Pressure Ulcers Treatment Market Size – USD 5.3 Billion in 2018, Pressure Ulcers Treatment Market Growth – CAGR of 11.4%
NEW YORK CITY, NEW YORK, UNITED STATES, March 25, 2020 /EINPresswire.com/ — According to the current analysis of Reports and Data, the Pressure Ulcers Treatment market was valued at USD 5.3 billion in 2018 and is expected to reach USD 12.7 billion by the year 2026, at a CAGR of 11.4%. Pressure ulcers refer to the injuries caused by prolonged pressure on the skin. The pressure ulcers are mostly found in patients who are bedridden due to various reasons such as accident cases of coma or long-term treatments such as chemotherapy. They are not life-threatening, but grave injuries due to pressure ulcers may lead to infections.
The rising prevalence of accidents on roads or household could be a driving factor for the market. According to the World Health Organization (WHO), approximately 93% of the world’s fatalities happen on the road in which children and young adults are profoundly affected. Moreover, the geriatric population, which is prone to various chronic diseases, may escalate the market growth widely. The increasing incidences of type-2 diabetes that impact blood supply in the body are also expected to be a driving factor for the market. For instance, according to the International Diabetes Federation (IDF), in 2019, 9.3% of the population, which is 463 million people, had diabetes, and the number is expected to rise to 10.2% (equivalent to 578 million) by 2030.
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Furthermore, the rise in the number of people opting for artificial skin substitutes are quite prone to pressure ulcers and is expected to be driving the market in the forecast period. Many new products and technological innovations by various market players could escalate market growth. Moreover, the high unmet needs of patients can create opportunities for existing companies as well as new entrants in the market. The high cost of wound care products and unfavorable reimbursement policies are expected to be some restraints for the market. The prevention of pressure ulcers is more focused upon as treatment of pressure ulcers is more costly s compared to prevent pressure ulcers.
Further key findings from the report suggest
• Various companies continue to be the market leaders in the Pressure Ulcers Treatment market. However, to keep their strong presence in the market they are adapting various strategic initiatives. For instance, in January 2019, Mölnlycke Health Care AB got into a merger with M&J Airlaid Products A/S which is Denamark-based company and they specialize in high-quality nonwoven absorbent materials.
• Another significant merger happened in July 2017, between major key players of the market- Cardinal health and Medtronic. Cardinal health acquired Medtronic’s patient care, nutritional insufficiency and deep vein thrombosis sectors due to which 23 products were added into the company’s product portfolio.
• The pressure ulcers market is known to significantly contribute in the public healthcare expenditure due to a very high cost of new innovative advanced wound care products. According to a study published in 2016 by the European Wound Management association, the financial burden of wounds in the healthcare expenditure was 6%.
• The major key players in the company include, Smith & Nephew plc, Integra LifeSciences, Hill-Rom Holdings, Inc., Mölnlycke Health Care AB, Essity Aktiebolag, Cardinal Health, B. Braun Melsungen AG, Acelity L.P., Inc., Coloplast Group, and ConvaTec, Inc.
• Moreover, the market players are collaborating with other agencies. For instance, In February 2020, InfuSystem Holdings, Inc, a leading national health care service provider, facilitating outpatient care for durable medical equipment has entered into an agreement whereby it will add Negative Pressure Wound Therapy (“NPWT”) to its Integrated Therapy Service (“ITS”) platform.
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For the purpose of this report, Reports and Data has segmented the Pressure Ulcers Treatment market on the basis of product, wound, end use and region:
By Product (Revenue in Million USD; 2016–2026)
• Pressure Relief Devices
o High-tech Devices
o Low-tech Devices
• Wound Dressings
o Polyurethane Film
• Wound Care Devices
o Negative Pressure Wound Therapy
By Wound (Revenue in Million USD; 2016–2026)
• Deep Tissue Injury
By End Use (Revenue in Million USD; 2016–2026)
• Hospitals and Clinics
• Community Healthcare Centers
Regional Outlook (Revenue in Million USD; 2016–2026)
• North America
o Rest of the Europe
• Asia Pacific
o Rest of Asia-Pacific
• Middle East & Africa
• Latin America
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Source: EIN Presswire