SEATTLE, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global vascular ulcers treatment market is estimated to be valued at US$ 3.36 billion in 2021 and is expected to exhibit a CAGR of 6.1 % during the forecast period (2021-2028).
Key Trends and Analysis of the Global Vascular Ulcers Treatment Market:
Key trends in the market include increasing cases of diabetes, increasing number of research & development activities, and increase in initiatives related to diabetes by market players to non-profit organizations.
Increasing prevalence of diabetes, one of the main causes of foot ulcers, is expected to fuel the market growth of global vascular ulcers treatment market over the forecast period. For instance, according to the International Diabetes Federation report 2019, diabetes affected approximately 463 million adults aged 20 to 79 and claimed the lives of 4.2 million people worldwide. It affected 79% of adults in low- and middle-income countries. Type 1 diabetes affects over 1.1 million children and adolescents. A total of 374 million people are at a higher risk of developing type 2 diabetes.
The increasing number of research and development activities is expected to bolster growth of the global vascular ulcers treatment market. For instance, on January 16, 2020, Stiris Research, an entrepreneurial clinical trial management company focused on the management of Phase I-IIIB trials, announced the completion of their Phase IIa venous leg ulcer trial and the soft closure of all North American sites. Stiris expressed that it was happy with their collaboration on this global trial and to see patients' leg ulcers heal more quickly.
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Increasing initiatives related to diabetes, a cause of foot ulcers, by market players and non-profit organizations is expected to drive the growth of the global vascular ulcers treatment market. For instance, on April 7, 2021, Medtronic plc, a global leader in medical technology, reaffirmed its commitment to health equity for racialized groups living with diabetes. The company committed to investments in partnerships with the American Diabetes Association (ADA) and T1D Exchange, as well as additional research efforts, to better understand and address these disparities. T1D Exchange is a pioneer in using data to improve type 1 diabetes (T1D) care and outcomes through collaborative change. Medtronic will donate US$ 1 million to the ADA's Technology Access Project (TAP) over the next three years, with the goal of increasing access to and availability of diabetes technology regardless of gender, race, income, or location.
Key Market Takeaways:
Increasing research and development activities, rising product launches and approvals, inorganic activities such as collaborations, agreements, acquisitions, and others are expected to drive growth of the global vascular ulcers treatment market over the forecast period. For instance, on November 1, 2018, Destiny Pharma, a clinical-stage biotechnology company focused on the development of novel antimicrobial drugs, announced a research collaboration with the University of Southampton funded by the National Biofilms Innovation Centre (NBIC). The project aims to investigate the use of the company's novel XF (Exeporfinium chloride) compounds in the prevention, control, and eradication of chronic clinical infections with underlying biofilm involvement, such as those seen in diabetic foot ulcers and cystic fibrosis.
Competitive Landscape:
Key players operating in the global vascular ulcers treatment market include Bristol Myers Squibb Co., Sanofi, Bayer AG, Pfizer Inc., Novo Nordisk A/S, and Cadila Pharmaceuticals Ltd.
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Market Segmentation:
- Global Vascular Ulcers Treatment Market, By Disease Type:
- Arterial Ulcers
- Venous Ulcers
- Neurotropic Ulcers
- Diabetic Ulcers
- Others
- Global Vascular Ulcers Treatment Market, By Drug Class:
- Antibiotics
- Hemorrheologic Agents
- Corticosteroids
- Non-steroidal Anti-inflammatory Drug (NSAID)
- Others
- Global Vascular Ulcers Treatment Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Vascular Ulcers Treatment Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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