Traditional Wound Management Market

Key Insights

Traditional Wound Management Market: Experiencing Shifting Dynamics

Due to changes in aging demographics and growing incidence of chronic diseases, the prevalence of wounds and types of wounds are shifting. Although surgical wounds still top the total number of events, the events of chronic wounds are expanding rapidly due to the prevalence of chronic diseases such as diabetic ulcers and other induced ulcers. The traditional wound management approach is still used in the care of chronic wounds, however, only traditional wound management products are not sufficient to solve the need for wound care due to the presence of a co-morbid population. In-spite of the availability of more convenient and advanced wound-healing products, majority of healthcare professionals opt for traditional wound management products due to their cost-effectiveness and the availability of clear reimbursement policies for traditional wound management products in countries such as the U.S.

The Joint Efforts of Supply Chain Executives to Increase Efficiency Expected to Boost the Traditional Wound Management Market

Various sections of the supply chain in traditional wound management products are collaboratively seeking higher reimbursements for hospital supplies to survive the extremely high cost pressure. This is being facilitated through cost sharing between value-chain stakeholders in the traditional wound management market. This is typically noted for the sharing of advertisement costs, logistics & transportation costs and inventory management costs. Efficient management leads to a lean supply chain and greater profitability. To ensure the security of supply, players in the downstream value chain prefer having tie-ups with raw material suppliers of traditional wound management products. This enables the latter-stage players to focus on better storage, packaging, transportation and ensuring the sterility of the traditional wound management products manufactured. Having tie-ups also helps reduce margin fluctuations and maintain the stability of the order-flow process. To cite an example, Chinese manufacturers of traditional wound management products have tie-ups with large medical suppliers in the U.S. and Europe to establish a win-win situation for both parties. This rules out uncertainty and helps maintain adequate inventory/stockpile & managing margins.

Sustainable Demand for First-aid and the Versatility of Products is expected to Increase the Adoption of Traditional Wound Management Products

There is steady demand for traditional wound management and first-aid products globally in home care settings as well as hospitals. Products such as gauze bandages and adhesive bandages enjoy sustainable demand for small cuts, bruises, etc. Product versatility is another factor that has helped gauze bandages maintain their popularity over the years, thereby witnessing sustainable demand. Other contributing factors include low cost, easy availability and comfort.

Expanding Aging Population, Coupled with Growing Incidence of Chronic Diseases, is Significantly Driving the Traditional Wound Management Market

The rising incidence of diabetic foot ulcers among the elderly in developing countries is fuelling steady demand for traditional wound management products. The International Diabetes Federation has estimated the prevalence of diabetic foot ulcers to be approximately 2% in developed countries in 2015, as compared to over 20% in the resource-poor countries of the Caribbean region. This is boosting the demand for low-cost traditional wound management products in in-patient care as well as homes. Diabetic foot ulcers could also lead to lower limb amputation and gangrene – the most frequent conditions seen in hospital wards in less-developed countries, thus generating demand for traditional wound management products.

Higher Procurement of Traditional Wound Management Products by Hospitals Expected to Fuel Demand

Increasing willingness of patients to recuperate in non-hospital settings is largely contributing to the larger procurement of traditional wound management products by hospitals. These products are generally supplied to patient parties at higher costs at the time of discharge. The formalisation of a contract structure, tendering and the finalization of adequate margins are gradually getting streamlined in developed as well as developing countries. These are factors contributing to growth in institutional supplies. This also tends to lend greater surety in order management across the value chain.

Higher Cost of Wound Care Hampering the Adoption of Traditional Wound Management Products

High economic costs associated with wound care via traditional wound management products is deterring the adoption of traditional would management products as compared to synthetic products. According to most manufacturers, most of this cost is hidden in nature. As per Smith & Nephew estimates, wound care accounted for ~4% of the total health system costs over 2010-15. This is divided into material costs (15-20%), nurse time & caregiver cost (30-35%) and hospitalisation costs (~50%). These costs lead to an escalation in overhead expenses for hospitals, which tends to boil down to consumers (here patients and patient parties) during in-patient hospital and hospice care.

