Wound Care Market in Asia Pacific to Grow at a CAGR of 6.9 percent till 2017 - Literated Market Research
The market for mechanical wound closure devices, tissue sealants and hemostats will grow with the growth in demand for minimally invasive surgeriesBANGALORE, INDIA, - (EINPresswire via NewMediaWire) - October 14, 2015 -- The wound care market in Asia Pacific earned revenues of US $502.3 million in 2012 and it is estimated to grow at a CAGR of 6.9 percent till 2017, according to experts and market analysts. On the other hand the wound closure market earned revenues of US$419.5 million in 2012 and is expected to grow at a CAGR of 7.5 percent through 2017.
Traditional wound dressings, moist wound dressings, silver and non-silver antimicrobial dressings, active therapies, and negative pressure wound therapy (NPWT) are the components of the wound care segment.
Sutures, mechanical wound closure devices, wound closure strips, energy-based closure devices as well as tissue sealants, haemostats and skin adhesives comprise the wound closure market.The use of advanced wound care and wound closure therapies in Asia-Pacific has been fueled by the heightened focus on faster wound healing and the increase in lifestyle diseases such as diabetes.
The demand for wound closure market has been enhanced by a strong inflow of medical tourists who require surgical intervention and the ensuing need for their early discharge.In emerging countries like Indonesia, Philippines and Vietnam, the sub segment of moist wound care dressings and anti-microbial silver dressings, in particular, has gained popularity.
Due to its effectiveness on burns, diabetes, ulcers and infections,Negative-pressure wound therapy (NPWT) is another advanced technology that has received wide attention. It is expected that this sub-segment would gain wide popularity due to its application of reusable NPWT at home and disposable NPWT in hospitals.
Since the high cost of the technology limits uptake in the public sector, at the present stage, the adoption of NPWT is mainly driven by the private sector. In order to boost long-term cost-efficiency, healthcare institutions, in developed economies are making one-time NPWT investments in chronic ulcer patients. The market for mechanical wound closure devices, tissue sealants and hemostats will grow with the growth in demand for minimally invasive surgeries.
The adoption of advanced wound care solutions would also be encouraged by the availability of better reimbursements. While countries like Australia, Taiwan and South Korea have only slightly better reimbursements, at present several developing and emerging economies do not offer reimbursements for advanced wound care products.
Therefore, to guarantee revenues in the region for now it is critical to find a cost-competitive distribution strategy. Discounts to bulk buyers need to be offered by suppliers and aggressively market the cost versus product benefit to hospitals and patients. Patients’ decision can significantly be influenced by nurses.
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