Huge Potential for Special Material Dressings in the Taiwanese Advanced Wound Dressings Market, Finds Frost & Sullivan
SINGAPORE, April 3, 2012 /PRNewswire/ — Taiwan currently requires about 1.98 million advanced wound care dressings and this number is likely to increase. Growing awareness about the benefits of advanced dressings, in addition to higher disposable incomes, will accelerate the sales of advanced wound care products in the country.
New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com), Advanced Wound Care Management in Taiwan, finds that the Taiwan’s advanced wound care market has demonstrated rock steady growth of over $52.30 million in 2010, and estimates this to reach $77.2 million in 2017. The revenue is expected to grow at a compound annual growth rate (CAGR) of 6.54 per cent from 2011 to 2017. Globally, the value of advanced wound care products is expected to exceed $12.50 billion by 2015, due to the continuous development of superior-quality wound healing dressings for acute and chronic wounds.
Taiwan boasts of a strong research and development (R&D) foundation in Chinese medicine. It can use this knowledge capital to its advantage in establishing a niche market for advanced wound dressing materials. Currently one of the major R&D areas of Taiwan’s medical and healthcare industries, advanced wound care products are incorporated with special materials such as silver or collagen to accelerate wound healing.
“Biocompatible, advanced wound dressing materials have been rapidly developing as well,” says Frost & Sullivan Senior Consultant Arghya Mandal. “Taiwan possesses rich marine resources; therefore, the manufacturing techniques of materials such as collagen and chitosan are mature.”
However, vendors, caregivers, and physicians lack adequate knowledge of the advantages of silver, biomaterial, and NPWT treatments. Furthermore, these wound-care products are expensive, and insurance does not cover some of them, limiting their usage.
Moist wound dressings have emerged as the most popular wound care product, accounting for nearly 79.8 per cent of all acute wound-care cases and 79.4 per cent of all chronic wound-care cases. On the other hand, NPWT has the lowest penetration rate of about 1.79 per cent, in terms of volume.
“Patients’ insufficient knowledge of advanced wound care not only restrains product uptake, but also makes them entirely dependent on healthcare professionals,” notes Mandal. “Therefore, wound care product manufacturers should develop products that offer ease of use, patient comfort, reduced healing time, and fewer dressings.”
Meanwhile, Taiwan’s rapidly ageing population has caused a spurt in the number of surgeries performed, and consequently, healthcare spending. At present, diabetes-related treatment holds the fifth-largest share of the National Health Insurance (NHI) expenditure and is also the fifth leading cause of death in Taiwan. On average, 15.0 per cent of diabetic patients develop ulcers and wounds.
Educating large pools of diabetes patients about advanced wound care management can increase the retail sales of chronic advanced wound care products. Therefore, this market is gaining momentum as both patients and clinicians understand the importance of wound treatment products.
Vendors, caregivers, physicians, suppliers, and distributors of wound care products can increase knowledge and usage of the various types of wound care products available through awareness campaigns, and by providing training for the nursing staff.
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Advanced Wound Care Management in Taiwan is part of the Medical Devices Growth Partnership Services programme, which also includes research in the following markets: Acute and Chronic Advanced Wound Care Market in Taiwan. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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