponding to a nearly three-fold increase in the percent prevalence from 3.5 to 9.1%. The prevalence of diabetes among adults in the United States rose to 14% between 2013 and 2016, with nearly 31% of those with diabetes unaware they have the disease. The incidence of chronic wounds, especially foot ulcers, is increasing among the diabetic population and a substantial share of the population undergo a lower extremity amputation. It is also estimated that patients with diabetes are 10 times more likely to undergo amputation at some point in their life.
However, the major restraints of the market are the high cost of technically superior products for wound care and lack of proper reimbursement policies.
Scope of the Report
Wounds are being classified as acute and chronic. There are traditional and advanced wound care and closure products for their treatment. Chronic wounds are the wounds that are hard to heal, take substantial time to heal, and are expensive to treat. Advanced wound care and closure products are emerging as a standard solution for treating chronic wounds. Many players in this industry are trying to enlarge their product portfolio in order to top this Industry. The top companies are acquiring other companies in this industry as their strategy to dominate this market.
Key Market Trends
Foam Dressing Segment of the Advanced Wound Management Products Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
Foam has a significant role in the clinical management of chronic wounds and in moist wound healing. Over the past 30 years, polyurethane foam has become one of the most commonly used wound dressings for exudate management in moist wound healing. The foam consists of a porous structure that is able to absorb fluids into air-filled spaces by capillary action. The most commonly used foam is polyurethane. Silicone foam is less frequently used as a primary absorbent in wound dressing but often is applied as an adhesive wound-contact layer. Choosing a foam to match the wound is complex, and depends on the underlying basic characteristics of the patient’s wound. The ability of a given foam to maintain the optimal level of moisture in the wound bed should be evaluated continuously, in order to avoid complications from a mismatch of absorptive capacity to exudate production. As evident from the above-mentioned application of foam dressing, its importance is indispensable. However, it has its disadvantages. Overall, the segment for foam dressing in the United Kingdom wound care management devices market is likely to grow during the forecast period, recording a high growth rate, however, not as high as other product categories, like negative pressure therapy systems.
The presence of a significant number of players in the market studied has an impact on the prices of products by firms, such as 3M Company, Baxter International, Ethicon Inc., Integra LifeSciences, and Smith & Nephew among others. There is a sustainable competitive advantage through innovation for all companies. The companies are continuously focusing on innovations through research and development. Moreover, these companies are applying powerful competitive strategies, in order to gain more market share in the studied market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in the Geriatric Population
4.2.2 Rising Incidences of Chronic Wound
4.2.3 Increase in the Number of Surgeries
4.3 Market Restraints
4.3.1 High-cost Procedures
4.3.2 Lack of Proper Reimbursements
4.3.3 Reluctance toward the Acceptance of New Technologies
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Advanced Wound Management Product
188.8.131.52 Advanced Wound Dressing
184.108.40.206.1 Foam Dressing
220.127.116.11.2 Hydrocolloid Dressing
18.104.22.168.3 Film Dressing
22.214.171.124.4 Alginate Dressing
126.96.36.199.5 Hydrogel Dressing
188.8.131.52.6 Other Advanced Dressing
184.108.40.206 Wound Therapy Device
220.127.116.11.1 Pressure Relief Device
18.104.22.168.2 Negative Pressure Wound Therapy (NPWT) System
22.214.171.124.2.1 Conventional NPWT System
126.96.36.199.2.2 Disposable NPWT System
188.8.131.52.3 Oxygen and Hyperbaric Oxygen Equipment
184.108.40.206.4 Electrical Stimulation Device
220.127.116.11.5 Other Therapy Devices
5.1.2 Surgical Wound Care Product
18.104.22.168 Suture and Staple
22.214.171.124 Tissue Adhesive, Sealant, and Glue
5.2 By End User
5.2.1 Hospital and Specialty Wound Clinics
5.2.2 Long-term Care Facility
5.3.1 United States
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 3M Company
6.1.2 Acelity L.P
6.1.3 Baxter International
6.1.4 Convatec Healthcare B.S.A.R.L.
6.1.5 Derma Sciences Inc.
6.1.6 Ethicon Inc.
6.1.7 Hollister Inc.
6.1.8 Integra LifeSciences
6.1.9 Molnlycke Health Care
6.1.10 Smith & Nephew
7 MARKET OPPORTUNITIES AND FUTURE TRENDS