ALBANY, New York, March 30, 2017 /PRNewswire/ --
The realm of the global diabetic foot ulcers and pressure ulcersmarket is helmed by a few players. However, the market exhibits the presence of several large and medium-scale companies, which has rendered its vendor landscape highly competitive. While the dominance has remained with established players having a global
For the companies looking to venture into the market, they might face a tough time establishing a global presence. Furthermore, experts have prophesized the competition to remain high in the market over the next few years, making it even more difficult for new players to establish their presence.
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Overall, the global diabetic foot ulcers and pressure ulcers market will exhibit a positive 6.6% CAGR between 2016 and 2024. At this pace, the market's valuation will reach US$4.9 bn by the end of 2024, from its worth of US$2.8 bn in 2015. Based on end user, hospital inpatient setting will report the maximum demand. It also constituted the leading end user segment in 2015 with a share of 36.1% in the overall market and is forecast to remain at the lead through the forecast period. Regionally, North America emerged dominant with an estimated share of 38.1% in the global market in 2016. The region is expected to remain dominant through the forecast period.
Rising Incidence of Chronic Ailments to Fuel Market Opportunities
According to the Center for Disease Control (CDC), about half of adults in the U.S., were suffering from one or more chronic conditions in 2013. Besides this, the World Health Organization's (WHO's) factsheet says that in 2014, almost 1.9 billion adults were overweight. These health conditions often become a breeding ground for chronic ailments in adults, thereby resulting in their hospital stays, reduced mobility, neuropathic diseases, and other conditions, which are the leading causes of diabetic foot ulcers and pressure ulcers.
Talking about chronic ailments, diabetes is one of the leading causes of diabetic foot ulcers and pressure ulcers. Diabetes has remained one of the most prevalent chronic conditions affecting millions around the world. "As changing lifestyle and unhealthy lifestyle have bolstered the prevalence of diabetes, subsequently the incidence of diabetic foot ulcers and pressure ulcers is increased as well," said a lead TMR analyst.
Also the market is tremendously gaining from favorable demographic and the rising aging population who are more prone to developing chronic ailments. There is a strong co-relation between age and severe chronic ailments, risk of diabetes, obesity, and other illnesses. As chronic ailments may restrict mobility, aging population faces increased risk of foot ulcers and pressure ulcers. As people become more aware of these conditions, the demand for supporting treatment and medications for diabetic foot ulcers and pressure ulcers will increase. This will give the market significant impetus.
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Cost Burden of Diabetic Foot Ulcer Treatment Could Hamper Growth
On the flip side, the cost burden of diabetic foot ulcers and pressure ulcers treatments is inhibiting the market's trajectory to an extent. Lack of preventive measure taken by healthcare providers and patients has been a major reason behind the widespread incidence of diabetic foot ulcers and pressure ulcers. This creates additional cost burden, as the expenditure incurred on the illness is often quite high. The rising incidence of diabetic foot ulcers has therefore compelled healthcare providers and patients' families to focus on preventive measures, to save any additional expenditure and discomfort on the part of patients. This could have a negative impact on the market.
Nevertheless, biologics are increasingly used for the treatment of diabetic foot ulcers and pressure ulcers. This is a relatively novel method and holds promise for market's growth in the near future.
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This review is based on a TMR report, titled "Diabetic Foot Ulcers and Pressure Ulcers Market (Type of Wound - Diabetic Foot Ulcers (Grade 0, Grade 1, Grade 2, Grade 3, Grade 4, and Grade 5) and Pressure Ulcers (Stage 1, Stage 2, Stage 3, and Stage 4); Treatment Type - Wound Care Dressings (Surgical Debridement, Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, and Hydrogel Dressings), Bio-actives (Skin Grafts & Skin Substitutes and Growth Factors), and Wound Care Devices (Negative Pressure Wound Therapy and Ultrasound Therapy); End Users - Hospital Inpatient Settings, Hospital Outpatient Settings, Community Health Centers, and Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The report segments the global diabetic foot ulcers and pressure ulcers market as:
Global Diabetic Foot Ulcers and Pressure Ulcers Market, By Type of Wound
Global Diabetic Foot Ulcers and Pressure Ulcers Market, by Treatment Type
Global Diabetic Foot Ulcers and Pressure Ulcers Market, by End Users
Global Diabetic Foot Ulcers and Pressure Ulcers Market, by Geography
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research
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