The global diabetic ulcers treatment market was valued at approximately US$ 7.3 Bn in 2017. It is projected to expand at a compound annual growth rate (CAGR) of more than 7.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Diabetic Ulcers Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026.
North America and Western Europe are likely to account for a dominant share of the global diabetic ulcers treatment market, as key players introduce their new diabetic ulcers treatment in these developed regions. Development of health care infrastructure and high medical expenditure by governments in emerging economies, such as China and India, are likely to boost the diabetic ulcers treatment market in Asia Pacific at a CAGR of around 8.3% from 2018 to 2026.
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- Rise in prevalence of diabetic foot ulcers across the globe to propel market
Chronic wounds have created a significant socioeconomic impact. Chronic wounds generally take longer to heal and require advanced wound care therapies. Diabetic ulcers are becoming more common due to increase in incidence of both type I and maturity-onset diabetes in developed countries across the world. According to a research conducted by the National Center for Biotechnology Information (NCBI), global prevalence of diabetic foot ulcer was 6.3%, higher in males (4.5%) than in females (3.5%). For instance, NCBI estimated that, globally, every 30 seconds one leg is amputated due to diabetic foot ulcer. Lifetime risk of developing diabetic foot ulcer among the diabetic population is 25%. Hence, rise in prevalence of diabetic foot ulcers is expected to boost the global diabetic ulcers treatment market
- Smith & Nephew plc, 3M Healthcare, and AcelityL.P., Inc. company to lead market
The report also provides profiles of leading players operating in the global diabetic ulcers treatment market. They include Smith & Nephew plc, Integra Life Sciences Corporation, Hill-Rom Holdings, Inc., MölnlyckeHealth Care AB, Essity Aktiebolag, Cardinal Health, 3M Healthcare, B. Braun Melsungen AG, AcelityL.P., Inc., and ConvaTec, Inc. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the market during the forecast period.