The gangrene treatment drugs market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as the increasing prevalence of diabetes and its related complications, growing demand for sophisticated therapies and rising number of incidences of severe traumatic injuries. According to the World Health Organization (WHO), diabetes is a major cause of blindness, stroke and lower limb amputation. In 2019, 1.5 million deaths were caused by diabetes. In 2019 Also, hike in healthcare expenditure in developed countries is anticipated to act as a growth driver for the market in the future. Along with these, growth in the total obese population worldwide is projected to offer ample opportunities to market growth in the coming years.
The market is segmented by condition type into dry, wet, internal, gas gangrene, and others out of which, the gas gangrene segment is anticipated to drive notable growth in the gangrene treatment drugs market on account of rise in occurrence of arterial diseases, colon cancer and muscle injuries. Apart from this, it is a very common type of gangrene, which can also be credited to boost the demand for treatment drugs in the near future. Furthermore, on the basis of treatment type, the hyperbaric oxygen therapy is expected to gather the largest market share during the forecast period owing to the increasing incidences of diabetic foot ulcers, speedy healing process of the treatment and its effectiveness in killing bacteria.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the gangrene treatment drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to grab the largest share over the forecast period on the back of strong presence of leading industry players, increasing healthcare budget and growing technological advancements in the healthcare sector. As per the data provided by the OECD, in 2017, the health spending in the United States was the highest, at 17.1% of country’s total GDP share. Additionally, Europe is evaluated to be the second largest shareholder in the market in the coming years ascribing to the growing investments in R&D activities in the region. However, the market in Asia Pacific is expected to grow with the highest CAGR during the forecast period, which can be credited to the growing number of cases of gangrene affecting mouth, nose and lips, and the increasing geriatric population in the region.
The gangrene treatment drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the gangrene treatment drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing prevalence of diabetes and related complications and increasing demand for sophisticated therapies are major market growth drivers.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
High cost of treatment and management of the condition estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities on the back of increasing number of cases of gangrene affecting people’s mouth, nose and lips.
The major players in the market are Pfizer Inc., Antidote Therapeutics, Inc., Ixaka Ltd, Pluristem Therapeutics Inc., LimFlow SA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by condition type, treatment type, distribution channel, and by region.
The hyperbaric oxygen therapy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization