Advanced Wound Care: A Future Built On Innovation
The advanced wound care market is attracting an increasing number of competitors and investors seeking a stake in this high-need, high-growth space. But although the number of innovative wound care products is on the rise, this is also a highly diverse market, with some striking differences among various regions of the world in terms of product adoption and standard wound care practices.
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Acquisitions and innovation are rapidly changing the dynamics in the global advanced wound care market, a high need, high growth market estimated at $5.4 billion in 2013. With the number of chronic wounds in major countries estimated at a whopping 26.7 million, the global advanced wound care market is projected to grow at a brisk 6% CAGR, reaching $7.3 billion by 2018.
Growth in the market for negative pressure wound therapy (NPWT) devices, which account for more than 40% of the US advanced wound care products market, will be driven in large part going forward by new, single-use disposable products, which are more convenient and cost-effective than traditional NPWT machines. Such products are finding increasing adoption for the treatment of closed surgical incisions.
An estimated 15 million Americans have obstructive sleep apnea severe enough to warrant treatment, but this field has been chronically underserved by traditional continuous positive airway pressure systems that are inconvenient and uncomfortable to use. To address this problem, CPAP manufacturers are making design improvements to optimize comfort and compliance; at the same time, promising new technologies are emerging – including neurostimulation devices for OSA – that could help reshape the future management of this often overlooked, but serious disorder.