Among many strategies, expansion and acquisition are major strategies. These strategies are aimed to expand the presence of companies and acquire assets of other companies to strengthen their position.
Chronic wounds impact nearly 15% of medicare beneficiaries
every year in the U.S. This contributes to nearly 8.2 million people in the
country. These statistics indicate the surged demand for advanced wound care
solutions. With increase in volume of patients, the market players adopted
various strategies to address the need and consolidate their position in the
market. Among many strategies, expansion and acquisition are major strategies. These
strategies are aimed to expand the presence of companies and acquire assets of
other companies to strengthen their position. According to the report published
by Allied Market Research, the global advanced
wound care market is expected to generate $14.19 billion by 2030. Following
are some of the activities taking place across the world.
·
Expansion to serve more patients than before
Market players have been adopting various strategies to
serve the growth in number of patients. Among these strategies, the expansion strategy
is one of the major strategies adopted by them. Aedicell made a group
purchasing agreement for making its skin substitute product Dermavest widely
available across the U.S. The company entered the agreement with Premier Inc. The
company also aims to expand its manufacturing operations by developing a new
production facility in Cape May County.
Ted Burke, the CEO of Aedicell, highlighted that the
company’s prime objective is to transform the lives of those people who need skin
substitutes. The company aims to achieve this objective by providing a product
that can transform a tissue into therapy. The agreement will make the therapies
and products of company widely available at a lower cost. Moreover, the new
facility will enable the company to meet increasing demands of product. Its
products and therapies are developed to address chronic wound and acute wound
care issues. This strategy will help the company in raising their market share
along with serving more patients than before.
The strategy of expansion continues to tempt market players
to raise their stakes and serve the rise in volume of patients. BSA Advanced
Wound Care opened a new clinic at the second location. David Sledge, the
Director at BSA, highlighted that the new location is aimed at helping patients
reduce wait times, move through their visits with more efficiency than before,
and raise efficiency of the clinic. This strategy of expansion will continue to
take place in the advanced would care industry across the world.
·
Acquisition to strengthen position in the market
Along with the strategy of expansion, market players adopted the strategy of acquisition to raise their market share across the world and address the unmet requirements through advanced wound care solutions. ConvaTec Group PLC acquired Triad Life Sciences Inc. for $125 million. The acquisition of the biologically-derived products developer will enable ConvaTec to enter in the rapidly thriving market for medical products. In addition, Triad will consolidate its position in the advanced would care market in the U.S. Karim Bitar, ConvaTec's Chief Executive Officer, outlined that the acquisition will combine unique capabilities of the company with innovative and differentiated products of Triad. This will also speed up the growth of its technologically advanced platform.
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