World Demand for Wound Management Products to Exceed $39 Billion in 2016
Cleveland 6/07/2012 10:00 PM GMT (WooEB)
World demand for wound management products will increase 5.3 percent annually to $39.3 billion in 2016, serving a $9.3 trillion worldwide health care industry. An expanding volume of surgical procedures, coupled with a rising incidence of treated injuries and external skin conditions, will underlie gains. Growth will also benefit from new product introductions, especially negative pressure therapy systems, skin replacements, tissue sealants, and wound healing agents. These and other trends, including market share and product segmentation, are presented in World Wound Management Products, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
China will account for the fastest growth in wound management product demand among all countries. Increasing economic prosperity will enable its health care sector to expand and diversify resources and capabilities, and accommodate an expanding volume of patients. Similar trends will create above average growth opportunities for wound management products in several other developing countries.
Led by the United States, the developed countries will continue to absorb a much larger share of total world wound management product demand than the developing countries. This trend will reflect the advanced nature of medical delivery systems, widespread coverage of residents for essential patient treatment, and increasing preferences of medical providers for high value added supplies and devices. Because of a higher degree of market penetration, total demand for wound management products in the developed countries will grow at a considerably slower pace than in the developing countries.
Wound closures will post world demand of $15.2 billion in 2016, up 4.3 percent annually from 2011. Tissue sealants will see the fastest gains, spurred by improvements in available products and speed advantages in the closing of minor surgical incisions and wounds. Nonetheless, sutures and staples will continue to dominate world wound closure demand based on well established performance results in major surgery. World demand for bandages is forecast to increase 4.5 percent per year to nearly $10 billion in 2016. Wound dressings and wound healing agents will post significantly faster growth in demand than will wound closures and bandages. Bioengineered tissue substitutes and negative pressure therapy systems will command the fastest growth opportunities among other wound management products.
The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.
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