A three-pronged approach was followed for deducing the wound care market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wound care market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wound care market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The wound care market was categorized into six segments, namely product (Advanced Wound Dressing, Surgical Wound Care, Traditional Wound Care, Wound Therapy Devices), application (Chronic Wounds, Acute Wounds), end-use (Hospitals, Specialty Clinics, Home Healthcare, Physician’s Office, Nursing Homes), mode of purchase (Prescribed, Non-prescribed), distribution channel (Institutional Sales, Retail Sales), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The wound care market was segmented into product, application, end-use, mode of purchase, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The wound care market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The wound care market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Smith & Nephew plc: Smith & Nephew PLC is a medical technology company engaged in developing, manufacturing, marketing, and selling services & medical devices. It provides orthopedics, sports medicine & ENT, and advanced wound care management services. Under the wound care management segment, the company offers products for treating chronic and acute wounds, including diabetic ulcers, leg burns & postoperative wounds.
Mölnlycke Health Care AB: Mölnlycke Health Care AB is a medical solutions company that manufactures single-use wound and surgical care products. It designs & supplies medical solutions for pressure ulcer treatment, infection prevention, and wound treatment, including custom procedure trays, antiseptics, dental products, surgical gloves, surgical drapes, orthopedic products, dermatology products, & staff clothing.
ConvaTec Group PLC: ConvaTec Group PLC develops and manufactures medical devices & technologies for the management of chronic & acute conditions globally. The company offers products for advanced wound care, continence & critical care, ostomy care, and infusion devices. Its product range includes infection prevention, continence care, ostomy care, wound therapeutics, infusion devices, & critical care products to treat diabetes and other conditions.
Baxter International: Baxter International manufactures and distributes products & technologies related to infectious diseases, kidney disease, hemophilia, immune disorders, trauma, and other chronic & acute medical conditions. It offers products in pharmaceuticals, clinical nutrition, renal care, medication delivery, advanced surgery, and acute therapies. It specializes in medical devices, pharmacy automation, anesthetics, and biosurgery & wound care solutions.
DeRoyal Industries, Inc.: DeRoyal Industries, Inc. is a manufacturer of medical equipment with the goal of enhancing its clients’ financial stability and clinical quality. It offers orthopedic supports & bracing, wound care dressings, surgical instruments, medical unitized delivery systems, plastic injection molding, metal fabrication, converting, electronics assembly, sterilizing services, and other products & services.
Coloplast Corp.: Coloplast Corp. is a healthcare products and services company with a distribution network across 53 countries. Its product range includes ostomy, urology, continence, wound care, and skin care. The company primarily supplies its products to hospitals, pharmacies, wholesalers, and institutions. It also provides surgical devices for severe medical conditions, such as kidney stones, urinary incontinence, and enlarged prostate. Its key brands are Assura, InterDry, Titan, Aris, Self-Cath, SpeediCath, Biatain, Freedom Cath, and SenSura.
Medtronic: Medtronic is a global health solutions company engaged in developing, manufacturing, distributing, and commercializing device-based medical therapies & services. It operates through four reporting segments: minimally invasive therapies, cardiac & vascular, restorative therapies, and diabetes. The minimally invasive therapies segment includes mesh fixation devices; hardware instruments; and surgical products such as vessel sealing instruments, wound closure, stapling devices, electrosurgical products, & mesh implants.
3M: 3M develops, manufactures, and markets a range of products and services worldwide. The company functions across four reportable segments: transportation & electronics; safety & industrial; healthcare; and consumer. Its healthcare segment includes products and services, such as skin health & infection prevention products, oral care solutions, medical tapes & dressings, wound closure products, orthopedic casing materials, stethoscopes, and transdermal drug delivery systems. Its healthcare segment includes medical and surgical care.
Derma Sciences (Integra LifeSciences): Derma Sciences creates and sells medical technology solutions, including implant systems, electrosurgery units, surgical laser systems, sterilization containers, operating room lights, and surgical instruments.
Medline Industries, Inc.: Medline Industries, Inc. is a privately owned manufacturer and distributor of medical supplies to provide products, support & education. In 2017, the company acquired Centurion Medical Products. Centurion Medical Products is a manufacturer and supplier of medical devices. The company intends to provide quality-driven and solution-based health products manufactured considering rigorous standards. It provides dressings, trays, and single-use instruments, which help clinicians provide quality care.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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