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Competitive Landscape

The FMI report on traditional wound management provides detailed information about the growth parameters of traditional wound management products with the help of a detailed assessment of the competitive environment in the global market. The market study provides comprehensive data on each stakeholder in the traditional wound management market, which include Lenzing AG, Smith and Nephew Plc., B. Braun Melsungen AG, Johnson & Johnson, Medtronic Plc., Cardinal Health Inc. Derma Sciences Inc., Paul Hartmann AG, Mölnlycke Health Care, Medline Industries, Inc., DUKAL Corporation, BSN Medical, etc. The report provides readers all-encompassing data on each manufacturer’s revenue shares, winning strategies and latest information on product launches/approvals in the traditional wound management market. Key players in the traditional wound management market are focusing on expanding their business in Asia Pacific, as Asia Pacific has high potential owing to the presence of a large population.

For instance, Smith and Nephew Plc., one of the leaders in the traditional wound management market, is employing a number of strategies, such as the implementation of new mid-tier business models, provides education to medical professionals, etc. in emerging markets. The company’s emerging market business includes China, Asia, India, Russia, Middle East, Africa and Latin America. As a part of the company’s mid-tier commercial model, it offers quality products at low prices in emerging markets. To ensure the effective usage of its wound care products, Smith & Nephew has invested in the Nursing Education and Excellence in Wound Care program in India, as well as held courses for the management of wound infections and skin burns in South Africa.

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Definition

Traditional wound management products are the basic products intended for the management of non-severe and acute wounds. These products are generally used to absorb exudate, seize bleeding, close the open trauma & surgical wounds and dry the wound to help it heal faster.

About the Report

This study on the traditional wound management market was recently published by FMI. It provides comprehensive information about the most important market dynamics that prove instrumental in the growth of traditional wound management market during 2016-2026. Market players can find the most accurate quantitative and qualitative information about the growth parameters of traditional wound management products in the report, which can help them develop data-driven business strategies in the near future.

Segmentation

For the better understanding of readers, the FMI report provides salient information about the traditional wound management market in the most comprehensive manner. The global traditional wound management market is segmented according to geographical regions, product type, applications and end user to analyse the segment-wise growth of the market. Based on geographical regions, the global traditional wound management market is segmented into seven regions – North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). Traditional wound care products considered in the report include bandages, gauzes, gauze sponges and sponges. Based on application, the global traditional wound management market has been segmented into skin & diabetic ulcers, burns, surgeries, trauma and other applications (such as skin cuts, primary dressings, etc.). Furthermore, by end users of traditional wound management products, the global market has been segmented into hospitals, clinics, diagnostic centres, homecare settings and ambulatory surgical centres.

Additional Questions Answered

Readers can find detailed information about the important factors that are augmenting along with factors hampering the growth of traditional wound management market during the forecast period. In addition, the report also contains valuable information about the key players in the traditional wound management market as well as answers to critical questions, such as:

• What is the role of each participant in the value chain of the traditional wound management market?
• How has the global traditional wound management market evolved over time?
• What are the adoption trends of different traditional wound management products among different end users?
• What are the key strategies employed by players in the global traditional wound management market?

Research Methodology

The process of market research followed at FMI commences with the extensive secondary research of the traditional wound management market. Analysts obtain industry-validated, historic and current data about the demand and sales of all traditional wound management products across the globe. The market value for traditional wound management is derived based on country-level data about the number of different wound events such as surgical wounds, trauma events, burn cases, skin & diabetic ulcer events, etc. The adoption rate of traditional wound management products for each of these applications is then obtained through secondary research and validated through primary interviews with key subject-matter experts. The annual treatment cost for the management of each of these events using traditional wound management products is then utilised to arrive at the final market size. Based on thorough secondary and primary research about the growth parameters of the traditional wound management market, analysts come up with the most precise forecast about how the traditional wound management market is likely to grow over the forecast period.

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