Advanced Wound Care Market Outlook to 2024
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The global advanced wound care market was valued at $12.5bn in 2015 and is forecast to grow at CAGR of 4.7% between 2015 and 2024, to reach 2024 global sales of $19.7bn. The U.S. represents roughly 50% of the total worldwide market. In the advanced wound care market, over half of the industry’s revenues come from the five largest wound care firms. However, innovation is often sourced from a large number of smaller and newer advanced wound care companies. Innovators of effective wound care therapies have significant pricing power, unlike other therapeutic sectors.
The wound care market is broadly segmented in to acute and chronic wound care. The acute wound care segment is expected to see a rise in growth over the next 5 years driven by products that treat burns, trauma wounds and surgical wounds. The acute wound care in the U.S. has annual incidence of around 800,000.
The increasing rates of obesity in developed countries have contributed to increasing rates of diabetes, which is a primary contributor to the formation of chronic wounds. Further, increasing life spans and increased access to healthcare contribute to the population susceptible to chronic wounds. Chronic wound patients have a mortality rate that is similar to several types of cancers and the cost to treat chronic, non-healing wounds is as expensive as treating some forms of cancers.
Growth in the wound care market is projected to see strong upward trajectory driven by rising trends in products used to treat chronic wounds, such as diabetic foot ulcers, pressure ulcers, venous leg ulcers and arterial ulcers. The patient population in advanced wound care is large and growing. The annual incidence of chronic wounds in the U.S. is roughly 5 million.
Global Advanced Wound Care Market by Segments 2013 - 2024 (USD Million)
“Key Treatment Categories”
There are 10 major categories that make up the advanced wound care market: (1) Negative pressure wound therapy, (2) Antimicrobial dressings (3) Non-adherent dressings (4) Foam dressings (5) Hydrocolloids (6) Bioengineered skin and skin substitutes (7) Film dressings (8) Growth factors (9) Alginate dressings and(10) Hydrogels.
ConvaTec, Smith & Nephew, Covidien (now part of Medtronic), Johnson & Johnson, Medline, Coloplast, and C.R. Bard are some of the key players for Advanced Wound Care Market"
Advanced Wound Care market is comprised of established large diversified players and emerging new innovative players. The larger established companies in the space include ConvaTec, Smith & Nephew, Covidien Medical Supplies (now part of Medtronic), Johnson & Johnson, 3M, Molnlycke Health Care, Medline, Coloplast, and C.R. Bard and the emerging innovative smaller players include Derma Sciences, MiMedx, Osiris, Integra LifeSciences, Organogenesis, Lifecell (Acelity), and TEI Biosciences.
“Reimbursement coverage and Payer Insights”
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In the context of reimbursement, bioengineered skin and skin substitute products and growth factors are expected to outperform the other categories since they have the potential to address more complex wounds, provide clinically meaningful benefit and offer better reimbursement coverage opportunities. However, reimbursement still remains the limiting factor for a broad range of other advanced wound care categories.
The reimbursement landscape for the advanced wound care market is split 50/50 between inpatient and outpatient settings. Approximately 60% of the outpatient facilities are covered by Medicare and the remaining 40% is commercial payers who will base their coverage decision based on Medicare’s policies. CMS established Medicare Administrative Contractor (MAC) as multi-state regional contractors responsible for handling Medicare Part A and B claims. Therefore, new drug/therapy has to receive MAC approvals (8 MACs total in the U.S.) in order to get reimbursement in the covered region. MAC approval path is a complex process since the criteria are different for all 8 agencies and could last several years.
The advanced wound care market is distinct from other therapeutic markets in a number of ways. A leading differentiator in this market is the leeway that nurses have in the treatment decisions. Similarly, the number of physicians that are treating these patients with several conditions is greater, producing a faster rotation in ulcer therapies and a need for faster healing times. There are an estimated 20,000 treatment options for chronic ulcers, further complicating the selection of the best treatment option for each patient at each stage of their conditions.
“The Road Ahead”
Advanced wound care treatments continue to develop. The use of different treatment categories evolve as new innovations are introduced and third party payers change their reimbursement guidelines. While foam dressings and hydrocolloids are two of the leading treatment categories, physical therapies such as negative pressure wound therapies and growth factors are expected to consume a bigger share of the advanced wound care market, both in the U.S. and worldwide for next several years.
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