Worldwide Wound Care Market Reached $14 billion in 2009 and Expected to Growth Over 6% Annually
Besides the always-improving synthetic dressing materials, newer technologies in wound treatment include the xenogeneic tissue scaffold, bilayered human dermal substitutes, recombinant growth factors, endoscopic subfascial ligation of venous perforators, and endovascular arterial repair techniques.
The need to reduce hospital costs is driving sales of new wound care products, even advanced products with a higher price tag, according to healthcare market research publisher Kilogram Information. Innovations such as biotechnology, biomaterials and tissue engineering will continue to boost revenues, according to its recent report “World Wound Care Markets 2010.” Kilogram estimates the worldwide wound care market reached revenues of $14 billion in 2009 and expects annual growth of over 6% for the next few years.
There have been many research developments in the acceleration of wound healing over the last decade. However, recently these advancements are taking place even more frequently and some of the new products now represent the best new change in the past 30 years. New developments are providing the health care arena of today with some truly sophisticated, highly effective wound care treatments that are poised for growth.
“Many of these new products are proven cost-savers,” said Mary Ann Crandall, analyst for Kilogram Information and author of the report. “There’s always a demand to reduce hospital stays and improve patient outcomes, and a product that can save money in the long run can get a favorable result in reimbursement decisions.”
Wound healing is much like solving a puzzle that involves a series of integrated physiological processes. Various steps must be synchronized and organized in order for everything to fall into place. Without the proper signals at the correct time, a wound cannot heal properly. Having the right tools available, such as appropriate cells, proper nutrition and proper support, is essential. The nature of healing is the same for all wounds with variations depending on the location, severity, and extent of injury. More sophisticated products and a better understanding of the healing processes are increasingly helping to better solve this puzzle.
Beyond new products, Kilogram predicts the market will expand into the future due to demographic factors such as an aging population and an increasing number of sicker patients with more complex coexisting illnesses including diabetes, heart failure, obesity, pulmonary and vascular diseases, immobility issues and chronic wounds. Pressures to cut costs and move patients out of hospitals faster are also leading manufacturers to develop more effective wound care products, according to the report.
The top four wound care companies worldwide include Johnson & Johnson, Kinetic Concepts, Hill Rom and Smith & Nephew. These companies are responsible for about 60% of the revenues of the total market.
“World Wound Care Markets 2010” investigates what the wound care market looks like today; how the market has fared during the recent economic downturn; which segments offer the best market opportunity for companies; and many other key issues and trends.