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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 in 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,? notes the analyst of this research. ?Taiwan possesses rich marine resources; therefore, the manufacturing techniques of materials such as collagen and chitosan are mature.?
Taiwan?s rapidly ageing population has caused a spurt in the procedural volume of surgeries, and consequently, healthcare spending. Currently, 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. Therefore, this market is gaining momentum as clinicians understand the importance of wound treatment products. The end users of these products are hospitals, clinics, wound patients at home, and wound patients in nursing homes. As most patients have limited knowledge of advanced wound care and depend entirely on healthcare professionals, wound care product manufacturers should look to develop products that offer ease of use, patient comfort, reduced healing time, and fewer dressings.
Huge Potential for Silver, Biomaterial, and NPWT Dressings as Global Demand for Wound Care Management Escalates
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. In the Taiwanese market, dressings for acute advanced wounds account for 81 per cent of the sales volumes and dressings for chronic wounds, for about 19 per cent. Moist wound dressings have emerged as the most popular wound care product, covering nearly 79.8 per cent of all acute wound care cases and 79.4 percent of all chronic wound care cases. Meanwhile, NPWT has the lowest penetration rate of about 1.79 per cent, in terms of volume. This is because vendors, caregivers, and physicians lack adequate knowledge of the advantages of silver, biomaterial, and NPWT treatments. In addition, these wound care products are expensive, and insurance does not cover some of them, limiting their usage. About 1.98 million advanced wound care dressings are required in Taiwan and this number is likely to increase. Given this situation, distributors and suppliers ought to educate themselves on the various types of advanced wound care products available in the market. Many of them are easy to use and developed especially for home care cases. Increasing awareness about the benefits of advanced dressings, in addition to higher disposable incomes, will accelerate the sales of advanced wound care products.
?Areas such as skin care, minor abrasions, and lacerations are markets that can be marked for expansion,? notes the analyst of this research. ?Diapers that eliminate or improve bed-sore conditions in elderly patients would go a long way in raising the revenue of advanced care products.? For complicated wounds that require extra care and take months to heal, hospitals will require customized dressings that increase blood supply to tissues and speed up recovery. Suppliers and manufacturers can conduct awareness campaigns on wound management for healthcare professionals and patients, as well as provide training for the nursing staff, as a value-added benefit, while distributing their newly developed dressings.
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Acute and chronic wound care
Moist wound dressing
Negative pressure wound therapy (NPWT)