A new study by market analysis company Espicom, headquartered in Chichester, UK, suggests advanced wound care products are not reaching their potential value or audience and that their use is constrained by tightened healthcare spending and slow clinical adoption, particularly in Asia.
The report, “The Global Advanced Wound Care Market to 2017,” noted that while the international market saw double-digit growth before 2008, the market has slowed more recently, with growth affected by intense competition.
The market is also seeing declines in reimbursement levels as governments reign in healthcare expenditures. According to the report, negative pressure wound therapy is the most valuable sector, with expanding applications for the technology in surgery and other areas and new markets opening in Japan, China, and India, where clinical adoption has been slow. Biologics is another hot area, and novel products such as skin substitutes, growth factors, cell-based therapies, and collagen-based wound care therapies make this the fastest growing sector in wound care.
Joanne Maddox, Espicom senior health analyst and report author noted, “When money is tight health payers take a hard look at the effectiveness of the products they buy. Some advanced wound care products are expensive, and the lack of a substantial clinical trials base to support claims of effectiveness has led some to question the net value of them. The recent increase in clinical trials will help considerably in allaying the fears of clinicians and make for a sustainable growth in the market going forward.”