Skin Ulcer Medications Market: Introduction
- Skin ulcer is an open wound that develops on the skin as a result of injury, poor circulation, or pressure. Medications for venous skin ulcer include Pentoxifylline (Trental), Aspirin, ILOPROST, oral Zinc, and antibiotics & antiseptics (povidone-iodine solution (Betadine), peroxide-based preparations, ethacridine lactate, mupirocin (Bactroban), and topical antiseptic agent cadexomer iodine).
- Several biological substances or products are used in the treatment of ulcers, including skin grafts and substitutes, biologic wound dressings, and growth factors. Biologics work by naturally accelerating the wound healing process, which reduces the healing time. Hence, several players focus on increasing R&D in biologics, thereby opening new doors for skin ulcer treatment.
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Key Drivers and Restraints of Global Skin Ulcer Medications Market
- Increase in the global population over 65 years of age is a major driver of the global skin ulcer medications market. According to the U.S. Census Board data presented in March 2018, there will be 78.0 million people 65 years and older compared to 76.7 million (previously 76.4 million) under the age of 18 by 2035. According to the National Center for Biotechnology Information (NCBI), venous leg ulcers affect around 2% of the population aged 65 years and older in the U.S. Chronic ulceration of the lower leg is a relatively common condition among adults, one that causes pain and social distress. The condition affects 1% of the adult population and 3.6% of the people older than 65. Chronic leg ulcers affect 0.6% to 3% of those aged over 60, increasing to over 5% of those aged over 80.
- A large under-addressed population of patients suffering from chronic wounds has been observed, especially in the developing countries. Rise in adoption of advanced wound care technologies has been observed with increase in per capita income of people in these countries. Better access to advanced wound care and increase in awareness about cost-effectiveness of advanced wound care therapies have boosted the momentum of shift toward these solutions and products. Increase in adoption of health care solutions and products such as negative pressure wound therapy (NPWT) and biologics, including growth factors, skin grafts, and substitutes, has been observed, which is expected to drive the global skin ulcer medications market during the forecast period.
- Advancements in negative pressure wound therapy, new biologic products, and constant innovation & research in skin grafts and growth factors are likely to propel the global skin ulcer medications market during the forecast period
- Increase in awareness about personal health and hygiene boosts demand for advanced wound care management. Patients are now more pro-active about their health and are willing to seek physician's advice at an early stage. Lack of awareness could result in problems related to wound pain. Rise in literacy rate plays a significant role in general awareness among patients for managing wound infections. Moreover, surge in per capita disposable income is encouraging people to spend freely on health care facilities. These factors contribute to the growth of the global skin ulcer medications market.
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Asia Pacific to Lead Global Skin Ulcer Medications Market
- In terms of region, the global skin ulcer medications market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are likely to account for major share of the global skin ulcer medications market during the forecast period, owing to developed health care infrastructure, large patient population, and increase in technological developments.
- Increase in government intervention in emerging markets has led to a rise in awareness about diseases and improvement in health care infrastructure. Additionally, socioeconomic development has been observed in emerging economies such as Asia, Africa, and Latin America. These factors contribute to the overall increase in spending capacity of the population. Moreover, an increase in the foreign direct investment has been observed in these countries. This has led to various international players entering into Asia, Africa, and Latin America markets.
Key Players Operating in Global Skin Ulcer Medications Market
The global skin ulcer medications market is fragmented, with presence of large number of small-scale and large-scale companies. Acquisition of product portfolio of emerging players is a key strategy adopted by leading players for business expansion. Companies usually acquire R&D units of emerging players, aiming to co-develop innovative technologies. Mergers & acquisitions offer significant opportunity to companies in terms of financial advantage for production and commercialization of products.
A number of countries have unmet needs in skin ulcer medication, creating significant opportunities for investors. Investment in R&D of cost-effective solutions is a focus area of major companies, which is expected to augment the global skin ulcer medications market in the next few years
Leading companies operating in the global skin ulcer medications market are:
- B. Braun
- Axolo Pharma, Inc.
- Biomendics LLC
- Biotec Pharmacon ASA
- Canton Biotechnologies, Inc.
- Cellphire, Inc.
- Clene Nanomedicine, Inc.
- Crioestaminal Saude e Tecnologia SA
- Daewoong Pharmaceutical Co. Ltd.
- Destiny Pharma plc
- Integra LifeSciences Corporation
- Mölnlycke Health Care AB
- Factor Therapeutics Ltd.
- FortuneRock (China) Ltd.
- Gene Signal International SA
Global Skin Ulcer Medications Market: Research Scope
Global Skin Ulcer Medications Market, by Type
- Venous Skin Ulcers
- Arterial (ischemic) Skin Ulcers
- Neuropathic Skin Ulcers
- Bedsores or Pressure Ulcers
- Buruli Ulcer
Global Skin Ulcer Medications Market, by End-user
- Hospitals & Clinics
- Inpatient Settings
- Outpatient Settings
- Long-term Care Facilities
- Home Care
Global Skin Ulcer Medications Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.