Question

Do a SWOT analysis for a new diabetic wound care product

Answer 1

answer-

SWOT analysis for new diabetic wound care product -

Strengths-

The new product to heal diabetic wound is Cheap and cost effective which can help customers/patient to save their money as compared to other high price products. this product is highly effective as it can heal wounds at high rate.This product is easy to use.This product is innovative. I It includes novel dressings with the ability to confer moisture balance with prolonged time of action, extended oxygen permeability, antimicrobial activity, growth factor stimulation.

Weaknesses-

This is new product so creating demand for this would be difficult. customers may hesitate to use new products especially if it is related to their health. This product can cause some side effects to people with allergies.

Opportunities-

Wound dressing market is expanding and demand for such product is increasing. rising geriatric population, rising cases of chronic wounds such as venous ulcers, diabetic ulcers, and pressure ulcers, growing prevalence of acute wounds such as surgical wounds, and traumatic wounds such as abrasions, punctures, incision, and lacerations are resulting in an increased demand for wound care dressings and wound care products.

The increasing number of people with chronic wounds such as diabetic ulcers is driving the foot and leg amputation cases in the US. Publisher’s market research analysts predict that this market will grow at a CAGR of about 5% by 2022.

Threats-

The government regulations like approval of new drug can pose threat if they do not approve that. Competition from other companies is one the major threat which can cause lose of market for this new drug.

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