Smith & Nephew (S&N) is a global medical devices business which operates in Orthopaedics, Endoscopy and Advanced Wound Management (AWM). Growth in S&N’s markets is driven by demographic changes such as an ageing population, increasing obesity rates in mature economies. S&N believes that the estimated potential market in AWM is much larger and might be a strong growth factor for the company. Because of spiralling healthcare costs and government austerity measures, the industry is facing strong price pressures which is hurting growth.