Advanced wound management technologies include different wound healing products, and the market include devices and consumables of great diversity. The products are made up of different materials allowing them to heal a wound quicker than usual. Advanced wound management technologies are superior to traditional methods of wound healing, as they are particularly used for acute and chronic wound.
Modern Approaches and Technologies in Wound Healing
The best form of traditional wound healing techniques includes moist wound healing dressings, environment provided by such product supports the vital cells responsible for wound repair. As identified that not all complex and chronic wound respond well with moist wound healing products. Advanced wound management technologies offer better wound closure properties, product including negative pressure wound therapy, bioengineered skin substitutes electrical stimulation and superabsorbent dressings.
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This creates a better space for such advanced wound management technologies to replace traditional wound healing products, the drop in prices due to introduction of more number of products would eventually increase the market share of advanced wound management technologies in overall wound management products. More number of companies are involved in the research and development of advanced wound management technologies, developed economies tend to adopt more advanced form of healing than traditional units.
Gaps in Current Coverage Policy Restrict Adoption of Advanced Wound Management Technologies
Over the last few years, insurance payers have changed the payment scheme to all-inclusive particular prospective system for a majority of care settings. As wounds are not uniform in nature, significantly affecting the treatment cost, these differences make it impossible to set a standard rate of reimbursement.
All wound types are not accounted in the assessment documents. Such diverse nature limits the advanced wound management technologies market potential as adoption decreases with significant out of pocket expenditure.
Legal Issues between Product Manufacturers and Governments Unlock the Hidden Dilemmas
Manufacturers distributing products outside their regional background requires to follow certain guidelines, the guidelines could differ in each region or country of sales. Falling under the specific guidelines allow each product to be marketed. There was an incident with Medtronic PLC in China where the Chinese government issued a million dollar worth lawsuit against the company. The case was highlighting the risk of apparent price fixing of their products in the region.
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Companies tend to charge the same price for a product in developing economies as they do in developed economies, where a similar product is worth 20% to 30% less offered by local manufacturers. Legal issues like such hamper the product penetration in rural regions, urban societies of developing economies also suffer from the same. China has rarely filed medical product manufacturers for such incidences, so is the scenario in other countries. Such practices by manufacturers and opposing pointers arranged by government affects the advanced wound management technologies market
The advanced wound management technologies market comprises of companies with different backgrounds in the industry. There are exception cases where the company is fully inclined towards advanced wound management technologies. Companies like Mölnlycke Health Care, B. Braun Melsungen AG, Coloplast A/S, Smith & Nephew PLC lead the market share in terms of value. They have a direct presence in most of the developed economies, and also channels indirect sales through international distributors.
Advanced Wound Management Technologies Market: Competitive Landscape
Competition landscape section in the report include profiles of some of the prominent manufacturers in the advanced wound management technologies market based on their offerings, financials, marketing approach, differential strategies, and a precise analyst comment for each of the manufacturer is present in the section. The section also includes market share analysis for each of the players and tier wise market structure for a better an understanding of the advanced wound management technologies market.
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The key players profiled in this report include
- Mölnlycke Health Care
- B. Braun Melsungen AG
- Coloplast A/S
- SIGVARIS
- Medline Industries, Inc.
- ConvaTec Group plc
- Acelity L.P. Inc.
- 3M
- Ethicon Inc.
- BSN Medical
- Smith & Nephew PLC.
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