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Pressure Ulcer Treatment Market Analysis and Forecast 2024
Pressure Ulcer Treatment Market Analysis
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According to The Business Research Company's, The pressure ulcers treatment market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to the rising patent pool worldwide to augment growth, expansion of home healthcare services and telemedicine, increasing aging population, rising incidence of chronic diseases, and growing demand for innovative and cost-effective wound care products.
The pressure ulcers treatment market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the aging population, rising incidence of chronic disease, technological advancement, regenerative medicine, and increasing research and development. Major trends in the forecast period include 3D printing, advanced foam dressing, nutritional interventions, remote monitoring, and AI and machine learning.
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Market Drivers and Trends:
The growing diabetic population is expected to propel the pressure ulcers treatment market going forward. The diabetic population refers to a group of individuals who have been diagnosed with diabetes mellitus, a chronic health condition characterized by elevated blood glucose levels. The diabetic population is growing due to widespread changes in lifestyle and dietary habits that contribute to obesity and insulin resistance, major risk factors for diabetes. Diabetic individuals are more prone to developing pressure ulcers due to complications such as reduced sensation, impaired circulation, and slower wound healing, necessitating a higher demand for effective treatments and management strategies within the market. For instance, in 2021, according to the International Diabetes Federation (IDF), approximately 537 million adults aged 20-79 were living with diabetes, and this number is expected to rise to 643 million by 2030, highlighting the global trend of rising diabetes prevalence. Therefore, the growing diabetic population is driving the growth of the pressure ulcers treatment market.
Major companies operating in the pressure ulcers treatment market are focusing on developing advanced wound care products, such as absorbent antimicrobial wound dressings, to sustain their position in the market. Absorbent antimicrobial wound dressings are specialized medical dressings designed to manage wound exudate while simultaneously preventing or reducing infection. For instance, in February 2021, Axio Biosolutions Private Limited, an India-based medical technology company, obtained European CE Mark approval for its advanced wound care product, MaxioCel. This certification enables Axio to expand its global market presence, particularly in Europe, which represents the second largest market for advanced wound care products. MaxioCel is a highly absorbent antimicrobial wound dressing intended to treat diabetic foot ulcers, pressure ulcers, and chronic wounds. The product has demonstrated significant improvements in patient outcomes and has been utilized in over 100 hospitals in India since its launch.
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Major Key Players of the Market:
Cardinal Health, 3M Company, Medtronic plc, Stryker Corporation, Baxter International Inc, Medline Industries Inc, Smith & Nephew, Coloplast Corporation, B. Braun Medical Inc, Mölnlycke Health Care, Integra LifeSciences, Agiliti Health Inc, Arjo AB, Healogics Inc, EHOB Inc, Alimed Inc, Talley Group Ltd, Axio Biosolutions, Advancis Medical, Pegasus Healthcare, Lohmann & Rauscher
Pressure Ulcers Treatment Market 2024 Key Insights:
• The pressure ulcers treatment market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Impact Of The Growing Diabetic Population On The Pressure Ulcers Treatment Market
• Development Of Advanced Wound Care Products In The Pressure Ulcers Treatment Market
• North America was the largest region in the pressure ulcers treatment market in 2023
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