(PharmaNewsWire.Com, July 22, 2020 ) The wound care market is projected to reach USD 24.8 billion by 2024 from USD 19.8 billion in 2019, at a CAGR of 4.6% from 2019 to 2024. Wound care involves the use of products, such as dressings, devices, and biologics, to facilitate the rapid healing of affected body parts. These products are used in the management of chronic and acute wounds.
Wound care products such as advanced wound care products, surgical wound care products and, traditional wound care products are used in hospitals & clinics, long-term care facilities, and home care settings. These instruments provide various type of wounds such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, burns, surgical & traumatic wounds, and other wounds.
The wound care market is fragmented and is dominated by various players as per the segments. The major players operating in this market are Smith & Nephew PLC (UK), Acelity L.P. Inc. (US), Mölnlycke Health Care AB (Sweden), ConvaTec Group Plc (UK) and Coloplast A/S (Denmark) among others.
Smith & Nephew PLC (UK)
Smith & Nephew, a leading player in the advanced wound care market, has a robust portfolio and a strong geographic presence in key geographies. Over the years, the company has invested significant resources into broadening its product portfolio and enhancing its brand presence, which has made it a dominant player in the wound care market. It has also cultivated a broad and diverse network of suppliers to stave off any possibility of bottlenecks.
Acelity L.P. Inc. (US)
Acelity is a prominent company in the negative pressure wound therapy devices (NPWT) devices market. It is an innovation-centric company that develops new products by identifying the unmet needs of patients and caregivers. The company is a pioneer in NPWT devices and has a market presence of more than 15 years, which provides it a competitive edge over other players.
The company also invests heavily in R&D. For instance, in 2015, Acelity L.P., Inc. invested approximately 3% of its revenue in R&D. More than 870 clinical studies published in renowned medical journals, such as the Lancet, International Wound Journal, Journal of Wound Care, and Annals of Plastic Surgery, have demonstrated the efficiency and cost-effectiveness of Acelity’s NPWT devices in treating wounds. This is one of the major factors responsible for the high adoption rate of the company’s products.
The company believes that clinicians also play an integral role in increasing the adoption rate of its products. Therefore, it puts a lot of stress on educating and training clinicians about its products and applications; this helps the company maintain its market share.
Mölnlycke Health Care AB has a strong geographic presence with a robust product portfolio. To maintain its key position in the wound care market, the company leverages strong relationships with its suppliers. It has continuously looked to external strategic agreements for product innovation. In 2018, the company conducted around 10 substantial market research projects during the year, mostly among healthcare professionals, to gain a greater understanding of their needs and come up with products to fill the need gap. The company is also investing in improving its production and distribution facilities, creating efficiencies, and ensure quality for customers and patients. In 2018, Mölnlycke introduced a new transportation management system, which optimized its supply chain worldwide. The proactive approach of the company is one of its core strengths, keeping it ahead in the market.
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