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.
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.