Healthcare · Market research

How Big is the wound care market?

Dr. Choudhari Principal Investigator/ BIG-Innovator at BIG, Biotechnology Industry Research Assistance Council (BIRAC)

November 2nd, 2015

How's the wound care market? What are the entry barriers? What should be the rout of entry for new startups when healthcare giants have already captured the market?

Thomas Kaled Business Development Consultant @ thomas.kaled@gmail.com

November 2nd, 2015

Currently $16B to $18B by 2020

http://www.prnewswire.com/news-releases/2019-value-of-wound-care-market-at-18b-forecasts-a-new-global-research-report-273145301.html

It depends on what segment you are talking about to determine barriers and route. 

As Isaac Newton said "If I have seen further than others, it is by standing upon the shoulders of giants."

Ahmad Jaafar Director, Corporate Strategy at JAD Solutions Sdn Bhd

November 2nd, 2015

Hi Dr Choudhari.
I am a business development consultant and one of my clients is an advanced wound care distributor. The technology was licensed from overseas (lesser known country) and the product range was comprehensive with high degree of efficacy. 
The distributor knows very well they are up against the well established big boys. Yet, brisk sales keep coming in every month and now my client is considering a full transfer of technology. Here the market is not very receptive towards advanced wound care as it is perceived expensive. So what gives?
It is all up to you approaching the market differently - the way the big boys cannot do or do it less effective. My client had a small hands-on sales team that does personal approach in selling - each doctor/patient was given to try the product and see if there is any improvement. They relied 50% on printed marketing and 50% on word of mouth. I should mention here as well that the distributor had also a significant price advantage. Patients want their problems solved quickly and cheaply. 

Sung Han Respected bilingual technology executive with highly honed business acumen

November 3rd, 2015

I am a part of a large company who considered participating in the wound care market. The total market is very large...in scales of many, many billions USD. The issue is finding a niche to thwart some of the existing large players to drive your own niche market to start. of course, there is always a danger that you will be swallowed by a large company once you make in-roads in the market place. I think the issue here is how do you tailor to the needs of the wound to start and then continue to tailor as the wound heals...alas smart band-aid.

Lee Stein Owner, Stein Writes, Inc.

November 2nd, 2015

See: 1. http://www.euromonitor.com/wound-care-in-the-us/report They also provide country-by-country reports around the globe. Note that many times, the abstracts for these research reports contain the kind of macro information you seek. 2. http://www.giiresearch.com/report/mama342602-advanced-wound-care-market-by-type-dressings.html Note that the CAGR rates to 2020 differ somewhat. 3. http://www.micromarketmonitor.com/market-report/traditional-wound-care-reports-6846981759.html Note that in my experience, investors like to see that you did your homework by citing three or four different sources of macro information, such as these above. May research companies will offer additional free tidbits if you contact them as a prospective entrant in the market. They may even give you a few pages out of the report at no charge or very low cost. Although the macro view may seem very enticing, investors will be much more interested in what 10 in-person prospective customers have to say when you have them review your solution (s). Hope that helps. Best Regards, Lee Stein *Stein Writes, Inc.* Create • Promote • Generate 707-843-5088 (o) 707-540-3784 (c) LinkedIn Profile Writing Samples www.SteinWrites.com Lstein@SteinWrites.com

Anonymous

November 2nd, 2015

The answer would depend on what type of wound care product you are working with. Is it new technology? Some wound care categories (pressure reducing mattresses and overlays) are subject to Medicare competitive bidding which opens a huge can of worms. Would your end consumer be the customer or a business like a hospital or DME provider?

Dr. Choudhari Principal Investigator/ BIG-Innovator at BIG, Biotechnology Industry Research Assistance Council (BIRAC)

November 2nd, 2015

Well, Thank you all for the valuable comments. I am working on Nanoformulations which will not only protect the wound from infection but will also help in rapid healing of wound. So this formulation has a wide scope of utility from bandages to sutures. The technology is Innovative and Novelty aspect is also well defined. 

I am also looking for partners/Dealers in US and other countries to help me establish this technology. If anyone is interested in partnering with us please contact.   

Luis MD CEO at EDENIS

November 2nd, 2015

Wound Industry and Market:

Global Wound Products and Manufacturing - Annually, $5.7B

US Wound Care Market - Annually, $50B on healthcare products and services (Approximately 2-3% on direct expenses) 

Goodluck!