The global venous ulcer treatment market is expected to be valued at USD 2.96 billion in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 6.5% from 2023 to 2033. At the end of the aforementioned forecast period, the market is poised to reach USD 7.61 billion.
As per the NHS, venous ulcers are the most prevalent forms of leg ulcers, making up for more than 90% of all instances and affecting approximately 1 in 500 people in the UK. The increase in the frequency of venous ulcers and the emergence in the implementation of compression therapy to treat venous leg ulcers are the key determinants driving market expansion over the forecast period. Increasing awareness about the accessibility of therapeutic interventions for venous ulcers as well as breakthroughs in therapeutic approaches is expected to drive the venous ulcer treatment market growth throughout the forecast period.
Leg changes caused by venous ulcers are becoming progressively concerning for patients who are prone to blood clots, injury, and even weight gain. As a result, enterprises in the venous ulcer treatment industry are raising patient awareness about bio-skin treatments and inventive dressings. Doctors, on the other hand, are using technology tools including the leg ulcer measurement tool (LUMT) to examine different variables of leg ulcers and evaluate appropriate therapeutic indicators. Organizations in the venous ulcer treatment market are creating awareness about the use of electroceutical therapy to treat difficult-to-heal VLUs. Electrical stimulation and electroceuticals are widely publicized for their ability to reduce pain and swelling in patients, leading to higher clinical numbers.
In 2022, North America dominated the global venous ulcer treatment market. During the forecast timeframe, it is expected to dominate the market. During the forthcoming years, the European venous ulcer treatment market is expected to grow at an exponential rate. The prevalent use of wound care additives in several growing economies, including the United Kingdom, has obtained massive revenue over the decades. North America dominated the global market in 2022 and is expected to continue to do so throughout the forecast years. The regional market is growing as more people use technically advanced wound care items and therapeutic approaches, particularly negative pressure wound treatment. In the coming years, ongoing R&D on these will unlock new opportunities for revenue.
Treatment option advancements have been identified as an important venous ulcer treatment industry trend. Compression therapy has been shown in studies to shorten VLU recovery time and reduce the incidence rate. In addition, rigorous experiments by major competitors in compression therapy business development are rising sharply patient implementation. SIGVARIS, for instance, developed three inelastic compression items (COOLFLEX NF, COMPREFLEX REDUCE, and COMPREFLEX ARM.) for the diagnosis of venous ulcers in February 2018.
Considering the aforementioned facts and figures, the market is projected to exhibit a good rate of growth.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 2.96 Billion |
| Anticipated Forecast Value (2033) | USD 7.61 Billion |
| Projected Growth Rate (2023 to 2033) | 6.5% CAGR |
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During the coronavirus (COVID-19) pandemic, volunteer work organizations took the lead to provide venous ulcer effective treatments. For instance, the Tissue Viability Society, the leading oldest community outreach organization in the United Kingdom, took the lead to provide venous ulcer treatment methods during the coronavirus crisis by posting the most recent leg ulcer care knowledge on their official web page. During the historical context, a greater understanding of compression treatment methods ramped up revenue-generation procedures for organizations in the venous ulcer treatment market.
However, now, that the industries are getting back to their normal functioning, the global demand for Venous Ulcer Treatment is projected to increase at a CAGR of 6.5% during the forecast period between 2023 and 2033, reaching a total of USD 7.61 billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 5.8%.
The growing geriatric population drives market expansion
According to a report released by the National Library of Medicine, the overall incidence of this ailment is 1%, soaring to 3% among those over 65. Many advances in treatment and detection have occurred in the last 25 years.
Despite these advancements, curing response and chronicity remain variable, and venous ulcer remains a major complication. Based on a Pew Research Center report, the older populace of the United States will grow to 81 million by 2050, up from 37 million in 2005. As a result, this aspect is predicted to contribute to industry growth.
Treatment Options Developments to Provide Market-Thriving Growth
Burgeoning breakthroughs in treatment therapy are predicted to play a significant contribution to the venous ulcer treatment market growth over the coming years. Conventional therapeutic options have progressed into multi-component and two-layer compression therapy solutions, as well as short-stretch compression therapy systems.
This has improved the convenience of bandage implementation for practitioners while also supplying them with items that provide efficient therapeutic compression, which is anticipated to propel overall growth. Furthermore, the increase in the number of players involved in the creation of super-sophisticated products for the management of venous ulcers is inclined to fulfill the increasing demand for a robust solution for venous ulcers.
High costs of ulcer management and a lack of knowledge about treatment options stifle market growth
The insufficient knowledge about venous ulcer therapeutic approaches in several developing countries is likely to stymie the expansion of the venous ulcer treatment market. Furthermore, the increased cost of ulcer management is expected to limit the market growth.
