The products available for more advanced wound care are designed to a) provide more extensive pain relief for patients, and b) improve healing times. For chronic wound conditions, those products are very useful for not only speeding up the time it takes to heal but also resulting in fewer treatment costs. The wound care market continues to grow, but what trends can those in the industry expect to see in 2020 and beyond? The changing face of the global population and the rise of specific conditions means that the wound care market is set to face significant growth in the coming years. Here are the main reasons for that, and why the sector is set to go through some dramatic changes over the next few years.
People are living longer than ever. Advances in medicine, as well as rises in quality of life, means that the elderly population is growing faster than it ever has before. It is expected that over the next 50 years, there will be an elderly population of up to 8.6 million in the UK, which is roughly the number of people that live in London. That increase in the number of elderly people means that they will be more vulnerable to chronic conditions, and the wound care market is set to rise significantly over the next decade for that reason alone. As wound care specialists continue to take advantage of rapid technological developments, evidence-based treatments are set to become the new normal for those in the sector.
The Diabetes Factors
As one of the more common wound-causing diseases, diabetes is proving very challenging to medical professionals. As many as one in ten UK residents are now having to live with the limiting factors of Type 2 diabetes, and that number is growing exponentially with age. Diabetes can cause serious and chronic wounds, with ulcers on the feet being particularly prevalent. These can quickly lead to the need for amputation, and the rates of necessary amputations are steadily rising. As the geriatric population continues to grow, diabetes, in particular, looks set to become one of the major growth factors for the wound care market.
Tech Advances and Growing Awareness
More people are now aware of the available treatments when it comes to wound care. This means that there is expected to be significant growth in demand for those products designed and manufactured by established and professional Wound Care product specialists. The continued development of overseas trade means that the potential market is growing for those that sell wound care products to medical facilities all around the world. Although growth may be slower in those countries with fewer financial resources, the continued drop in production costs could alleviate that issue and lead to even further growth.
Medical facilities are using proven wound care products in growing numbers, not just in the UK but around the world. As we start to see more significant trends in geriatric care and the profitability of additional markets, the wound care sector looks set to see more profitability and further growth in 2020 and beyond.