Wound Care Products Market to Reach $15.3 Billion by 2010, Driven by Sealants, Growth Factors, and Skin Replacements, According to New Report by Global Industry Analysts, Inc.
Driven by advanced wound care products, world wound care products market is projected to grow at a healthy pace of 5.9% over the next five years. United States represents the world's largest and the fastest growing market. The market is likely to sustain its lead through the forecast period, reaching US$6.1 billion in 2010. Europe represents the world's second largest and the second fastest market for wound care products.
San Jose, California (PRWEB) July 9, 2007
A new report on wound care products has been released by Global Industry Analysts, Inc. "Wound Care Products: A Global Strategic Business Report" presents comprehensive analyses and includes coverage of the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific (excluding Japan), Latin America and Rest of World Markets. The report provides in-depth analysis of key trends, issues, business opportunities, and challenges in the wound care products market. The report takes a hard look at new product developments and technologies and the impact of these on the future growth of the market.
Wound care has come a long way from being an art to emerging as a science. Modern wound healing principles and protocols are replacing some of the more 'traditional' methods. Evolving biotechnology has allowed manufacturers to develop new products as a means to garner higher profit margins. With continuous developments in the wound care market, companies are devising new procedures and therapies for reducing the time associated with the healing process, and for reducing costs. Despite the predominance of low-cost traditional wound care products, advancements in technology continue to foster the development and introduction of revolutionary advanced wound care products.
Advanced wound care products market (http://www. strategyr. com/MCP-3230.asp) comprising sealants, growth factors, skin replacements, and others would be the key driver of the overall wound care products market (http://www. strategyr. com/MCP-3230.asp). Growing at a robust CAGR of nearly 11%, the advanced wound care products market is set to touch US$5.4 billion by 2010. Although advanced products cost more, their effectiveness and the reduced healing time represent the key driving factors. Traditional wound care products market (http://www. strategyr. com/MCP-3230.asp) is experiencing tepid growth owing to a marked shift to advanced wound care products. However, these products account for the bulk of world wound care products market, at nearly 70% in 2006. Low cost and easy reimbursement in hospital settings are the primary factors that continue to sustain this mature market.
There has been a fast paced progress in the industry for advanced wound care products since the 1970s and the industry has ventured into new areas with the entry of highly developed products. Aided by increased market penetration with substantial presence on the shelf of major distribution channels, advanced wound care products have gained a ready market acceptance. Active wound care products market (http://www. strategyr. com/MCP-3230.asp) of the advanced category represents the fastest sub-category in the overall wound care products market, at 17% CAGR over the next five years. Within the active segment, growth factors market and skin replacements market hold immense potential, forecast to register CAGRs of 16% and 22% respectively. Sealants market, also part of the advanced category, is expected to grow at a robust pace to reach US$1.4 billion in 2010.
Rapid growth in the global wound care arena has led to intense competition, with players vying to gain a larger share of the market. The market comprises players who continue to dominate the market through heavy discounts. Such large players also benefit immensely from their strong brand identities for maintaining dominant positions. A key trend in the marketplace is the widely prevalent alliances between large pharmaceutical companies and the emerging biotech industry for the introduction of novel wound care products and procedures.
Leading players in the worldwide wound care products market include Johnson & Johnson (J&J), Tyco Healthcare, 3M, ConvaTec, Smith & Nephew, BSN Medical, Kinetic Concepts, Inc., Molnlycke Healthcare, AcryMed, Beiersdorf AG, Carrington Laboratories, Coloplast A/S, C. R. Bard Inc, Derma Sciences, FibroGen, Kensey Nash, LAM Pharmaceutical Corp, Medline, Organogenesis, Ortec International Inc, ProCyte Corporation, and Trumed Technologies. Johnson & Johnson (J&J) and Tyco Healthcare represent the top two players in the worldwide wound care products market, together accounting for over 30% in 2006.
For more details about this research report, please visit http://www. strategyr. com/MCP-3230.asp (http://www. strategyr. com/MCP-3230.asp).
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (http://www. strategyr. com) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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