PRN: Quest for High-Performance, Cost-effective Products Defines Western European Advanced Wound Management Market, Says Frost & Sullivan
Quest for High-Performance, Cost-effective Products Defines Western European Advanced Wound Management Market, Says Frost & Sullivan
- Quest Attracts Intensifying Competition while Simultaneously Threatening to Derail Market by Skewing Product Pricing
LONDON, June 20, 2012 /PRNewswire/ -- An ageing population and the increasing incidence of lifestyle diseases, such as obesity and diabetes, are being paralleled by a steady stream of technologically advanced, high-performance, cost-effective advanced wound management products. Studies touting the long-term cost efficiency of using such products over traditional equivalents will provide a further fillip to the advanced wound management market.
New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com), Less Pain, More Gainâ�”Analysis of the Advanced Wound Management Market, finds that the market in Western Europe generated $ 1,508.4 million in 2010 and estimates this to reach $ 2491.2 million in 2017. The research covers moist wound dressings, antimicrobial dressings, active therapies and negative pressure wound therapy (NPWT).
"Advanced wound management usually comprises treatment of chronic wounds in elderly patients," notes Frost & Sullivan Research Analyst Brahadeesh Chandrasekaran. "As the incidence of chronic wounds rises, it is set to trigger demand for advanced wound management products."
Healthcare economics, including rising operational costs at hospitals and cost burdens carried by care facilities for hospital-acquired infections, will also boost the use of more advanced healing technologies.Â This is because advanced wound care products have repeatedly demonstrated both cost-effectiveness and superior clinical outcomes.
"The homecare market for advanced wound management products is still under-penetrated mainly due to reimbursement issues," says Chandrasekaran. "The prospective market is considerably larger than the current one; advanced wound management products are likely to penetrate the homecare sector at a much higher rate than before."
While these are positive trends, a worrying trend is the intensifying competition. Keen competition is threatening existing product pricing, while creating major challenges for small and large companies alike.
"Large companies will try to maintain a strong position by offering products across all segments," remarks Chandrasekaran. "Small companies are likely to try and expand their presence by partnering with another small company which has products in other segments. Through such strategies, companies â�“ both large and small â�“ will attempt to minimise the effect of aggressive product pricing."
Challenges related to innovative offerings constitute another area of concern. New technologies such as NPWT, skin substitutes and other active therapy technologies have received attention. However, their high costs, the lack of comprehensive clinical and economic evidence and reimbursement issues are likely to dampen uptake levels.
"Product differentiation will provide companies an edge in terms of pricing their products, while generating revenue," concludes Chandrasekaran. "Sustaining the long-term growth of new products will ultimately depend on offering satisfactory evidence of their clinical efficacy."
If you are interested in more information on this study, please send an e-mail with your contact details to Janique Morvan, Corporate Communications, at email@example.com.
Less Pain, More Gainâ�”Analysis of the Advanced Wound Management Market is part of the Medical Devices Growth Partnership Service programme, which also includes research in the following markets: Western European Decontamination Equipment Market, Western European Gels and Scrubs Market and Hand Hygiene Champions the Cause of Infection Control. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us:Â Â Â Â Start the discussion
Less Pain, More Gainâ�”Analysis of the Advanced Wound Management Market