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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