Impact of COVID-19 on Venous Skin Ulcer Treatment Market

TMR

4 years ago

COVID-19 Crisis Offers Opportunities in Online Sales and Home Care Services

Community services organizations have taken the initiative to provide venous skin ulcer treatment solutions amidst the coronavirus (COVID-19) pandemic. For instance, Tissue Viability Society— one of the oldest community services organizations in the U.K., has taken the initiative to provide venous skin ulcer treatment solutions amidst the coronavirus crisis by providing latest information on leg ulcer care on their official website. The growing awareness about compression therapy products are accelerating revenue-generation processes for companies in the venous skin ulcer treatment market.

Since patients are seeking leg ulcer treatment at home amidst the COVID-19 era, companies in the venous skin ulcer treatment market should strengthen their online sales and home delivery services to meet special requirements of patients. As such, the revenue of home care settings is estimated for exponential growth in the market for venous skin ulcer treatment.

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Electroceutical Therapy Holds Potential in Management of Hard-to-Heal VLUs

Leg changes due to venous skin ulcers are increasingly becoming a matter of deep concern for patients that are susceptible to blood clots, injury, and even obesity. Hence, companies in the venous skin ulcer treatment market are increasing awareness about bio skin treatments and innovative dressings to provide relief to patients. On the other hand, innovative tools such as the leg ulcer measurement tool (LUMT) are being adopted by clinicians to assess various parameters of leg ulcers and determine appropriate treatment measures.

Venous leg ulcers (VLUs) in individuals are posing a significant economic burden for the U.K. National Health Service (NHS). Hence, companies in the venous skin ulcer treatment market are increasing awareness about electroceutical therapy for the management of hard-to-heal VLUs. Electrical stimulation and electroceuticals are being highly publicized to reduce inflammation and pain in patients, resulting in improved clinical numbers.

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Improving Nursing Staff Knowledge Results in Increased Uptake of Wound Dressings

Community nursing teams in the Midlands, U.K., are increasing their focus on effectively manage VLUs. For instance, stakeholders that are a part of the Midlands Partnership NHS Foundation Trust are increasing the availability of standardized assessments such as by introducing the lower-limb assessment algorithm for the venous skin ulcer treatment. This is evident since the revenue of Europe is projected for exponential growth in the venous skin ulcer treatment market, where the global market is estimated to be valued at US$ 4.3 Bn by 2030.

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Initiatives by reliable social care service organizations are helping to improve nursing staff knowledge and competence for venous skin ulcer treatment. Healthcare systems in the venous skin ulcer treatment market are increasing efforts to provide face-to-face leg ulcer training to nurses in order to increase clinical capacities. Hence, companies in the venous skin ulcer treatment market are capitalizing on this trend due to a drastic surge in bulk orders for dressings.

Compression Hosiery Products Help Prevent Recurrence of Venous Skin Ulcers

The compression therapy is playing a vital role in the prevention of lower-leg ulceration and its recurrence. However, there is lack of clear understanding about the selection of compression hosiery products to reduce the recurrence of venous skin ulcer. Hence, companies in the venous skin ulcer treatment market are encouraging healthcare professionals to introduce health programs that educate patients about therapeutic effects of compression hosiery products.

High rates of recurrence after healing have catalyzed the demand for compression hosiery products in venous skin ulcer treatment market. This is evident since the revenue of compression therapy products is predicted for aggressive growth in the venous skin ulcer treatment market.

High Medical Insurer Reimbursement Rates Fuel Demand for Non-invasive Medical Devices

The venous skin ulcer treatment market is expected to expand at a CAGR of ~5% during the forecast period. This has sparked innovations in startup companies who are taking keen interest in developing alternative solutions for venous skin ulcer treatment. For instance, Galway-based medical technology start-up introduced BioVena™— a first-of-its-kind effective non-thermal medical device that helps in varicose veins and venous skin ulcer treatment by activating the body’s own healing mechanism. This device has fueled the demand for non-invasive treatments in the venous skin ulcer treatment market.

Increasing number of startups are directing their focus on venous skin ulcer treatment, since the medical condition has resulted in high medical insurer reimbursement rates in the U.S. and Europe. As such, the U.S. is anticipated to dominate the market for venous skin ulcer treatment.

Published Clinical Evidences of Negative Pressure Wound Therapy Benefitting Medtech Companies

Strategic collaborations between companies in the venous skin ulcer treatment market are helping to improve patient quality of life. For instance, Kinetic Concepts, Inc., a medtech company dealing in wound healing has joined forces with the 3M Company— a U.S. multinational conglomerate to promote their V.A.C.® negative pressure wound therapy for venous skin ulcer treatment. As such, the revenue of negative pressure wound therapy is predicted to take an aggressive leap in the venous skin ulcer treatment market.

Medtech companies in the market for venous skin ulcer treatment are strengthening their supply chains with hospitals, community services organizations, and for home treatment applications. High availability of published clinical evidence pertaining to negative pressure wound therapy products is estimated to increase the product uptake in the upcoming years.