China Wound Care Market
Is the Local Potential Much Higher than the Exports?
NEW YORK, Sept. 30, 2014 /PRNewswire/ -- The Chinese wound care market is in the growth stage. Growing ageing population and rise in the incidence of lifestyle diseases, coupled with the increase in risk of chronic wounds and in affordability of better quality of wound care products provide the impetus for the Chinese wound care market. Universal coverage of public health insurance schemes and increased reimbursement rate for wound care products would further stimulate demand. Based on the findings of primary and secondary researches, this research service analyses market dynamics, revenue forecasts, market share, and competitive structure in the Chinese wound care market. The base year is 2013, and forecasts have been provided until 2021.
Research Methodology
Secondary Research
The research team conducted a comprehensive review of secondary information sources, including Frost & Sullivan in-house databases, previous research services, online databases, trade journals, and the Internet.
The team then drew up a research plan on the basis of the research objectives and the resources allotted.
Research Instruments
The best research instrument suitable for this project was identified as an open-ended questionnaire, developed separately for different types of target candidates, namely manufacturers, distributors, end users, and industry experts. These instruments were made, checked for clarity, and thoroughness, and also if they motivated the candidates to respond. Duplication and overlaps allowed corroboration and cross-checking of data.
Primary Research
Frost & Sullivan obtained primary data directly from industry participants. The analysts' finely honed interviewing skills enabled the team to elicit valuable strategic information from industry participants. Using Frost & Sullivan's uniquely designed research techniques, the analysts were able to obtain information invaluable for identifying trends, threats, and opportunities in the marketplace. Primary research is focused on interviewing key personnel of relevant companies and organizations. In addition, the research team interviewed end users and industry experts from government and trade associations.
'Bottom-up' Approach
Frost & Sullivan used a 'bottom-up' methodology to assess the market, where each final market measurement represents the sum of many detailed, bottom-rung measurements. Frost & Sullivan calculated market size by interviewing each industry competitor and deriving each company's revenues, average selling price, and unit volume within each defined market. To calculate total market size, the analyst team first cross-verified all measurements, then added them to derive the final measurement of the total market.
'Bottom-up' versus 'Top-down' Approach
The 'top-down' approach is to ask a few industry participants to estimate the total size of the market, assess its growth rate, and make a forecast. These numbers are then averaged to make a final projection. This methodology is commonly used, but is highly imprecise and can lead to serious problems when used to make strategic decisions. This approach assumes that the average industry participant has a strong perception of market measurements of an entire market segment or industry. Frost & Sullivan has found that it is often not so. It is very rare for a spokesperson to accurately portray the intricacies of his/her own company, let alone gauge the entire market segment or industry. Frost & Sullivan has thus chosen a 'bottom-up' approach to market measurement.
Key Findings
-The wound care market in China is moving away from being an export-oriented industry to domestic-sales-oriented industry, due to expanding domestic demand and the contraction of export market. The share of domestic sales has been increasing; and there has been an increase in the number of export-oriented manufacturers venturing in the domestic market.
-10% of the manufacturers account for% of the market share. The other % of the manufacturers are smaller and regionalized.
-Traditional wound care products contribute to % of the total wound care market revenue, as these products require low technology and the natural materials are sourced in China at low cost.
-With the increase in disposable income and physicians' awareness of the benefits of advanced wound care dressing, the growth potential of advanced wound care dressing is expected to increase.
-MNCs dominate the advanced wound dressing segment, while local manufacturers hold a higher share of the traditional wound care segment. Owing to advancement in technology and development of new strategies in servicing hospitals and clinicians, domestic manufacturers are making inroads into the advanced wound care dressing segment.
Read the full report: http://www.reportlinker.com/p02312097-summary/view-report.html
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