ROCKVILLE, Md., Dec. 21, 2016 /PRNewswire/ -- Research firm Kalorama Information noted that the worldwide wound care market reached revenues of $20,980.7 million in 2016. Revenues were based on sales at the manufacturers' level. The market is varied in terms of both product offerings and product maturity. Several of the products within the worldwide wound care market are mature such as anti-infectives and pressure relief devices, while others such as biological dressings and negative pressure wound therapy are in the growing stages of development. Thus, some products within the market are slowing in growth rates while others are driving growth. This was the finding of Kalorama Information's report, Advanced Wound Care Markets Worldwide. The report can be found at: http://www.kaloramainformation.com/Advanced-Wound-Care-10506928/.
Kalorama says the worldwide wound care market is showing renewed signs of growth as the demand for products remains strong. Diabetes, cardiovascular disease, obesity and other diseases that present an ever-present challenge to wound care practitioners and manufacturers alike. Given that we are experiencing a worldwide aging of the population, these co-morbid diseases will continue to influence wound care challenges. All of this is influenced by and dependent on reimbursement coverage since most patients are over 65 years of age.
"There's overall growth but wide variance between product categories where conventional, mature products continue to generate the majority of sales but low growth," said Bruce Carlson, Publisher of Kalorama Information. "Advancements in biotechnology, biomaterials, and tissue engineering are expected to drive growth during the forecast period. A worldwide economic slowdown did not seem to have a big impact on this market, as the call for wound care therapy continued to increase."
A growing sector of the wound care market is the negative pressure wound therapy. The market is expected to exhibit an overall steady growth rate due to the increasing elderly population, rising rate of disease such as diabetes and obesity, availability of new therapeutic techniques, and the recent focus on wound care products and prevention. The negative pressure wound therapy market achieved revenues of $1,810 million in 2016. Sales have slowed somewhat in the US market recently due to implementation of CMS' competitive bidding process. However, the European market maintained acceptable growth as more European companies such as Hartmann, MoInlycke, Coloplast and Lohmann & Rauscher entered the market. This market segment still represents the second largest growing segment in the total wound care market.
Kalorama Information feels that the market will continue to expand over the long term due to an aging population, longer life expectancies, and an increasing number of sicker patients across all care settings. In the short term, there will be more ebb and flow in the industry due to changes in reimbursement, contract bidding, mergers and acquisitions, and changes in the delivery of health care.
"Patients have more complex coexisting illnesses such as diabetes, heart failure, obesity, pulmonary and vascular diseases," said Carlson. "Also immobility issues and chronic wounds. These factors are all influenced by future demographic trends, economic uncertainty, the impact of health care reform, increasing numbers of uninsured patients, reimbursement pressures from third party payers, continuing shortage of nurses and physicians and increasing technology and supply costs."
Kalorama Information's Advanced Wound Care Markets Worldwide provides market estimates and forecasts for specific product category markets such as dressings, artificial skin, NPWT, cleaning agents, anti-infectives, wound closure supplies and other markets.
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SOURCE Kalorama Information