As a result, the market is expanding strongly despite significant hurdles, including intense competition and low reimbursement.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Western European Advanced Wound Management Market, finds that the market earned revenues of $1.52 billion in 2008 and estimates this to reach $4.35 billion in 2015. The following segments are covered in the research: moist wound dressings segment, antimicrobial wound dressings segment, NPWT segment and advanced therapies segment.
"Rising awareness about chronic wound care in hospitals and home care is supporting the expansion of the advanced wound care market in Europe," notes Frost & Sullivan Research Associate Sreevidhya Praveen. "The market is gaining in popularity against a backdrop of efforts to reduce healthcare expenditure."
Advanced wound care products enable speedy recovery from wounds. Therefore, they help curtail healthcare expenditure. Due to the clinical and cost benefits that they offer, demand for such advanced wound management products is increasing. The rising incidence of chronic wounds due to an expanding diabetic population, together with an ageing population across Western Europe is also fuelling the uptake of advanced wound care devices.
Changing healthcare systems across Europe are promoting the growth of the advanced wound care products market; physicians are mostly advised to prescribe treatments that would help patients make a speedy recovery and encourage faster healing of wounds.
"Currently, the challenge to be overcome in the market is product pricing," cautions Praveen. "Generally, advanced wound care products are more expensive than traditional equivalents."
As advanced wound care products are more expensive, reimbursement does not cover these products completely. This, in turn, restrains market growth to a certain extent.
Improving wound care education and training for patients and physicians is critical. This will enhance awareness levels about advanced wound care products and their beneficial effect on chronic wound healing.
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Western European Advanced Wound Management Market / M34A