The wound management industry is a complex global industry supplying well over 20,000 different products. Analysis of the industry can take a number of different perspectives, each of which reveals markets insights and opportunities:
- Companies and their products may be differentiated by the nature of the wounds the products are intended to treat. For example, there are significant differences between diabetic ulcers and acute surgical wounds, and this can be used as a means to subdivide the industry. However, this is an inadequate tool for market segmentation; the same products tend to be used for chronic venous and diabetic ulcers, for example.
- The wound care field can be divided by wound characteristics and complications. This approach tends to separate products by absorption characteristics and physical effects. However, the separation is incomplete, as a similar set of wound conditions and characteristics can result from wounds arising from completely different causes.
- It is also possible to examine the wound healing business through the eyes of the practitioners and where they practice their medicine, distinguishing, for example, home health care from hospital, nursing home, specialist center, and, pharmacy. However, since identical or similar product types are used in several different environments, this approach is of little help in identifying and separating major marketing organizations and the characteristics of their products.
- Another approach is to examine wound management from the patientâ€™s perspective and to review products used within the life of a wound from original insult or cause, through to maintenance of intact skin. This â€œtimelineâ€ approach is more useful to the clinician than to the industry analyst because not every wound, even of the same type, will require the use of the same sequence of products as the process of healing evolves.
Fundamentally, the perspective of market innovators is most useful in revealing new trends in clinical practice and advances in understanding of wound etiology that reveal new treatment options. Â An incredibly diverse range of technologies are used in advanced wound management, rivaling any in medtech for the spectrum of technologies used, from materials technologies, biopolymers, tissue engineering, physical therapies and many others.
The MedMarket Diligence report, “Worldwide Wound Management, 2008-2017: Established and Emerging Products, Technologies and Markets in the U.S., Europe, Japan and Rest of World”, (report #S247) focuses on this advanced woundÂ products market in orderÂ to provide information of the causes and expected route of healing for wounds, to provide a clear understanding of the numbers of wounds that need to be treated characterized by wound type, and to describe the role of high growth wound care products and services in overall wound management. The analysis also describes the focus and strategies of key companies and outlines details their sales in the advanced wound management sector. Â The global market for these products also demonstrates distinct geographically-based drivers that create further market opportunities and challenges.
Source: MedMarket Diligence, LLC; Report #S247
(See also the related global report on “Surgical Sealants, Glues and Wound Closure“)