LONDON, UK (GlobalData), 04 April 2012 - The UK is “leading Europe in the pioneering of advanced wound management”, largely due to rising health awareness and its increasingly obese population, according to a new report by business intelligence company GlobalData.
The new report* found that greater numbers are seeking treatment due to the rising prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers and venous stasis ulcers. In addition, rising patient awareness of the risk of infection is increasing sales of advanced wound medical supplies.
Diabetic foot ulcers affect 15% of people who suffer from diabetes, and the prevalence of these wounds is expected to increase in correlation to the rising number of diabetes cases. Pressure ulcers are also very common, with an estimated 2.5 million people suffering from them every year in the US alone, and occur most commonly in obese patients and elderly people with chronic illnesses.
These huge target markets are quickly turning into a money-spinner for woundcare manufacturers, with many developing technological innovations within the advanced wound management market in order to launch novel products to stay ahead of the competition.
Among European nations, the UK shows an increased level of adoption due to its highly developed reimbursement system and impressive patient awareness. Europe is the largest market for advanced wound management, accounting for more than 40% of the global market and consistently outperforming the US market, despite lower levels of diabetes and obesity. This is due to superior reimbursement for advanced wound management products, and the rising awareness of wound infection and the benefits of antimicrobial dressings.
Global manufacturers are additionally trying to penetrate emerging markets such as India, China and Brazil, where conditions such as diabetes are increasing at an exponential rate, either by establishing their own manufacturing units or acquiring complementary companies.
The global advanced wound management market is expected to grow at a compound annual growth rate (CAGR) of 4.6% over the period 2011–2018, with revenues increasing from$3.2 billion in 2011 to $4.4 billion by 2018. The European market alone was valued at $1.4 billion in 2011, and is forecast to grow to $1.9 billion by 2018 at a CAGR of 5.1%.
*Advanced Wound Management - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018 This report provides key data, information and analysis on the global advanced wound management market. It shows the market landscape, competitive landscape and market trends information for this market. The report also provides comprehensive information on the key trends that affect the market and important analytical content on market dynamics. In addition, it reviews the competitive landscape and technology offerings.
The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s research team of industry experts.
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