Global Advanced Wound-Management Market Experiences Growth

According to GlobalData, the global advanced wound management market was valued at U.S. $3.6 billion in 2008 and forecasts that it will grow by 4.7% annually for the next seven years, reaching $5 billion by 2015. This growth will primarily be driven by an increase in the incidence of chronic wounds such as venous, diabetic, and pressure ulcers, increased patient awareness, and technology advancement in the products themselves.

Foams and hydrofibers remain the key market segments that are driving growth within the advanced wound management market; together, these two segments accounted for 67% of the overall advanced wound management market in 2008. According to the report, the foams market is forecast to grow at a 5.4% compound annual growth rate (CAGR) till 2015, due to faster healing of certain types of wounds and reduced patient follow-up, which will limit the cost factor. The hydrofibers market is forecast to grow at 4.7% CAGR, and is expected to be driven by technological advancements and an increase in the number of diabetic patients.

Globally, the United States remains the largest advanced wound management market, and is expected to continue to be so. The U.S. market was valued at $1.5 billion in 2008 and is forecast to grow at a 4.9% CAGR, reaching a value of $2.2 billion by 2015. The U.S. market is expected to be driven by a growing chronic wound population and increased levels of patient awareness. Companies such as Smith & Nephew, Molnlycke Healthcare, Convatec, and Covidien remain the leading competitors in the global advanced wound management market; together, these companies accounted for 56% of the global market share in 2008, with Smith & Nephew (London, United Kingdom) the market leader with a share of 27%. However, with more than 35 products in different developmental stages in 2008, and many of these expected to hit the market in the next few years, a shift in the prevailing competitive landscape cannot be ruled out. If approved, these pipeline products could lead to an intensely competitive market landscape, and the existing market leaders need to be prepared to manage these future challenges.

Related Links:
GlobalData
Smith & Nephew