Fact.MR – A Market Research and Competitive Intelligence Provider: Rise in diabetic patients around the world has resulted in the global contact cast system market to grow steadily.
Non-removable Contact Cast System to Gain Significant Traction in the Contact Cast System Market
The Fact.MR study offers contact cast systems surgery demand outlook and studies opportunities existing in key segments, including product type and distribution channel. As per the report, market players are keen on strategic collaborations in order to expand their global footprint and product portfolio.
Fact.MR – A Market Research and Competitive Intelligence Provider: Rise in diabetic patients around the world has resulted in the global contact cast system market to grow steadily. According to a Fact.MR analysis, the contact cast system market is expected to reach a value of more than US$ 2,513 million by 2031, with a CAGR of 6.1%.
Contact cast systems are in high demand because they are commonly used to cast-off wounds associated with diabetic foot ulcers. They help to encase the entire foot, including the lower leg and toes, as well as off-load the sole.
According to the World Health Organization (WHO), approximately 42 million people worldwide suffer from diabetes, with a majority of them being from low-and middle-income countries. Each year around 1.6 million deaths are directly related to diabetes.
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According to U.S. National Library of Medicine National Institute of Health, around 15 to 25% of diabetic patients suffer from foot ulcers throughout their life. The overall presence of this complication is from 1.3 to 4.8%. These factors will boost the demand for contact cast system worldwide.
“Rising prevalence of diabetes in older generation will bring lucrative opportunities for the contact cast system market. With this competition is expected to soar. Market players are likely to respond to this by adopting strategies that will help them expand their expertise. As a result, mergers and acquisitions will be registered as companies aim for competitive advantage,” says the Fact.MR analyst.
Key Takeaways:
- Non-removable contact cast system increases the rate of healing by 80% as it maximizes the application time and minimizes the role of patient compliance.
- North America is predicted to lead the global market, owing to federal and state government support for healthcare facility construction and efficient reimbursement methods.
- The European market is fueled by a well-developed healthcare system that encourages regular health screenings and patient education.
- Due to a lack of device availability and weak healthcare infrastructure, the Latin American and Middle Eastern markets may experience slow growth.
Key Drivers
- As the gold standard for off-loading non-infected neuropathic diabetic foot ulcers, the market for contact cast systems is predicted to expand.
- When compared to typical methods and devices like healing sandals and walking boots, a contact cast system offers an 88.9% wound closure rate. It also has an 80% healing rate compared to removable cast walkers, which only have a 65% healing rate. These aspects will continue to drive the market:
- It allows for easier adaption due to the combined layers of stiffness and application, which improves the treatment’s efficacy.
Key Restrains
- Due to the unfavorable view of contact cast systems therapy, the market is projected to be restrained.
- Patients are sometimes hesitant to invest time and faith in the application and removal of the equipment.
- In many places, non-availability in the developing world due to insufficient health infrastructure would stifle market growth.
- The use of a contact cast system is limited to a small number of patients with a prolonged infection or severe peripheral artery dysfunction.
Competitive Landscape
The key players in the industry are investing in different strategies such as merger and acquisitions. For instance,
- Derma Sciences, Inc., a pharmaceutical and medical device company, has acquired MedEfficiency, Inc. under the terms of acquisition and paid US$14.5 million. MedEfficiency, Inc. manufactures TCC-EZ™ Total Contact Cast system.
The key players operating in the global contact cast system market are
- Essity
- Integra LifeSciences Corp.
- WoundKair Concepts, Inc.
- Derma Science, Inc.
More Valuable Insights on the Contact Cast System Market
Fact.MR, in its new report, offers an unbiased analysis of the global contact cast system market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in contact cast system market with detailed segmentation:
Based on Product Type
- Non-Removable
- Removable
Based on Distribution Channel
- Hospital pharmacies/Medical Centers/Podiatry Clinics
- Online Retail
- Online Pharmacies
- Ambulatory Surgery Centers
Based on Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Source: Fact.MR