Pressure ulcers, commonly known as bedsores or pressure sores, are injuries to skin or underlying tissues that develop as a result of prolonged exposure to pressure or pressure combined with friction and shear. They form over bony prominences such as the heels, hip bones, and shoulders. Pressure ulcers can range in severity from Stage I, which presents as non-blanchable erythema of intact skin, to Stage IV, which involves full-thickness skin loss with extensive destruction, tissue necrosis or damage to muscle, bone or supporting structures. Products used in pressure ulcers treatment include wound care dressings, wound cleansers, debridement products, growth factors, and bio-actives.
The global Pressure Ulcers Treatment Market is estimated to be valued at Us$ 5247.86 Mn Or Bn in 2023 and is expected to exhibit a CAGR Of 4.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising geriatric population is a key factor driving the growth of the global pressure ulcers treatment market. According to the United Nations, the population aged 65 years or over is projected to grow to 1.5 billion in 2050 from approximately 617 million in 2020. Older adults are more prone to develop pressure ulcers due to chronically ill health, impaired mobility, and nutritional deficiencies. Thus, the aging demographic presents sizable growth opportunities for pressure ulcers treatment products manufacturers.
The rising incidence rate of pressure ulcers is another driver of market growth. Pressure ulcers affects 600,000 Americans each year, costing an estimated $26 billion to treat. A study published in the Journal of Tissue Viability estimates the lifetime risk of developing a pressure ulcer to be 23% for adults aged 18 and over. With increasing healthcare costs and emphasis on improving patient outcomes, pressure ulcer prevention and cost-effective treatment options are gaining greater prominence.
SWOT Analysis
Strength: The pressure ulcers treatment market has several approved treatment options available. Novel treatment options such as alternative wound care therapies, biosimilars and stem cell therapies offer better treatment outcomes. Government initiatives to spread awareness about prevention and treatment of pressure ulcers is increasing the demand for efficient treatment options.
Weakness: High costs associated with advanced treatment technologies such as biological skin substitutes hampers their widespread adoption. Lack of skilled professionals for appropriate diagnosis and management of pressure ulcers poses challenges.
Opportunity: Emergence of technologies focused on developing alternative wound care therapies, stem cell and advanced biologics provide growth opportunities. Rising geriatric population susceptible to developing pressure ulcers increases the market potential in developing regions.
Threats: Limited reimbursment of high-cost therapies in some countries restricts market revenues. Stringent regulatory approvals for new treatment entrants increase clinical trial costs.
Key Takeaways
The Global Pressure Ulcers Treatment Market Demand is expected to witness high growth. The global Pressure Ulcers Treatment Market is estimated to be valued at US$ 5247.86 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
North America currently dominates the market due to presence of major players, strong reimbursement policies and easy access to advanced treatment options in the region. The Asia Pacific market is expected to grow at a faster pace during the forecast period owing to rising incidence of hospital acquired pressure ulcers, growing medical tourism and improving healthcare infrastructure in emerging countries of the region.
Key players related content comprises: Key players operating in the pressure ulcers treatment market are Emergent Biosolutions Inc., SIGA Technologies Inc., Bavarian Nordic A/S, Elusys Therapeutics Inc., Ichor Medical Systems Inc., Amgen Inc., Cleveland BioLabs Inc., Dynavax Technologies Corporation, Alnylam Pharmaceuticals Inc., and XOMA Corporation.
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