April 22, 2024
Pressure Ulcers Treatment Market

Pressure Ulcers Treatment Market Propelled by Burgeoning Healthcare Expenditure

Pressure ulcers, commonly known as bedsores or pressure sores, refer to injuries caused to the skin and underlying tissues due to prolonged pressure. Pressure ulcers can occur due to prolonged sitting or lying in one position without movement. They develop when soft tissues compress between a bony prominence and an external surface over time, resulting in damaged blood circulation. Pressure ulcers can range from minor skin redness to severe tissue damage and infection of muscles and bones. Treatment of pressure ulcers include regular repositioning, using special support surfaces like mattress overlays or seat cushions, pain medication, wound dressings, skin care, surgery, and more. The Global Pressure Ulcers Treatment Market Size is estimated to be valued at US$ 6045.54 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Burgeoning healthcare expenditure is one of the key factors fueling the growth of the pressure ulcers treatment market. With rising incomes and changing demographics, healthcare spending is increasing rapidly globally. According to data by the World Bank, global healthcare expenditure grew from 9.88% of global GDP in 2018 to 10.2% of global GDP in 2020. Rising per capita incomes and increasing focus on preventive healthcare are augmenting healthcare budgets worldwide. This growing healthcare spending is propelling the demand for advanced treatment options for pressure ulcers. Furthermore, rising geriatric population also contributes significantly to market growth, as elderly people are more prone to developing pressure ulcers.

SWOT Analysis

Strength: The advanced technologies for wound care management and treatment provide better healing solutions. Research and development of novel products present strong growth opportunities.

Weakness: high costs associated with advanced wound care products limiting their adoption in developing regions. Lack of awareness regarding preventive measures in low and middle-income countries.

Opportunity: Rising prevalence of lifestyle diseases and ageing population globally increases the demand. Growing investment by governments and private players to improve healthcare infrastructure especially in emerging markets.

Threats: Presence of alternative treatment options poses competition. Reimbursement issues and stringent regulations for new products approval delay market access.

Key Takeaways

The global pressure ulcers treatment market is expected to witness high growth.

Regional analysis comprises the market in North America dominates currently due to robust healthcare infrastructure and availability of advanced products. Asia Pacific is the fastest growing region due to large patient population, rising healthcare spending and increasing awareness.

Key players operating in the pressure ulcers treatment market are DIC Corporation (Japan), Dow Chemical Company (US), BASF SE (Germany), Arkema Group (France), Celanese Corporation (US), Trinseo (US), The Lubrizol Corporation (US), Wacker Chemie AG (Germany), Synthomer Plc (UK), and Asahi Kasei Corporation (Japan).

1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it