Global Advanced Wound Management - Market Analysis and Opportunity Assessment

London, United Kingdom (PressExposure) November 19, 2009 -- The global advanced wound management market valued at $3.6 billion in 2008 is forecast to grow by 4.7% annually for the next seven years to reach $5 billion by 2015. The growth will primarily be driven by an increase in the incidence of chronic wounds such as venous, diabetic and pressure ulcers, increased patient awareness and technology advancement in the products.

Foams and hydrofibres remain the key market segments driving growth within the advanced wound management market. Together, these two segments accounted for 67% of the overall advanced wound management market in 2008.

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The foams market is forecast to grow at 5.4% CAGR for the next seven years due to favorable factors like fast healing of certain types of wounds, reduced patient follow-up thereby limiting the cost factor and advancements in foam products. The hydrofibres market is forecast to grow at 4.7% CAGR for the next seven years. The growth in the hydrofibres market is expected to be driven by technological advancements in hydrofibres and increase in the number of diabetic patients.

Globally, the US remains the largest advanced wound management market. The US market valued at $1.5 billion in 2008 is forecast to grow by 4.9% annually for the next seven years to reach at $2.2 billion by 2015. The US is expected to continue to be the biggest market for advanced wound management. The US market is expected to be driven growing chronic wounds population, positive demographics and increased levels of patient awareness.

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Smith & Nephew, Molnlycke Healthcare, ConvaTec and Covidien remain the leading competitors in the global advanced wound management. Together, these companies accounted for 56% of the global market share in 2008. Smith & Nephew remained the market leader with a share of 27%. However with multiple new products expected to hit the market in the next few years, a shift in the prevailing competitive landscape cannot be ruled out. More than 35 products were in different developmental stages in 2008. If approved, these pipeline products can lead to an intensely competitive market landscape and the existing market leaders need to be prepared to manage these future challenges.

GlobalData’s “Global Advanced Wound Management: Market Analysis and Opportunity Assessment” report is an essential source of data and analysis on the global advanced wound management market. The report identifies the key trends shaping and driving the dynamism in the global advanced wound management market. The report also provides insight on the prevalent competitive landscape and on the emerging players which are expected to bring significant shift in the market standing of the existing leaders. The report also provides valuable insight on the pipeline products within the global advanced wound management market.

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Press Release Submitted On: November 18, 2009 at 11:57 pm
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