A recent published report by XploreMR, on the advanced wound management technologies market during 2014-2018 and forecast for 2019-2029 reviews the major factors influencing the advanced wound management technology market.
According to the study, advanced wound management technologies offer a variety of wound-healing products ranging from consumables to medical devices such as NPWT. The growth of the advanced wound management market can be attributed to an increase in the number of wound cases, which include acute and chronic wounds. The research identifies major advancements that have led to rapid growth in the volume of products as well as their adoption.
The presently available advanced wound management technologies deliver new wound care technologies and improvements such as quick time process for wound healing, natural materials, and more. Some of the latest advanced wound management technologies include tissue-engineered skin replacement, surgical sealants, suturing devices, advanced wound dressings, and active wound repair products.
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Research indicates that advanced wound dressings account for a lion’s share of the advanced wound management technologies market. This segment includes hydrogels, collagens, and alginates. They are among the latest product types of the market, and are expecting to have the greatest incremental value over the forecast period. Foam wound dressing is the leading product type present in the segment, and the growth of this segment can be attributed to the larger number of brands offered by different manufacturers. Smith & Nephew PLC is a leading player offering foam wound dressings. With its Allevyn product line, the company has revolutionized the market dynamics for advanced wound management technologies.
The global advanced wound management technologies market is expected to expand with a considerable growth rate due to factors such as competition building, chronic ulcers, trauma cases, burn cases, and assisted pricing for older technologies. At present, data shows that 12% of people diagnosed with diabetes end up developing an ulcer during their lifetime. However, the number of burn cases has reduced due to the availability of more precautionary measures.
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Unfavorable Reimbursement Scenario Continue to Limit Growth
The rapid pace of the development of advanced wound management technologies is likely to result in a significant drop in the cost of treating chronic and acute wounds. The increasing aging population around the globe is expected to provide a significant consumer pool, and the better availability of products with cost consideration is likely to expand the market size for advanced wound management technologies. Recent research also shows that the incidence of acute and chronic wounds is likely to rise four to five times during the forecast period. However, it has been observed that manufacturers and insurance payers fail to complement each other. Reimbursement policies only cover a specific unit cost for a specific site, and do not offer benefits for patients with long-term dependency on advanced wound management technologies.
North America is estimated to be a prominent regional market for advanced wound management technologies, backed by higher adoption rate and strong presence of a number of leading market players. To encourage the adoption of cost-effective advanced wound management technologies, particularly in developing markets, players need to include wound care supply in their respective payment systems. More support is required for the use of advanced wound management technologies for the treatment of chronic wounds as compared to traditional methods.
The report analysis some of the key developments and events for advanced wound management technologies. The leading players in the market include Mölnlycke Health Care, Coloplast A/S, B. Braun Melsungen AG, Medline Industries, Inc., SIGVARIS, Acelity L.P. Inc., ConvaTec Group plc, 3M, Smith & Nephew PLC, Ethicon Inc., and BSN Medical.
