Conventional medical technologies — those that have been in clinical practice for upwards of a hundred years — represent a significant portion of current markets. Sutures, bandages, scalpels and similar technologies have persisted in the face of emerging technologies because their simplicity has allowed them to avoid the challenge of the added expertise needed to apply new technologies and their costs (at least from a narrow view) have garnered favor in cost conscious, healthcare reform-minded markets.
Advanced technologies, offering better clinical outcomes (especially long-term), reduced complications, faster recovery times and other important (and measurable) benefits have succeeded in capturing, and growing, patient caseload as clinicians, healthcare systems and third party payers embrace the benefits.
Traditional wound management technologies are no exception. Much of current clinical practice in wound management is fundamentally focused on providing a set of conditions at the wound site that favor, stimulate and/or accelerate the body’s natural wound healing processes. Traditional bandages and dressings, with their low cost, relative ease of use and long clinical history, represent a very large global market as well as big “upside potential” for advanced wound technologies. Growth in advanced wound management technologies has been predicated by clinical and economic need on fitting into conventional practices (adaptation of wound dressings with advanced features) or offering substantially improved clinical results with new technologies (e.g., growth factors and tissue engineering).
Consequently, the landscape for wound management technologies globally can be illustrated by a number of large volume, low growth technologies, a limited number of (as yet) low volume, high growth technologies and a handful technologies in between. Below is illustrated a Size/Growth map of the segments in wound management globally, with bubbles indicating by size and placement the global sales and recent (’08-’11) compound annual growth rates for each.
Source: Drawn from the pending 2012 MedMarket Diligence Report #S249, “Wound Management, Worldwide Market and Forecast to 2018: Established and Emerging Products, Technologies and Markets in the Americas, Europe, Asia/Pacific and Rest of World” (Report #S249).