The Australian wound care management devices market is expected to witness a CAGR of 7.5% during the forecast period. Certain factors that are driving the growth of the market include rising incidences of chronic wounds, growing demand for faster recovery of wounds, and an increase in surgeries.
- According to the 2016 article “Chronic wounds are one of Australia's National Health Priority Areas”, chronic wounds are poorly recognized chronic diseases that cause pain and suffering. Chronic wounds cost the Australian healthcare system AUD 3.5 billion per annum. The prevalence of arterial ulcers as a primary cause of ulceration in the population ranged from 3.0% to 19.0%. Unlike the highly profiled and relatively well-funded chronic diseases that comprise the Australian National Health Priority Areas, chronic wounds remain a largely hidden and poorly supported problem in the Australian community. Yet, the awareness regarding the condition and the demand for fast recovery of these wounds have been observing a significant rise over the past few years, thus generating a huge opportunity for the growth of the market in the country.
- However, according to a 2017 report published by the Government of Queensland, even when awareness of evidence-based wound management is addressed, access to expert wound care and advice remains an issue across Australia. It is important to stress that there is a general lack of access to expert wound advice for all Australians, which is expected to restrain the market’s growth.
Key Market Trends
Advanced Wound Management is Expected to Show Lucrative Growth
Advanced wound care management products are used for the treatment of acute and chronic wounds, including leg, diabetic, and pressure ulcers, burns, and post-operative wounds. Most of the companies offer a comprehensive advanced wound care dressings portfolio, in order to protect and promote a moist wound healing environment.
Advanced products for the wound healing process are generally prescribed by clinicians after a visit to the doctor or hospital. This category generally includes film and foam dressings, hydrogels, alginates, and hydrocolloids. Such products are largely focused on keeping the wound hydrated to encourage healing, following the philosophy that a moist microenvironment promotes the natural healing process (human cells require water to live and grow) without occluding the wound.
The Australian wound care management devices market, which is highly competitive, consists of several major players. Companies, such as 3M Health Care Ltd, Coloplast AS, ConvaTec Inc., Covidien PLC, Hollister Incorporated, Johnson & Johnson, Medline Industries Inc., and Smith & Nephew PLC, among others, hold a substantial market share in the Australian wound care management devices market.
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