As the worldwide economy recovers from recession into a new period of growth there is little doubt these developments will have a positive effect on the healthcare technologies market, including the multi-billion dollar wound management segment, according to a new report from Global Information Inc., "World Wound Management Products."
The wound closure markets are driven by technological advances, increased application due to insurance reimbursement in the western world, and growing demand in developing countries.
Of all the elements of the wound management market, wound closures remain the largest product segment, and the Freedonia Group's new "World Wound Management Products" market research report forecasts the global market for wound closures to reach $15.2 billion in 2016 at a 4.3 percent CAGR. The availability and accessibility of basic healthcare in developing countries will to drive the wound closures markets upward, with applications in surgery and trauma procedures, countering Western advances in minimally invasive medical technologies that will hold down growth in demand for wound closures.
Overall world growth for bandages will be hampered by the sheer volume of suppliers, which put pressure on bandage prices. Still, global demand for bandages will grow at 4.5 percent CAGR to nearly $10 billion in 2016. Worldwide demand for wound dressings will increase 6.6 percent annually to $5.7 billion in 2016, driven by infection prevention standards promoting more frequent changing, and availability of advanced biological and synthetic products.
A second new report, "Negative Pressure Wound Therapy Market to 2017," indicates that the negative pressure wound therapy (NPWT) market is posed for substantial growth, due to technological advancements, reimbursement, and new application fields.
Recent technological advances such as the availability of battery-operated portable NPWT equipment, but also the ongoing development of single use and disposable versions drive growth. A global panel of 422 experts has further recommended NPWT to be used for the treatment of traumatic wounds such as soft tissue defects, open fractures and burns, and reconstructive procedures.
GBI Research's new "Negative Pressure Wound Therapy Market to 2017" market research report provides information on the key trends and key analytical content on the market dynamics, with market revenue data, forecasts through 2017, as well as company share data for 2010. According to the report, the U.S. is the largest market for NPWT, worth $1.2 billion in 2010.