See also the October 2015 report, “Worldwide Wound Management, Forecast to 2024:
Established and Emerging Products, Technologies and Markets
in the Americas, Europe, Asia/Pacific and Rest of World”, Report #S251.
The worldwide wound management market is represented by a mixture of a small group of well established companies like Johnson & Johnson, 3M, KCI, Smith & Nephew, Systagenix and Covidien and a large number of mid-sized and smaller companies with niche product offerings; see Report S249 for a list of profiled companies (and note that we have profiled a select number of active companies discussed in the report).
Source: MedMarket Diligence, LLC; Report S249.
The fastest-growing market segment is the Growth Factors market, with a compound annual growth rate well in excess of 20% annually since 2012. Favorable clinical evidence is a major driver of that growth. The largest product segment is Traditional Adhesive Dressings, followed by Negative Pressure Wound Therapy. The largely generic adhesive dressing continues to be used for the majority of wound care cases. Negative Pressure Wound Therapy is coming into increasing use as smaller devices allow use in non-hospital settings, and as the technology demonstrates efficacy.
The wound management market is, overall, a mature business sector which contains both long-established product groups and more recently developed approaches to wound care. Price competition remains the key strategy in maintaining value share for the major players. The major components of the market include:
- Traditional wound care products, such as bandages, dressings and swabs made of generic cotton and textile fabrics.
- Wound closure devices, including familiar devices such as sutures and staples, as well as newer methods of wound closure such as tissue sealants and glues; also hemostatic devices to help arrest bleeding while closing the wound. Wound closure devices are primarily used in surgery, and are not addressed in this report.
- Advanced wound care (AWC) products. This umbrella covers dressings which are based on moist wound healing concepts, active therapies such as biomaterial composites and tissue engineered products, and products encompassing aspects of growth factors and angiogenesis. AWC products may be made of biopolymers, hydrocolloids, composites, foam materials, films, etc. These are used mainly for the treatment of chronic and slow-to-heal wounds.
- Consumer wound care. This sector includes a wide range of wound care products, primarily for use in first aid. The consumer wound care market is not addressed in this report.
A company which develops expertise in engineering and manufacturing in one area of wound management will frequently leverage those skills by expanding into related areas of wound care. For this reason, a number of the leading wound management companies market products within most or all of these categories. When it comes to the advanced wound care products, wound management businesses may choose a strategy of partnering with specialist developers of these novel technologies. Such collaborations often lead to the larger firm acquiring the technology and/or the company that developed the technology, in order to bring the intellectual property in-house, as well as to optimize manufacturing and supply.
Global health care expenditure is expected to grow by at least 6% compound annual growth rate (CAGR) between 2011 and 2020. The demographic changes driving this growth include the aging of the population, the continuing increase in new technologies commanding ever higher prices, and improved understanding of disease processes. This last leads to development of new procedures, products, and therapy regimens to treat disease, which feeds (at least in the USA) into an increasing desire on the part of patients to have the latest and greatest in treatment, no matter the cost to society. Chronic wounds are born out of vascular disease and insufficiency, and diabetic conditions. These are prevalent within the older populations that are showing strongest growth in the developed economies.