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.
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- 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.
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