Healthcare Technology Featured Article

May 22, 2014

Frost & Sullivan Analysis Reports Increase in European Advanced Wound Care and Closure Market


Frost & Sullivan, has conducted a study regarding the usage of wound care products in European hospitals. According to the report from Frost & Sullivan, the sale of advanced wound care and closure products has risen across Western and Eastern Europe.

Advanced wound care and closure products allow hospitals to more quickly treat patients suffering from wounds. These products not only prevent patients from having to stay out of the hospital for long periods, but will help them heal more quickly. They are also meant to be more comfortable and easier to use for patients.

Frost & Sullivan have found that the market for wound care and closure products earned a revenue of $4.41 billion. They estimate that the market will increase over the next five years, reaching a revenue of $6.41 billion by 2019.

Besides being more effective, and better for patients, there is a monetary reason for the implementation of advanced wound care and closure products in European hospitals. This increase in demand comes from the realization among hospitals that the cost of investment in these products would be less than the cost of lengthy hospital stays for patients.

"The increase in the volume of open surgical procedures is also fuelling the demand for wound closure products," said Frost & Sullivan Healthcare Research Analyst Parthasarathy Raghava. "Doctors across Western and Eastern Europe are particularly adopting new wound closure technologies that support scar-free surgery."

The European market for advanced wound care and closure products does face two hurdles, though. At the moment, the price of new products has been preventing hospitals from investing heavily in them. The European market also must compete with products coming from other regions, especially Asia.

Because hospitals are unable to invest heavily in the products, much of the European market is reassessing pricing strategies.

"Wound care product manufacturers have already started making NPWT and other active therapies more affordable by introducing rental models, portable solutions, and other cost-effective alternatives," noted Raghava. "They should continue finding ways to ensure that high-technology wound care solutions fit into current healthcare budgets."

The Frost & Sullivan analysis also points out an important way that the European market could distinguish itself, the companies should look to launching products that are able to handle different forms of wounds and have unique features. Increased customer support would also be an important way that such companies could stand out. 




Edited by Alisen Downey
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