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Strategic Analysis of Global Wound Care MarketsPublished by: Frost & Sullivan Published: Dec. 18, 2003 Table of Contents1. Executive Summary 1. Executive Summary and Definitions 1. Executive Summary 2. Definitions 2. Total Wound Care Markets 1. Market Dynamics 1. Introduction 2. Market Drivers a. Market Drivers for the Global Advanced Wound Dressings Market - Emphasis on Earlier Hospital Discharges Increases Sales - Increase in Healthcare Costs Bolsters Growth - Advancements in Technology Compel Evolution of Advanced Dressings - Rise in Incidence of Infections Promotes Sales of Dressings - Attention to Cosmetic Effects of Wound Management Leads to Evolution of Product - Increased Patient Awareness Spurs Product Demand - Increased Incidence of Wounds as Comorbidities Promotes Demand - Rise in Number of Trauma Cases Drives Demand b. Market Drivers for the Global Traditional Wound Dressings Market - Lower Economies of Scale Lead to Lower Prices, Boosting Product Sales - Clinicians' Preferences Boost Product Demand - Lower Prices Lead to Dominance of the Market - Rise in Incidence of Trauma Cases Spurs Sales 3. Market Restraints a. Market Restraints for the Global Advanced Wound Dressings Market - Cost of Advancing Technology Hinders Growth Rate - Price of Dressing Restricts Increase in Sales - Innovative Products May Lead To Product Substitution, Which Thwarts Growth - Little Product Differentiation Leads to Price Wars, Which Drive Down Market Revenues - Lack of Care-Provider Education Constrains Growth - Reluctance to Adopt New Technologies Curtails Acceptance of Product - Growth of Preventive Medicine Reduces Incidence of Wounds, Confining Product Demand - Increase in Minimally Invasive Procedures Retards Need for Wound Dressings b. Market Restraints for the Global Traditional Wound Dressings Market - Advancements in Technology May Replace Existing Products, Decreasing Demand - Minimal Product Differentiation Leads to Controlled Growth - Increase in Chronic Wounds Leads to Higher Demand For Advanced Dressings, Decreasing Demand for Traditional Dressings - Increase in PPS Reimbursement Promotes Growth of Advanced Dressings Market and Restricts Growth of Traditional Dressings Market 4. Market Engineering Analysis 5. Market Challenges a. Challenges for the Global Wound Care Market - Minimal Product Differentiation Leading To Prices Wars - Care Providers Hesitant To Adopt New Technologies - Smaller Manufacturers Have Budgetary Constraints; Unable To Educate Care Providers of the Advancements - Increase in Minimally Invasive Surgery Methods Challenges the Demand for Wound Care Products - Higher Cost of Materials Used In New Products, Leading To Higher Prices - Lack of Proprietary Knowledge Resulting In Low Entry Barriers b. Strategies to Address the Above-Mentioned Challenges: - More Emphasis on Research and Development - Particular Attention to Primary Research versus Development - Education Sessions for Care Providers - Highlight New Technologies and Their Advantages - Focus On Non-Surgical Wounds - Develop Dressings That Might Be Specifically Required For Minimally Invasive Procedures - Develop More Efficient Dressings - Acquire Cost-Effective Production/Manufacturing Technologies - Develop Patents for New Products - Promote Brand Loyalty 6. Research Scope and Methodology 2. Key Issues and Trends 1. End User Perspective 2. Traditional versus Advanced Wound Dressings 3. Revenue Forecasts and Competitive Analysis 1. Revenue Forecasts 2. Market Share 4. Frost & Sullivan Awards 1. Product Innovation Award 2. Market Penetration Award 3. Technology Excellence Award 3. U.S. Wound Care Markets 1. Total Market Overview 1. Introduction 2. Market Challenges 3. Market Trends 4. Revenue Forecasts 5. Market Share Analysis 6. Product Analysis 7. Competitive Landscape 4. European Wound Care Markets 1. Total Market Overview 1. Introduction 2. Market Trends 3. Revenue Forecasts 4. Market Share Analysis 5. Product Analysis 6. Competitive Landscape 5. Rest of the World Wound Care Markets 1. Total Market Overview 1. Introduction 2. Market Challenges 3. Market Issues and Trends 4. Revenue Forecasts 5. Market Share Analysis 6. Competitive Landscape 6. Decision Support Database 1. Forecast of Wounds 1. Forecast of Wounds List Of Figures Chapter 2 Total Wound Care Market: Market Drivers for the Advanced Dressings Market Ranked in Order of Impact (World), 2003-2009 Total Wound Care Market: Market Drivers for the Traditional Dressings Market Ranked in Order of Impact (World), 2003-2009 Total Wound Care Market: Market Restraints for the Advanced Dressings Market Ranked in Order of Impact (World), 2003-2009 Total Wound Care Market: Market Restraints for the Traditional Dressings Market Ranked in Order of Impact (World), 2003-2009 Total Wound Care Market: Market