What's driving the Wound Care Market Share? | Key Players are Coloplast, Medtronic, Smith & Nephew, ConvaTec, Johnson & Johnson, Mo-Sci Corporation, Organogenesis, DermaRite, Derma Sciences, Hollister Incorporated
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The high cost of wound care products acts as major barrier in the growth of global wound care market. The high cost of advanced wound care, traditional wound care and wound closure products including foam, bandage, staples, hydrocolloid, film, alginate, hydrogel, and collagen, limits the affordability of the users. As a result, consumption of wound care products decreases despite higher therapeutic efficiency. Thus, this hampers the growth of global wound care market.
The North American wound care market is growing due to increasing geriatric population, increasing road accidents, increasing diabetes and obesity cases, and burn cases. Geriatric population is more susceptible to slow healing of wounds as they have low recovery power, which results in increased utilization of wound dressing.
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Moreover, wound care products are also used to prevent hospital acquired infections, which are formed at the site of surgery. According to an article published by Center for Disease Control and Prevention (CDC), approximately 157,500 patients acquired infection after surgery at hospitals in the U.S. in 2011. Increased utilization of wound care products can prevent such cases and alleviate patients’ condition.
The intensity of rivalry is medium in the global wound care market. The moderate degree of product differentiation among existing players increases the intensity of rivalry in the market. In addition, brand loyalty moderately affects the market as buyers are moderately inclined toward established wound care product manufacturers. This increases rivalry among the competitors.
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Some of the key companies operating in the global wound care market:
3- Smith & Nephew
5- Johnson & Johnson
6- Mo-Sci Corporation
9- Derma Sciences
10- Hollister Incorporated
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