Surge in prevalence of chronic diseases including diabetic foot ulcers among diabetic patients across the globe is creating revenue-generation opportunities in the global diabetic foot ulcers and pressure ulcers market.
Global Diabetic Foot Ulcers and Pressure Ulcers Market: Overview
Surge in prevalence of chronic diseases including diabetic foot ulcers among diabetic patients across the globe is creating revenue-generation opportunities in the global diabetic foot ulcers and pressure ulcers market. Hence, the market is projected to register growth at a CAGR of 6.6% during the forecast period of 2016 to 2024 and gain the valuation of US$4.9 Bn by 2024.
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The assessment by Transparency Market Research (TMR) offers thorough study of factors impacting the growth of the diabetic foot ulcers and pressure ulcers market. Thus, the report delivers inclusive evaluation of major factors such as growth drivers, growth restraints, key regions, challenges, and competition analysis of the market for diabetic foot ulcers and pressure ulcers.
The global diabetic foot ulcers and pressure ulcers market is segmented into many parts based on several crucial parameters such as type of wound, treatment type, end user, and region. Based on type of wound, the market is divided into two main parts, namely, pressure ulcers and diabetic foot ulcers. In terms of treatment type, the market for diabetic foot ulcers and pressure ulcers is classified into bio-actives, wound care devices, and wound care dressings. On the basis of end user, the market is bifurcated into hospital outpatient settings, hospital inpatient settings, home healthcare, community health centers, and others.
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Rise in Diabetic Population to Boost Sales in Market
In recent years, there has been rapid increase in the number of patients dealing with chronic wounds, including pressure ulcers, diabetic foot ulcers, surgical wounds, venous leg ulcers, and other chronic wounds. Among all, diabetic foot ulcers are common chronic wounds observed in diabetic patients. If proper treatment is not provided, foot ulcers can result into wounds that need lower extremity or foot amputation.
There are several causes of pressure ulcers such as longer hospital stays and lack of movement in patients. In recent years, there has been a notable rise in the number of chronic diseases in older population with a need of hospital admissions. This factor is boosting the sales prospects in the diabetic foot ulcers and pressure ulcers market
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North America and Europe to Offer Prominent Growth Opportunities in Market
Some of the important regions for the global diabetic foot ulcers and pressure ulcers market are Europe, North America, Middle East and Africa, Asia Pacific, and Latin America. Of them, North America and Europe are likely to offer lucrative prospects in the diabetic foot ulcers and pressure ulcers market in the years to come owing to rising cases of diabetic foot and pressure ulcers in the regions.
The diabetic foot ulcers and pressure ulcers market is projected to gain revenue-generation opportunities in North America and Europe due to higher life expectancy in sub-regions of Europe, increase in number of older population, rising number of hospitalizations and surgical procedures in these regions.
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Market Players Increase Investments in R&D Projects to Stay Competitive
The global diabetic foot ulcers and pressure ulcers market is consolidated in nature. Presence of many small as well as well-established companies represents the intense competition level in the market. Thus, players are using organic as well as inorganic strategies in order to stay competitive. Some of the key strategies include regulating costs, advancing treatment procedures, and performing extensive R&D activities.
Some key players operating in the diabetic foot ulcers and pressure ulcers market are Smith & Nephew Plc., 3M Healthcare, ConvaTec, Inc., Acelity L.P. Inc., Medtronic Plc, Molnlycke Health Care AB, Coloplast A/S, Organogenesis, Inc., B. Braun Melsungen AG, BSN Medical GMBH, and Medline Industries, Inc.
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Players in the diabetic foot ulcers and pressure ulcers industry are focused on making amendments in their policies so as to sustain in the critical situations arrived due to the COVID-19 outbreak. Moreover, they are continuing on regular activities while following safety measures suggested by the regional government authorities.
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