Diabetic Foot Ulcers Treatment Market: Introduction
According to a new market report published by Transparency Market Research, the global diabetic foot ulcers treatment market was valued at US$ 5 Bn in 2018 and is estimated to reach a market value of ~US$ 9.6 Bn by 2027, growing at a CAGR of 7.5% from 2019 to 2027. Diabetic foot ulcers are a major complication arising out of diabetes mellitus. Various factors are responsible for this type of chronic wound, such as peripheral neuropathy, and peripheral artery diseases.
Chronic wounds have created a significant socioeconomic impact. Chronic wounds generally take longer time to heal and require advanced wound care therapies. Diabetic ulcers are becoming more common due to increased incidence of both type I and maturity-onset diabetes in the developed economies across the world. Thus, increase in prevalence of diabetic foot ulcer is expected to drive the diabetic foot ulcers treatment market in the next few years.
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The global diabetic foot ulcers treatment market was valued at US$ 5.0 Bn in 2018 and is anticipated to reach US$ 9.6 Bn by 2027, expanding at a CAGR of 7.5% from 2019 to 2027. North America, Europe, and Asia Pacific were major markets for diabetic foot ulcers treatment in 2018. Global diabetic foot ulcers treatment market in Asia Pacific is projected to expand at a high CAGR of 8.0% during the forecast period.
Rise in Prevalence of Chronic Disease to Drive Market
High growth rate of the diabetic foot ulcers treatment market during the forecast period can be attributed to rise in prevalence of chronic diseases such as diabetes, cancer, HIV, and other diseases leading to increased risk of diabetic foot ulcers among the diabetic population; and longer hospital stays due to treatment of these diseases resulting in risk of hospital-acquired pressure ulcers and medical devices-acquired pressure ulcers. 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.
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Wound Care Dressings to be Preferred Treatment Type
In terms of treatment type, the diabetic foot ulcers treatment market has been segmented into wound care dressings, wound care devices, active therapies, and others. The wound care dressings segment is anticipated to hold major share of the market during the forecast period. Increase in incidence of peripheral vascular as well sugar related diseases, and other chronic diseases leading to rising risk of hospital acquired pressure ulcers is expected to drive the segment during the forecast period
Grade 1 Ulcers to Dominate Global Market
In term of grade, the diabetic foot ulcers treatment market has been segmented into grade 1, grade 2, grade 3, grade 4, and grade 5. The grade 1 segment is expected to dominate the market during the forecast period.
Rise in Prevalence of Neuropathic Ulcers to Fuel Market Growth
In terms of type of ulcer, the diabetic foot ulcers treatment market has been segmented into neuropathic ulcers and ischemic ulcers. The neuropathic ulcers segment is expected to dominate the market from 2019 to 2027.
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Hospital Inpatient Settings to be Key End User
In terms of end user, the diabetic foot ulcers treatment market has been categorized into hospital inpatient settings, hospital outpatient settings, community health centers, and home healthcare. In terms of end user, the hospital inpatient settings segment is expected to drive the market. Reasons for growth of the segment include the demand for acute care for the treatment of chronic wounds and rise in incidence of diabetic foot ulcers and pressure ulcers around the world. However, lack of hospital inpatient facilities and availability of limited resources have led to emergence of community health centers and home healthcare facilities for wound care. This is expected to drive community health centers and home healthcare segments during the forecast period.
Growth Strategies of Key Players: Diabetic Foot Ulcers Treatment Market
Major players having presence in the global diabetic foot ulcers treatment market include 3M Healthcare, Smith & Nephew Plc., Acelity L.P. Inc., ConvaTec, Inc., Molnlycke Health Care AB, Coloplast A/S, Medtronic Plc, B. Braun Melsungen AG, Organogenesis, Inc., Medline Industries, Inc., and BSN Medical GMBH. These companies engage in research & development activities to develop novel products in order to expand product offerings and customer base.
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