Engineering Analysis for the Traditional Dressings Market (World), 2002 Total Wound Care Market: Market Engineering Analysis for the Advanced Dressings Market (World), 2002 Total Wound Care Market: Strategies Addressing Top Market Challenges (World), 2003 Total Wound Care Market: Revenue Forecasts (World), 1999-2009 Total Wound Care Market: Revenue Forecasts for Advanced Dressings (World), 1999-2009 Total Wound Care Market: Revenue Forecasts for Traditional Dressings (World), 1999-2009 Total Wound Care Market: Market Shares of Key Participants in the Advanced Wound Dressings Market (World), 2002 Total Wound Care Market: Market Shares of Key Participants in the Traditional Wound Dressings Market (World), 2002 Chapter 3 Wound Care Market: Strategies Addressing Top Market Challenges (U.S.), 2003 Wound Care Market: Revenue Forecasts (U.S.), 1999-2009 Wound Care Market: Market Shares of Key Participants in the Advanced Wound Dressings Market (U.S.), 2002 Wound Care Market: Market Shares of Key Participants in the Traditional Wound Dressings Market (U.S.), 2002 Wound Care Market: Competitive Structure (U.S.), 2003 Chapter 4 Wound Care Market: Revenue Forecasts (Europe), 1999-2009 Wound Care Market: Market Shares of Key Participants in the Advanced Wound Dressings Market (Europe), 2002 Wound Care Market: Market Shares of Key Participants in the Traditional Wound Dressings Market (Europe), 2002 Wound Care Market: Competitive Structure (Europe), 2003 Chapter 5 Wound Care Market: Strategies Addressing Top Market Challenges (Rest-of-World), 2003 Wound Care Market: Revenue Forecasts (Rest-of-World), 1999-2009 Wound Care Market: Market Shares of Key Participants in the Advanced Wound Dressings Market (Rest-of-World), 2002 Wound Care Market: Market Shares of Key Participants in the Traditional Wound Dressings Market (Rest-of-World), 2002 AbstractTraditional Wound Dressings Market Stays Strong as High Costs Restrict Adoption of Advanced DressingsGlobally, traditional dressings continue to dominate the wound care market despite the availability of advanced wound dressings that heal wounds at a quicker rate. Advanced dressings provide a moist wound-healing environment that is more conducive to healing than the traditional dry environment. But care providers are often unable to recommend the use of advanced dressings due to the perceived high cost. Advanced wound dressings, however, require fewer dressing changes, use less care provider time, and offer quicker healing, thereby reducing the total resources used. This is expected to be a valid argument to expand the usage of advanced dressings. This research service analyzes the current state of the global wound care markets. It forecasts future revenues and the gradual shift toward advanced wound dressings. The study also identifies the key challenges facing the industry and provides strategies to succeed in light of such obstacles. Education Sessions for Care Providers Vital to Boost Acceptance of Advanced Products "While the wound care market holds significant potential in terms of financial growth and technological advancements, the primary obstacle facing manufacturers is the care provider's reluctance to adopt new technologies and products," says the author of the research. Manufacturers usually hold educational sessions when they introduce a new product to clinicians and highlight its advantages over either its previous version or the existing technology it seeks to replace. However, smaller companies have not been able to widely sponsor such events due to severe budgetary constraints. As a result, care providers have been reluctant to change and acceptance of new products has been slow. In the U.S. and European markets, scattered and inadequate reimbursement policies add to this challenge. More Emphasis Required on Research than Development Difficulty in obtaining approval from regulatory organizations makes manufacturers choose the development route rather than focusing on the primary research route. This is the reason for majority of the new products launched in the wound care market being hybrid products, either combining existing technologies and products or as enhanced versions of products present in the market. The drawback of this is the existence of several similar products in each product segment that leads to minimal product differentiation. "Low differentiation between products leads to more competitive pricing between companies, as they are not able to highlight distinguishing features between products," says the analyst. "This type of price war has a negative influence on the entire market as it drives down revenues." Increased emphasis on research and development and particular attention to primary research instead of the current development trend holds the key to gaining market share.
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