Pressure Ulcers Treatment Market Is Estimated To Witness High Growth Owing To Opportunity In Preventing Hospital Acquired Infections
Pressure ulcers, also known as bedsores or pressure sores, are injuries that break down the skin and underlying tissue as a result of prolonged pressure. They commonly occur over bony prominences like the heels, ankles, hips, and shoulders. Pressure ulcers can range from painful shallow open sores to deep craters extending into muscle and bone. If left untreated, they can cause serious infections and may lead to sepsis or death. The global pressure ulcers treatment market offer products like wound care dressings, wound care devices, and other treatment products that help heal and prevent further damage to pressure ulcers. They effectively help manage wound exudate and prevent infections.
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, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in preventing hospital acquired infections presents lucrative growth prospects for the pressure ulcers treatment market. Pressure ulcers often get infected if not taken care of properly. This can lead to severe infections in hospitalized patients. Effective treatment and prevention of pressure ulcers through advanced wound dressings and devices can significantly reduce the risk of hospital acquired infections. It is estimated that hospital acquired infections directly impact around 1.7 million patients annually in the US alone. Reducing such infections through pressure ulcers management can save millions in additional treatment costs while improving patient outcomes. This presents a major market opportunity for pressure ulcer treatment product manufacturers.
Porter's Analysis
Threat of new entrants: Low capital requirement and availability of generic and patented drugs increases the threat of new entrants. However, presence of established players and regulatory barriers restrict the threat.
Bargaining power of buyers: Large pool of buyers including hospitals, clinics and patients increases their bargaining power. Buyers can negotiate on price and demand value-added offerings.
Bargaining power of suppliers: Availability of raw material suppliers and contract manufacturing organizations reduces the bargaining power of suppliers in the market.
Threat of new substitutes: Development of new advanced wound care products pose threat of substitution. However, lack of complete substitutes keeps the threat moderate.
Competitive rivalry: Large number of global and local players offering generic and patented products intensifies the competition. Players compete on product differentiation, capacity expansion and strategic collaborations.
SWOT Analysis
Strength: Wide product portfolio and strong global presence of key players. Rising incidence of chronic wounds and innovations in advanced wound care management.
Weakness: High cost of patented products, limited patient affordability and reimbursement issues in developing regions. Shortage of skilled workforce for wound management.
Opportunity: Emerging markets with large patient pool and improving healthcare infrastructure provide growth opportunities. Shift towards advanced wound therapies from traditional options.
Threats: Stringent regulatory framework delays product approval. Reimbursement cuts by governments and insurance companies affects market profitability. Spread of COVID-19 pandemic disrupts supply chain and delays new product launches.
Key Takeaways
The Global Pressure Ulcers Treatment Market Demand is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 5247.86 Mn in 2023 to US$ 7781.24 Mn by 2030.
Regional analysis :
North America dominates the global market and is projected to retain its top position during the forecast period. Higher healthcare spending, presence of leading players, and well-developed healthcare infrastructure drive the North American market. However, Asia Pacific market is expected to witness fastest growth owing to rising medical tourism, increasing wound care awareness and improving access to healthcare in emerging countries.
Key players :
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.
Get more insights on this topic :