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Market Entry Advisory: Identifying New Segments and Opportunities For Growth for a Wound Management Client

The global wound management market is a rapidly evolving segment of the medical devices sector, offering significant saving opportunities for healthcare service providers and superior outcomes for patients. Advanced wound management measures are increasingly replacing conventional measures of wound management. This includes the use of advanced intervention therapies and products such as hydrocolloids, gauze, hydrogels, film dressings and alginate dressings.

The growth of this sector, which is a key part of the medical devices market, can be attributed to the increasing availability and sophistication of advanced wound care technology. A number of other factors have also contributed to the growth of the wound management market globally. Improved cost-effectiveness of products and technological advancements along with the rise in diabetic population have contributed significantly to the current market conditions. Furthermore, the improvement and expertise of healthcare professionals in administering these products, the introduction of new and revised products in a phased manner, the reimbursement from both IR_RFPprivate and public insurers have all strongly influenced the growth.

The Business Challenge

The client- A leading player in the wound management sector

Objective- To identify new segments and take advantage of new business opportunities in the global wound management market.

A leading wound management client wanted to leverage Infiniti’s market entry strategy to develop an effective route-to-market strategy and better market their medical products and services. The client was finding it difficult to find the right direction of development, and they were also looking at maximizing their profits by minimizing risks in investment decisions. The client also wanted a detailed report on the market entry barriers, new opportunities, threats, and competition in the medical devices market.

Results- Devised an effective routes-to-market (RTM) strategy to evaluate new business opportunities and drive profitability. Also, they identified future growth areas in the wound management segment by drawing conclusions on customer preferences and market opportunities.

wound management

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The Journey

The market entry experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders in the wound management market space to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the competitive scenario.

The Solution and the Business Impact

Our marker entry advisory team has extensive expertise and experience in facilitating market entry decisions. The solution offered by them was purely based on market and competitor analysis as well as a detailed assessment of the organizations financial and commercial capabilities of taking advantage of the new business opportunities. This market entry engagement assisted the client in developing business plans that were a combination of strategic marketing initiatives, business development, and business strategy expertise. Moreover, our market entry solution helped them in identifying a scalable approach to discover new growth opportunities and to assess market trends for every single route-to-revenue. Also, it enabled the client to use route-to-market strategy, to market their products and services in a productive manner.


Future Trends

The global wound management market is characterized by rapid changes in technology. However, the focus is on tissue and cell-based therapies, particularly skin substitutions. Skin substitutions are emerging as an alternative for skin grafts and also offer the advantage of mimicking the physiology and mechanics of normal skin. Moreover, wound management is an integral part of disease management or surgical recovery and is a growing medical specialty sector. Therefore, players in the wound management space that take a step towards anticipating and assessing future challenges and market entry opportunities will gain a stronger foothold in this sector.

Growth factors:

  • The rise in chronic diseases: The increase in the prevalence of chronic diseases such as diabetic ulcers, and venous ulcers, and arterial ulcers can compromise the restorative capacity of the body. This increases the risk of infections and diminishes the quality of life.
  • Technological innovations: The advancements in healthcare technology have brought about significant transformations in the healthcare and the medical devices sector.
  • Availability of advanced wound care products: Advanced wound care products help in managing complex wounds, burns, chronic wounds, and complex surgical and trauma wounds. However, chronic wounds represent a major challenge being expensive to treat and hard to heal.

A must-read case study for strategy specialists and decision makers looking to develop an understanding of the wound management market.

IR_RFP


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Pain-Free Reimbursement Pathways for Wound Care Dressings

With path-breaking growth in innovative technologies, the medical device industry is here to stay. In terms of key products, this industry consists of medical devices like orthopedic instruments, surgical instruments, diagnostic apparatuses, stents and catheters, syringes and hypodermic needles and intravenous equipment. Hospitals and physicians use a wide array of medical devices, but it must be noted that it’s the public and private payers who reimburse and set the rules. Having the right medical device reimbursement strategy in place will help your business stay ahead of competitors by understanding the profitability of products. Not just that, it will also ensure that companies have a great revenue stream and profitability for new technologies.

In the wound care industry, getting insights into the right medical device reimbursement pathway is important for ameliorating sales growth in the future. Whether you’re venturing into the medical device industry or a medical device company, you can count on us to help you make the right decision. At Infiniti, we give you insights into the 5 top ways on how to work on your medical device’s reimbursement.

  1. Plan right from the design phase – Your medical device reimbursement assessment starts right when you design the type of wound care dressing. This is where our medical device reimbursement consultants will thoroughly analyze the impact on product design and its sales.
  1. Be prepared for the shortfalls – Fee-for-Service (FFS) medical reimbursement model and value-based purchasing (VBP) medical reimbursement are some of the limitations faced by the professionals in the industry.
  1. Think from a medical director’s perspective – If you’re having a tough time getting the right coverage for your wound care dressings, it’s time to feel their pain. Market your product to a payer. Anticipate their objections.
  1. Analyze country-specific reimbursement pathways – Though the reimbursement pathways are easier to navigate because they are often single-payer, government-based systems, coverage decisions are made by the local Medicare Administrative Contractors (MACs). Get your personalized analysis of location-specific reimbursement pathways here.
  1. Broaden your spectrum – When you develop a new wound care dressing product, try not to focus on the clearance only from the U.S. Food and Drug Administration (FDA). But, also try and meet requirements from Current Procedural Terminology (CPT, a registered trademark of the American Medical Association) and/or Healthcare Procedure Coding System (HCPCS) codes.

 

If you’re a medical equipment company, we understand how crucial it is to obtain coverage and funding for your healthcare products. At Infiniti, our medical device reimbursement consultants are here to assist you effectively. With the help of our market assessment plan, innovation tracking and stakeholder intelligence, you’re sure to get your medical device reimbursement plan in place and gain strategic insights into the wound care dressings industry.

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