Technology-Driven Global Advanced Wound Care Management Market Dominated by Companies with Strong Product Portfolio
The overall valuation of the global advanced wound-care management market was recorded at US$6.4 bn in 2015. The increasing healthcare spending and patient-awareness chiefly drove the market, as wound care products witness demand in nearly every household. Products such as antacid, bandages, antiseptic ointments find impressive use across the domestic sector. These products are also carried in handbags for emergencies. The demand for wound care is thus considerably high in general. As consumers around the world become more willing to spend on advanced healthcare, the global advanced wound care management market is projected to reach US$11.2 bn by the end of 2024.
The global advanced wound care management market is highly technology-driven. It features only a few companies thus a consolidated vendor landscape. The dominant four, namely Smith and Nephew plc, Molnlycke Health Care, Acelity L.P. Inc., and Convatec held over 65% of the global market in 2015.
What is the key strategy adopted by companies to strengthen their market position?
These companies follow a modest pricing strategies to counter rivalry among leading players. Besides this, the companies focus on emerging dominant in terms of product innovation. They are frequently engaged in launching multiple products every year to gain competitive edge. For instance, Acelity recently embarked on the novel frontier of advanced wound care management solutions in home-setting with the launch of a remote therapy monitoring system. The company promises the technology to be the first of its kind enabling continuous monitoring of patients and ready intervention at home. With this, the company is aiming to support patient compliance at low cost.
The companies operating in the market come with a diverse product portfolio and aim at leveraging product innovation and launch to maintain their dominance through the forthcoming years.
Which regions are likely to dominate the global advanced wound care management market?
Regionally, North America accounts for the largest share in the global advanced wound care management market, trailed by Europe. These regions are expected to continue enjoying dominance through the next few years, spurred by the introduction of novel diagnostics and product segment. Furthermore, the incidence of lifestyle diseases such as diabetes is comparatively higher in developed nations that necessitate advanced technologies for delivering wound care and monitoring progress in health. The demand for uninterrupted healthcare monitoring is thus high in North America and Europe, thus boosting opportunities for the advanced wound care management market in the regions.
While the value of the aforementioned regional markets is expected to remain high, players are likely to witness lucrative opportunities in Asia Pacific. The rising geriatric population and high incidence of chronic ailments will accelerate demand for advanced wound care management market in the region.