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 private 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.
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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.
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.
- 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.