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.
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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.
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.
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.