Diabetic Foot Ulcers and Pressure Ulcers Market foreseen to grow exponentially over 2024

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.

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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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The realm of the global diabetic foot ulcers and pressure ulcers market 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 presence, they are forecast to witness intense competition at the regional level. These companies are Acelity L.P. Inc., Smith & Nephew Plc, and Molnlycke Health Care AB and together they hold over 50% of the global diabetic foot ulcers and pressure ulcers market in 2015, rendering it a fairly consolidated vendor landscape, finds Transparency Market Research (TMR) in a new study.

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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About TMR

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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