Hospitals are increasingly showing a preference for advanced wound care products that accelerate healing, as they realise that prolonged hospital stays and bed occupancy are a bigger cost burden than investment in these solutions. Patients too find advanced wound care products easier to use and more comfortable than traditional ones, giving a boost to the adoption rates.
New analysis from Frost & Sullivan, Western and Eastern European Wound Care and Wound Closure Market, finds that the market earned revenues of $4.41 billion in 2013 and estimates this to reach $6.41 billion in 2019.
"The increase in the volume of open surgical procedures is also fuelling the demand for wound closure products," said Frost & Sullivan Healthcare Research AnalystParthasarathy Raghava. "Doctors across Western and Eastern Europe are particularly adopting new wound closure technologies that support scar-free surgery."
However, the lack of reimbursement for some advanced wound care and closure products is lowering market potential. The market is further pegged back by the proliferation of products from Asian markets and other regions. Moreover, the inability of hospitals to invest in costly technologies such as negative pressure wound therapy (NPWT) is forcing market participants to reassess their pricing strategies.
"Wound care product manufacturers have already started making NPWT and other active therapies more affordable by introducing rental models, portable solutions, and other cost-effective alternatives," noted Raghava. "They should continue finding ways to ensure that high-technology wound care solutions fit into current healthcare budgets."
In the meantime, wound closure product manufacturers will do well to launch products that have unique features and can deal with multiple types of wounds to stand out from the competition. They could also provide technical support and obtain feedback from hospitals regarding the quality and healing capabilities of their wound closure products.
From Frost & Sullivan