(Vancouver, British Columbia) – Will diabetic foot ulcer and venous leg ulcer treatment be easier to get in the future? How will manufacturers adjust to the growing demands and unstable future of reimbursement for skin substitutes?
These are the types of questions iData Research set out to answer in their latest study on the U.S. skin substitutes and wound management market. This study estimates the total market will grow from $11 to $15 Billion USD by 2025.
In recent years, obesity and diabetes rates have been skyrocketing, and with this comes a mass of unfortunate side effects. For example, 15% of the 24 million Americans who suffer from diabetes will develop a foot ulcer, and treatment costs for foot ulcers can range anywhere from $3,000 to $40,000. Fortunately, because of the potential, manufacturers of skin substitutes and other treatment options are jumping at the opportunity to provide better solutions.
“With over 60 companies in the United States providing wound management solutions, this intense competition means they are competing to lower prices of treatment, benefiting patients,” says Kamran Zamanian, PhD, CEO of iData Research. While this won’t be a rapid decline, any reduction is beneficial for the public.
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Skin substitutes are used to treat a wide range of conditions such as, burn victims, pressure ulcers, and breast reconstruction. Two factors make treating chronic wounds more attractive to manufacturers, they generally require high-cost skin substitutes, increasing the market potential, and safer working conditions have resulted in fewer burn victims in recent years.
The benefits of pricing declines could be negated in the future as reimbursement changes from CMS have been rumored. If the two-tier reimbursement system for high and low-cost skin substitutes is abolished, hospitals, doctors, patients, and manufacturers will all feel the pain. This is particularly concerning given the number of people that rely on skin substitutes and the number of manufacturers who would be impacted.
The leading company in skin substitutes, with over one-quarter of the sales, is MiMedx. MiMedx initially manufactured the EpiFix®, which has Medicare reimbursement for both diabetic foot ulcers and venous leg ulcers. The low manufacturing cost of EpiFix® was a primary factor in MiMedx’s rise to the top above other companies like Integra LifeSciences and Organogenesis.
For more information about the U.S., Europe and Asia-Pacific wound and tissue management markets, please visit iDataResearch.com. This report series covers 18 countries in detail with forecasted market values, unit sales, average selling prices, market shares, procedure volumes and much more.