Nevertheless, proposals by government agencies and non-governmental institutions to spread awareness about the accessibility of novel therapeutic options in the market for venous ulcers, as well as diverse product releases, to broaden the product portfolio by several key players, are likely to create beneficial opportunities for growth in emerging regions.
Presence of a Large Geriatric Population Base and Innovative Products Launch to drive regional market
The North American region is anticipated to rank second in the venous ulcer market. The enhanced launch of new products by prominent stakeholders is primarily contributing to the expansion of the venous ulcer market. In the United States, the pervasiveness of venous ulcers ranges from 1% to 3%. 2,3 Based on the AAFP organization, 10% to 35% of adults in the United States have prolonged venous insufficiency, and 4% of adults aged 65 and over have venous ulcers. As a result, this factor is anticipated to contribute to industry growth.
As a result, the USA government estimates that the older population will exceed 55 million by 2020, implying that chronic wounds will remain an increasingly chronic problem in this inhabitant which is also expected to drive the market growth.
Europe dominates the market growth
Europe has a significant presence in the venous ulcer treatment market owing to its technological strength in terms of research and advancement. Furthermore, the increased incidences of venous ulcers in this region, as well as an expanding geriatric population, will aid in the expansion of the market in the United Kingdom.
Based on a paper released in 2019 by Age United kingdom, the United kingdom has approximately 12 million population aged 65 and above. Furthermore, venous ulcers are a widespread chronic condition in many countries, particularly in Europe. Up to 2.2 million people in Europe are impacted, which will contribute to the growth of the regional market during the forecast period.
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Compression therapy to hold dominant market share
The compression therapy segment is predicted to dominate the market for venous leg ulcer treatment. Several of the key drivers of the compression therapy segment's expansion are the emergence of advanced compression wound dressings and stockings for the treatment of venous ulcers, as well as the growing penetration of these commodities.
In addition, as patients become more conscious of the advantages of compression therapy, the use of compression therapy is expected to rise at a rapid pace. Furthermore, the segment is expected to maintain its dominance by broadening at an extremely rapid rate throughout the forthcoming years.
Hospital Segment is Estimated to Hold the Largest Share
Due to the increase in hospitalization rates and hospital healthcare facilities, the hospital pharmacies segment is expected to capture a dominant share of the market throughout the forecast period. Furthermore, the same segment is expected to have the highest CAGR between 2023 and 2033.
Key players in the Venous Ulcer Treatment market are Angiodynamics, Sigvaris Global, Medi GmbH & Co. KG, Activa Healthcare, 3M, Medtronic, Bristol Myers Squibb Co, Sanofi, Bayer AG, Pfizer Inc, Novo Nordisk A/S. Some of the latest developments are
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 2.96 billion |
| Anticipated Forecast Value (2033) | USD 7.61 billion |
| Projected Growth Rate (2023-2033) | 6.5% CAGR |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Diseases Type,Treatment Type,Distribution Channel,Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled |
United States,Canada,Brazil,Mexico,Germany,United Kingdom,France,Spain,Italy,India,Malaysia,Singapore,Thailand,China,Japan,South Korea,Australia,New Zealand,GCC Countries,South Africa,Israel |
| Key Companies Profiled | Angiodynamics; Sigvaris Global; Medi GmbH & Co. KG; Activa Healthcare; 3M; Medtronic Plc.; Bristol Myers Squibb Co.; Sanofi S.A; Bayer AG; Pfizer Inc.; Novo Nordisk A/S |
| Customization | Available Upon Request |
The market in 2023 is valued at USD 2.96 billion.
The market CAGR through 2033 is 6.5%.
Europe is considered a lucrative region for the market because of its technological strength.
By 2033, the market will reach USD 7.61 billion.
High costs of ulcer management and a lack of knowledge about treatment options stifle market growth.
| Estimated Size, 2024 | USD 964.4 million |
|---|---|
| Projected Size, 2034 | USD 1,601.1 million |
| Value-based CAGR (2024 to 2034) | 5.2% |
| Expected Market Value (2023) | USD 4,989.4 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 8,503.4 million |
| Projected Growth Rate (2023 to 2033) | 5.5% CAGR |
| Expected Market Value (2023) | USD 4.4 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 7.9 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 6.03% |
| Market Value in 2021 | USD 6.6 Billion |
|---|---|
| Market Value in 2032 | USD 11.8 Billion |
| Market CAGR (2022 to 2032) | 6.0% |
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Venous Ulcer Treatment Market
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