Market Intel: Intense Competition, Innovation Drive Healing Trends In Wound Care
The global advanced wound-care market is expected to reach $10.4bn by 2020, driven by massive competition, and forcing companies to innovate constantly to address the rising prevalence of chronic wound injuries, diabetic foot ulcers and burns. While regulatory and reimbursement challenges prevail, opportunities in this highly segmented market, in particular, in the advanced wound-dressings sector, are vast, with double-digit revenue growth potential.
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Acquisitions and innovation are rapidly changing the dynamics in the global advanced wound care market, a high need, high growth market estimated at $5.4 billion in 2013. With the number of chronic wounds in major countries estimated at a whopping 26.7 million, the global advanced wound care market is projected to grow at a brisk 6% CAGR, reaching $7.3 billion by 2018.
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The EU's CHMP has concluded that Janssen-Cilag's (a Johnson & Johnson subsidiary) treatment for neuropathic skin ulcers in diabetic patients, Regranex (becaplermin), must not be used in patients who have any form of cancer as a precautionary measure.