The Skin Perfusion Pressure Testing Devices market studied is anticipated to grow with a CAGR of nearly 5.1%, during the forecast period.
Certain factors that are driving the market growth include rising prevalence of peripheral artery disease, increasing prevalence of diabetes, and technological advancements.
Peripheral arterial disease (PAD) is caused by a narrowing or blocking of the blood vessels due to a plaque build-up. This condition can lead to tissue death, heart stroke, aneurysms, or kidney diseases, if left untreated. According to the latest available report published by the National Institute of Health, one in every 20 Americans, who are over the age of 50, has PAD. It has been affecting 8 to 12 million people in the United States, especially those over 50 years. As the population is growing, the prevalence of the disease is also increasing, which could grow from 9.6 million to reach 19 million overall, globally by 2050. With the aging of the global population, it seems likely that PAD will be increasingly common in the future. Hence, the statistics show that the number of PAD is increasing at a faster pace, which is ultimately driving the market of Skin Perfusion Pressure Testing Devices. Other factors, such as the rising prevalence of diabetes and the technological advancements have broadened the range of the Skin Perfusion Pressure Testing Devices.
Key Market Trends
Ambulatory Surgical Centers show Lucrative Opportunity in the Global Skin Perfusion Pressure Testing Devices Market
- Ambulatory center means a facility, located in or apart from a hospital, that provides, under the direction of a licensed physician, either diagnosis or treatment, or both, to ambulatory patients in need of medical, surgical, or mental care.
- Throughout the past few decades, the treatment of peripheral artery diseases, diabetic foot ulcers, etc. has been increasingly prioritized by the global health community or governments even in low- and middle-income countries. As a result, the demand for skin perfusion pressure testing has risen significantly, in order to address the global disease burden, thus leading to a rise in the utilization and adoption of Skin Perfusion Pressure Testing Devices.
- Over the past few years, with the move to value-based care, hospitals and healthcare systems are facing extreme competition from outpatient service sites, particularly those which offer physician office-based procedures, and ambulatory surgery. Gaining in popularity across the globe, Ambulatory Surgical Centers provide both operational and economic efficiencies, enabling ease of patient access, very competitive pricing, and increased opportunities for physician engagement. Hence, owing to all the aforementioned factors, the studied market is expected to increase in the future.
North America Dominates the Global Skin Perfusion Pressure Testing Devices Market
North American dominates the Skin Perfusion Pressure Testing Devices products market primarily due to the rising incidence of cardiovascular and other chronic diseases, growing geriatric population, and the strong presence of industry players in the region.
According to the International Journal of Epidemiology, 2019, around 610,000 people die due to one or the other heart diseases annually in the United States. Furthermore, approximately 735,000 people in the United States experience heart attack each year.
Asia-Pacific is anticipated to grow tremendously during the forecast period, owing to factors, such as a high prevalence of diabetes, a growing obese population, and government initiatives of raising awareness regarding healthcare. According to IDF, in 2019, USD 324.5 billion was spent on diabetes in the region, which is 42.7% of the total global health expenditure on diabetes.
The global Skin Perfusion Pressure Testing Devices market is competitive and consists of a few major players. Companies like ADInstruments, CorVascular Diagnostics, LLC, Koven Technology, Moor Instruments Limited, Perimed AB, Promed Group, Vasamed, Viasonix, among others, hold the substantial market share in the market.
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