Advanced Wound Care Products Not Reaching Their Potential Value or Audience, According to New Espicom Study
At a time when hard-to-treat chronic wounds such as diabetic foot ulcers are on the increase, the use of effective and advanced wound care products is being constrained by tightened health spending and slow levels of clinical adoption, particularly in Asia.
Chichester, West Sussex. UK, (PRWEB) August 02, 2012
According to a new Espicom market research report, The Global Advanced Wound Care Market to 2017, the US$5.5 billion advanced wound care market will continue to grow in all sectors, but is some way yet from reaching its full potential.
While the advanced wound care market saw double-digit growth before 2008, the market has slowed more recently. Although the number of patients requiring treatments for chronic and challenging wounds has risen, driven by the increasing number of older patients and those with conditions such as diabetes, growth has been affected by intense competition that is bringing down selling prices. In addition, the market is seeing declines in reimbursement levels as governments seek to reign in healthcare expenditure and reduce their deficits, with this trend having a particularly negative impact in Europe.
The most valuable sector is Negative Pressure Wound Therapy (NPWT). In this area growth is being driven by the rising adoption of the technology as awareness increases and further clinical evidence as to its benefits is published. In addition, the launch of the technology in new markets such as Japan, China and India – who have not been quick to adopt its use – as well as new applications in areas such as surgery, are expanding the addressable market for NPWT.
But it is the area of Biologics that is most exciting. The sector is growing faster than any other, and its prospects are stronger, with +10% CAGR from 2015 as novel products such as skin substitutes, growth factors, cell-based therapies and collagen-based wound care products are launched.
Companies active in the wound care market must do more to prove the effectiveness of their products if they are to see widespread clinical adoption.
Joanne Maddox, senior health analyst at Espicom and the report’s author comments, “When money is tight health payers take a hard look at the effectiveness of the products they buy. Some advanced wound care products are expensive, and the lack of a substantial clinical trials base to support claims of effectiveness has led some to question the net value of them. The recent increase in clinical trials will help considerably in allaying the fears of clinicians and make for a sustainable growth in the market going forward”.
For further information on the report please visit http://www.espicom.com/awcpr1.
Espicom Business Intelligence is a leading publisher of medical and pharmaceutical market analysis. With over 50,000 users worldwide it reports, news services and analysis products are used regularly by key decision makers in industry, government and commerce. A full catalogue can be found on the web at http://www.espicom.com.
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