US Market for Wound and Tissue Management 2014 (Forecasted to 2020) – MedSuite
- Year: 2014
- Scope: 2010-2020
- Region: United States
- Published Date: 10/01/2014
- Pages: 353
- Type: MedSuite
The U.S. wound and tissue management market was valued at over $7.8 billion in 2013.
The wound and tissue management market includes wound closure devices; static and dynamic compression therapy; moist, antimicrobial, interactive wound dressings; non-adherent contact layers; hemostats; tissue sealants; anti-adhesion; and negative pressure wound therapy. This report details the expected growth rates, average selling prices (ASP) and market values of these interlinked segments.
The U.S market for wound and tissue management was driven by the introduction of newly FDA-approved products, and by demand due to the aging population, and increasing rates of both obesity and diabetes. The advanced wound dressings segment exhibited the highest growth in 2013. This growth will be due to the rising popularity of foam dressings, antimicrobial dressings and the influx of competitors and innovative products in the interactive dressing market. The reimbursement changes in 2014 will potentially have a negative impact on the growth of the interactive dressing market.
The range of products in the wound management industry is as diverse as the conditions they are meant to treat. The use of traditional dressings has stood the test of time and these will remain important products. This market will exhibit slow but healthy growth over the forecast period due to its sheer size. However, advanced dressings are the way of the future and there is still a large untapped potential market. Advanced dressings decrease the frequency a dressing must be changed and due to the commoditization of these products, the price gap between the two, traditional and advanced, is decreasing. Over the forecast period, companies which are able to modify and enhance their advanced dressing portfolio will be able to grow with the shift in product usage.
Growth in the negative pressure wound therapy market was significantly affected by the competitive bidding process. This market is expected to rebound and post growth in the high single-digits over the forecast period. Growth will be supplemented by improved reimbursement rates for single use negative pressure wound therapy pumps and an increase in the number of competitors.
With the baby boomers aging, the total number of people over the age of 65 is drastically increasing within the United States. With an aging population comes the requirement for more surgical procedures, all risking the possibility of circulatory issues. As a result, a greater number of devices used in surgery, such as wound closure devices, hemostats and tissue sealants, will be purchased. Therefore, sales of products that enhance circulation to treat lymphedema and chronic wounds are expected to increase to meet the growing demand of this population.
The wound and tissue management market is consistently changing through new reimbursement rates, FDA approval and product innovation. A company which was once a dominant player in a market can lose market share quickly due to a number of different factors. KCI continues to lead the negative pressure wound therapy market but their revenue was significantly affected by the competitive bidding process, which allowed Smith & Nephew to increase their market share. Shire, a once dominant player in the interactive dressing market, saw their revenue significantly decrease year-over-year due to their highlight product not receiving FDA approval for additional usage.
Our reports follow an in-depth 9-step methodology which focuses on the following research systems:
- Original primary research that consists of the most up-to-date market data
- Strong foundation of quantitative and qualitative research
- Focused on the needs and strategic challenges of the industry participants
Step 1: Project Initiation & Team Selection During this preliminary investigation, all staff members involved in the industry discusses the topic in detail.
Step 2: Prepare Data Systems and Perform Secondary Research The first task of the research team is to prepare for the data collection process: Filing systems and relational databases are developed as needed.
Step 3: Preparation for Interviews & Questionnaire Design The core of all iData research reports is primary market research. Interviews with industry insiders represent the single most reliable way to obtain accurate, current data about market conditions, trends, threats and opportunities.
Step 4: Performing Primary Research At this stage, interviews are performed using contacts and information acquired in the secondary research phase.
Step 5: Research Analysis: Establishing Baseline Estimates Following the completion of the primary research phase, the collected information must be synthesized into an accurate view of the market status. The most important question is the current state of the market.
Step 6: Market Forecast and Analysis iData Research uses a proprietary method to combine statistical data and opinions of industry experts to forecast future market values.
Step 7: Identify Strategic Opportunities iData analysts identify in broad terms why some companies are gaining or losing share within a given market segment.
Step 8: Final Review and Market Release An integral part of the iData research methodology is a built-in philosophy of quality control and continuing improvement is integral to the iData philosophy.
Step 9: Customer Feedback and Market Monitoring iData philosophy of continuous improvement requires that reports and consulting projects be monitored after release for customer feedback and market accuracy.