Cleveland, Ohio -- World demand for wou-d management products will increase 5.3 percent annually through 2016 to $39.3 billion, serving a $9.3 trillion worldwide healthcare industry, according to research from The Freedonia Group Inc.
An expanding volume of surgical procedures, coupled with a rising incidence of treated injuries and external skin conditions, will underlie gains. Growth will also benefit from new product introductions, especially negative pressure therapy systems, skin replacements, tissue sealants, and wound-healing agents, Freedonia's new market study World Wound Management Products says.
The US will remain the largest market, but will account for the fastest growth in demand for wound management products. Increasing economic prosperity will enable its health care sector to expand and diversify resources and capabilities, and accommodate an expanding volume of patients, Freedonia says.
Similar trends will create above average growth opportunities for wound management products in several other developing countries, the Cleveland, Ohio group adds.
Led by the US, developed countries will continue to absorb a much larger share of total world wound management product demand than the developing countries, says Freedonia. This trend will reflect the advanced nature of medical delivery systems, widespread coverage of residents for essential patient treatment, and increasing preferences of medical providers for supplies and devices with high added value.
The higher market penetration in developed countries means total demand for wound management products there will grow at a considerably slower pace than in developing countries.
Wound closures will post world demand of $15.2 billion in 2016, up 4.3 percent annually from 2011. Tissue sealants will see the fastest gains, spurred by improvements in available products and speed advantages in the closing of minor surgical incisions and wounds. Nonetheless, sutures and staples will continue to dominate world wound closure demand based on well established performance results in major surgery.
World demand for bandages is forecast to increase 4.5 percent per year to nearly $10 billion in 2016. Gains will reflect expanding applications in self-treatment, sports medicine, and chronic care. Specialty bandages for the professional treatment of injuries and orthopaedic conditions will account for the fastest growth in demand.
Of the world total of $30.3 billion in 2011, Freedonia's breakdown is as follows: North America 38%; Western Europe 25%; Asia/Pacific 22%; other regions 15%.
World Wound Management Products; Study no 2893, published May 2012 costs $6100 and contains 346 pages.
See more at www.freedoniagroup.com