Towards Commercialization of a Hydrogel-based Smart Bandage for Wound Management: A Market Assessment Study

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The global wound care market is expected to grow rapidly from ~$18B in 2017 to ~$22B in 2022 due to the increasing prevalence of chronic wounds, increasing aged population, and obesity. Currently, about 600,000 Canadians, 6.5 million Americans, and 67 million people worldwide suffer from chronic wounds annually. Infection in chronic wounds is a major clinical challenge, which results in significantly longer hospitalization, delayed wound healing, and increased cost and mortality. Furthermore, an infection can lead to the development of a pronounced immune response accompanied by sepsis, which can lead to hypotension and multiorgan failure. Therefore, prevention and management of infections, accompanied by continuous monitoring of the wound, are primary concerns of patients dealing with chronic injuries. We recently developed an advanced multifunctional dressing (GelDerm) capable of colorimetric measurement of pH, an indicator of bacterial infection, and release of antibiotic agents at the wound site. We demonstrated the ability of GelDerm to detect bacterial infections using in vitro and ex vivo tests with accuracies comparable to the commercially available systems. Wireless interfaces to digital image capture hardware such as smartphones were used as a means for quantitation to allow the patient to record the wound condition at home and relay the information to the healthcare personnel for following treatment strategies. In this I2I application, we propose to support the commercialization of GelDerm through a comprehensive market assessment to a) estimate the market size, b) understand the market dynamics, c) probe for the end-users' and content experts' interest in buying and using GelDerm, and d) conduct a thorough competitive analysis. To meet these objectives, an external consultant will be hired to undertake primary and secondary market research followed by a survey. The final MA report from the consultant will highlight the SWOT analysis, market size, competitive analysis, barriers to market entry, results of the survey, and recommendations. The outcomes of this project essential for the commercialization of this smart bandage technology.************