Increasing specialist surgeries and an aging population will both contribute to demand for better healthcare provision in South Korea. One of the most developed countries in Asia, South Korea has a well-established healthcare infrastructure as well as a strong National Healthcare Insurance (NHI) program, which make it a favorable destination for the growth of high-tech medical devices such as advanced wound management products.
“This demand is likely to raise the penetration of advanced wound management products in both acute and chronic wound care,” says Frost & Sullivan Research Analyst Andrew Wee. “The use of these products, particularly in acute wound care, is set to increase due to a rise in the number of specialist surgeries performed in South Korea.”
Specialist orthopedic and cardiothoracic surgeons are a key end-user segment as they use advanced wound management products more frequently than general surgeons due to higher incidences of acute wound types during such procedures. These products are also considered more applicable for acute rather than chronic wound types.
Additionally, as chronic wound management improves and procedural volumes drop, acute wound care procedures are expected to grow at a faster pace than chronic wound care procedures. Nevertheless, a substantial population of diabetics in South Korea with a strong potential for having diabetic ulcers is likely to sustain the market for chronic wound care products. In 2006, diabetic ulcers accounted for more than 50.0 percent of all chronic wound types in the country.
However, there are some restraints to market growth such as the cost factor and end users’ traditional mindset. There still remains a tendency to use low-cost conventional products for the majority of wound care procedures that are not critical. Manufacturers face the challenge of demonstrating the value of advanced wound management products for end users to realize their benefits.
Another challenge lies in the increasing levels of competition due to the entry of local manufacturers that have successfully collaborated with pharmaceutical companies and distributed their products by leveraging these companies’ wide coverage. As a result, local manufacturers are becoming increasingly dominant in the moist wound dressing market, the largest segment in the advanced wound management product market.
“Manufacturers have to actively segment their products line to suit the needs of different surgical specialties,” says Wee. “This will allow maximum penetration, especially amongst high volume end users.”
On the technological front, new technologies and treatment methods are expected to emerge due to increasing efforts to provide better-quality patient care. Specialist surgeons are showing increasing interest in technologies such as negative pressure wound therapy (NPWT) and tissue engineering.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Advanced Wound Management in South Korea, finds that these markets earned revenues of $53.2 million in 2006 and are estimated to reach $95.7 million in 2014.
Advanced Wound Management in South Korea, part of the Medical Devices Growth Partnership Service program, provides a detailed overview of these markets including major drivers and restraints, acute and chronic wound care procedural forecasts, usage trend analysis, and revenue forecasts and analysis. Interviews with the press are available.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of Advanced Wound Management in South Korea, then send an email to Jasminder Kaur, Corporate Communications, at jkaur[.]frost.com with your full name, company name, title, telephone number, fax number, and email address. Upon receipt of the above information, an overview will be sent to you by email.
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