3D printing, information and communication technology, stem cells and sensor technologies best poised to tap growth opportunities in the industry, finds Frost & Sullivan’s TechVision team
The ageing baby boomer population and rise in the incidence of chronic diseases has intensified focus on innovations in wound care for this difficult-to-heal patient population.
Wound care developers are particularly keen on providing advanced and personalised wound repair, and remote wound monitoring and assessment by integrating advanced sensors, information/communication technologies, 3D printing and stem cell technology with traditional wound healing products. By facilitating documentation and management, digital technologies aid in the standardisation of wound care.
“Technology convergence in the healthcare industry is indicative of a positive shift toward greater regenerative, personalised and standardised wound care,” noted Frost & Sullivan TechVision Senior Research Analyst, Debarati Sengupta.
“As the industry moves toward patient-centric care, there is greater focus on bioactive personalised wound care products using stem cell technologies. These emerging wound care technologies are creating highly disruptive growth opportunities, such as real-time, point-of-care wound diagnostics, smart bandages, and personalised wound care treatment. The new breed of wound care solutions aims to achieve superior collaboration among patients, caregivers and clinicians to provide optimal care.”
Emerging Woundcare Technologies is part of Frost & Sullivan’s TechVision (Health & Wellness) Growth Partnership Service programme.
This research service focuses on the new and innovative participants in the wound care industry that are introducing disruptive and emerging technologies. It presents industry best practices, emerging growth opportunities, and strategic recommendations for the future of the wound care industry.
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Most of the United States federal budget in the wound care industry is channelled toward cell-based regenerative wound therapy, whereas the majority of venture funding is for digital technology-based wound management companies providing remote or telehealth technology.
“Partnerships or collaborations between wound care developers and complementary technology developers, such as a sensor or a mobile platform company, are crucial to establish cross-industry expertise,” observed Sengupta.
“Creating user-friendly digital wound care technologies and educating the staff regarding the usage and benefits of new wound care solutions will go a long way in accelerating the adoption of these technologies.”