“The global Diabetic Foot Ulcers Market is expected to grow at a CAGR during the forecasting period (2021-2028)”.
A diabetic foot ulcer is a common condition in diabetic patients and is a crucial health concern worldwide. Diabetic foot ulcers are thickened wounds below the ankle. It is caused by irritated or wounded feet due to minor trauma or pressure, neuropathic and vascular changes, poor circulation, and high blood sugar.
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The major drivers fueling the growth of the market are the rising prevalence of chronic diabetes, rapidly growing geriatric population worldwide and advancements in the field of research.
Rising geriatric population and increasing cases of diabetic foot ulcer to boost market growth
The rising prevalence of chronic diabetes, rapidly growing geriatric population worldwide and advancements in research. According to Bakker et al., it is estimated that around 15% of all people with diabetes are affected by foot ulcers during their lifetime, and 1 in 4 people with diabetes develop at least one ulcer. For every 30 seconds, one leg is amputated due to diabetes. This is mainly because people affected with diabetes are prone to bruises and ulcers caused on feet and even other parts.
A constant increase in geriatric population among developed and developing countries has been observed, along with rise in obesity and peripheral artery diseases, which leads to decreased mobility and increased risk of acquiring chronic ulcers. Centre for Disease Control and Prevention (CDC) in 2018 estimated that around 20% of hospitalizations of diabetic patients are due to foot ulcers, out of which 72% of individuals are above the age of 60. This has resulted in alarming hospitalization rates as old-aged people are highly prone to developing pressure-based ulcers and bruises. With rising awareness among the masses to treat these disorders, the higher demand for appropriate medications is rising.
The increasing awareness about diabetic ulcers and the availability of treatment options is driving the market growth
The rising awareness about diabetic ulcers and the availability of treatment choices for this ulcer is expected to drive market growth in the forecast period. Furthermore, ongoing clinical trials that yielded positive results for treating diabetic foot ulcer is more prognosticated to increase the overall market.
Several clinical trials are currently being carried wherein many companies are actively participating in extended research programs to develop novel therapies for diabetic foot ulcer therapy. Individuals with an increased risk of diabetes are demonstrating alarming hospitalization rates due to diabetic foot ulcer infection. In addition, this factor has appeared in a rise in the number of amputations. Therefore, diabetes and incorporated risk factors are increasing at an alarming rate, which is anticipated to fuel revenue growth of the global diabetic foot ulcer therapeutics market during the period of assessment.
Global Diabetic Foot Ulcers Market – Product Type
Wound Care Dressing
Global Diabetic Foot Ulcers Market – Ulcer Type
Global Diabetic Foot Ulcers Market – By End User
Ambulatory Surgical Centers
Global Diabetic Foot Ulcers Market – By Region
Middle East & Africa
The diabetic foot ulcers market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Orpyx Medical Technologies Inc, Smith & Nephew, Tissue Regenix, Coloplast Corp, B. Braun Melsungen AG, 3M, Cardinal Health., ConvaTec Group Plc, Mölnlycke Health Care AB, Huizhou Foryou Medical Devices Co., Ltd., Wuhan Huawei Technology Co., Ltd., Changzhou Recoo Healthcare Co., Ltd. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the diabetic foot ulcers market globally.
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