Impact Assessment of COVID-19 Outbreak on Venous Skin Ulcer Treatment Market
Venous Skin Ulcer Treatment Market: Introduction
According to the report, the global venous skin ulcer treatment market was valued at US$ 2.6 Bn in 2019. It is expected to expand at a CAGR of ~5% during the forecast period from 2020 to 2030. Various advanced technologies and treatment options are presently available for venous skin ulcer. The treatment for skin ulcer include different therapies such as compression therapy, advanced wound dressings, negative pressure wound therapy, and medications. Negative pressure wound therapy involves continuous or intermittent application of sub-atmospheric pressure to the wound dressing system, which provides a positive pressure to the surface of a wound. Some advanced therapies also include skin substitutes, which are tissue engineered skin substitutes made of cells, extracellular matrix, and combination of cells & matrices. These are mostly employed in the treatment of burns, diabetic ulcers, vascular ulcers, and lacerations. North America dominated the global venous skin ulcer treatment market in 2019. It is expected to maintain its dominance, in terms of value, by the end of 2030.
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Increase in Prevalence & Incidence of Venous Leg Ulcer to Drive Market
Immobility, varicose veins, obesity, pregnancy, and previous deep vein thrombosis are major factors responsible for the development of venous leg ulcers. Consequently, prevalence and incidence of venous leg ulcers is rising rapidly. Increase in prevalence and incidence of venous leg ulcer is estimated to boost the global venous skin ulcer treatment market. For instance, as per an article published by the National Center For Biotechnology Information (NCBI), the prevalence of venous leg ulcers in the U.S. is around 600,000 annually. The rise in geriatric population and increase in adoption of technologically advanced wound care products are also key factors that drive the global venous skin ulcer treatment market.
The availability of different skin substitutes and rise in patient awareness and healthcare expenditure are major factors that further propel the global venous skin ulcer treatment market.
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Negative Pressure Wound Therapy to be in High Demand
Based on product, the global venous skin ulcer treatment market has been classified into compression therapy, advanced wound dressings, negative pressure wound therapy, skin grafts & substitutes, medications, and others. The compression therapy segment has been further bifurcated into compression bandages and compression hosiery. The compression therapy segment accounted for a major share of the global venous skin ulcer treatment market in 2019, due to new product launches and higher demand following its features such as better therapeutic effects. Negative pressure wound therapy is a highly promising segment and it is projected to expand at a higher CAGR during the forecast period, owing to rapid healing and decline in the number of dressing changes and risk of pathogenic infection.
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Stage IV Dominated Global Market
In terms of stage, the global venous skin ulcer treatment market has been segmented into stage I, stage II, stage III, and stage IV. The stage IV segment accounted for a major share of the global venous skin ulcer treatment market in 2019. It is also estimated to expand at a higher CAGR during the forecast period. Long-term management treatment and higher cost of treatment associated with severe form of disease are key factors fueling the stage IV segment.
Home Care Settings to be Promising End User
Based on end user, the global venous skin ulcer treatment market has been divided into hospitals & clinics, long-term care facilities, home care settings, and others. The hospitals & clinics segment has been further split into inpatient settings and outpatient settings. The hospitals & clinics segment held a prominent share of the global venous skin ulcer treatment market in 2019, due to a high number of hospital admissions and better reimbursement facilities provided by hospitals. The home care settings segment is projected to expand at a notable CAGR during the forecast period, owing to an increase in the geriatric population and improvement in healthcare infrastructure and support facilities.
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North America to Lead Global Market
In terms of region, the global venous skin ulcer treatment market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global venous skin ulcer treatment market in 2019, owing to rising prevalence of chronic wounds, better reimbursement scenario, and early adoption of advanced products in the region. For instance, as per Centers for Disease Control and Prevention (CDC) estimates, around 2.5 million patients suffer from pressure ulcers every year in the U.S. The market in Asia Pacific is estimated to expand at a prominent CAGR during the forecast period, owing to an increase in geriatric population, emergence of strong local manufacturers offering technologically advanced products at lower prices, and a rise in awareness among people about early diagnosis of chronic wounds.
Competition Landscape
The global venous skin ulcer treatment market is fragmented in terms of number of players with entry of several emerging new players in the market. Key players in the global market include Smith & Nephew plc., Integra LifeSciences Corporation, Mölnlycke Health Care AB, Cardinal Health, 3M, URGO Medical, Bauerfeind, PAUL HARTMANN AG, and SIGVARIS. Research collaborations, mergers, acquisitions & strategic collaborations, and new product & technology launches in recent years are key strategies adopted by major companies operating in the global venous skin ulcer treatment market.
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