Diabetic Foot Ulcer Treatment Market Size To Hit USD 2.79 Bn By 2026
Global Diabetic Foot Ulcer Treatment Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Ulcer Type, End User & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
As per our research report, the global diabetic foot ulcer treatment market is projected to be growing at a CAGR of 12.33% from 2021 to 2026 and worth USD 2.79 billion by 2026.
Diabetic foot ulcers are a growing global concern and continue to affect millions of people around the world. A significant percentage of leg amputations worldwide are performed due to diabetic ulcers, and as a result, the demand for effective drugs and treatments to address this problem is increasing.
COVID-19 on the global diabetic foot ulcer treatment market:
Many countries have faced resource shortages with manufacturing and supplying medical products. COVID-19 patient’s count have increased to 55,601,566 from 2,579,000 in initial stages. COVID-19 continues to have a significant impact across many countries. The coronavirus pandemic has become a huge challenge for healthcare industries, with the growing number of diabetic patients suffering from complications. Factors such as teleconsultation, referrals, and over-the-counter drugs have increased between 2020-2021. These factors are expected to support the diabetic foot ulcer treatment market. However, at the end of 2021, with an improving vaccination rate, the number of infected people is anticipated to decrease, thus boosting the economy and helping the healthcare industry recover sales in the diabetic foot ulcer treatment market.
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KEY MARKET INSIGHTS:
- The growth of this market can be mainly attributed to key factors like the growing prevalence of diabetes and the increasing geriatric population worldwide. Older people aged 65 and over are prone to foot ulcers owing to the delayed wound healing rate. The elderly population has increased significantly in the Americas, Europe, Asia-Pacific. According to Eurostat, more than 21% of the European population are over the 65 age group in 2019, and this figure is expected to reach a significant level in 2050. According to the United Nations, over 970 million people aged 60 and over in the world, or with over 20% of the world's population.
- The increasing prevalence of diabetes is also increasing in many countries. According to data from the International Diabetes Federation, Brazil has 12 million adults diagnosed with diabetes. This represents the fourth largest country globally in terms of population and approximately 9% of the adult population. Reliable local studies indicate that 8% of adults with diabetes develop diabetic foot ulcers.
- Foot ulcers and chronic wounds are likely to have a severe effect on the quality of life since the wound healing process takes longer, and complications which nit treated accordingly will lead to amputations. In 2019, nearly 35 million people in the United States had diabetes, of which almost 26% suffered from diabetic foot ulcers. According to the Diabetic Foot Journal, in 2019, around 170,000 people suffered from diabetic foot ulcers in the UK. These staggering figures suggest that the prevalence of diabetic foot ulcers is increasing even in developed regions. Technological advancements in diagnosis and treatment regimens also support the studied market.
- However, the high cost of advanced wound care treatments is hampering the growth of the market. For example, according to Therapeutic Advances in Endocrinology and Metabolism, the total medical cost of managing diabetic foot disease ranges from $ 9.6 billion to $ 15.5 billion in the United States.
- By end-user, outpatient surgery centers are projected to have a high CAGR for the years to come, with improving healthcare sector with advanced facilities.
- Based on product segmentation, in 2019, wound care dressings have captured over 43.5% of the diabetic foot ulcer treatment market. This revenue-generating segment will continue to be the dominant share due to the cost-effectiveness of the treatment procedure, the shorter time required to heal wounds, and the overall management of the damage.
- By region, in 2020, North America dominated the diabetic foot ulcer treatment market. The market's growth in this region can be attributed to the increased incidence of diabetes, the increasing elderly population, and the availability of advanced treatments for diabetic foot ulcers. According to the American Diabetes Association, over 35 million Americans, or 13%, had diabetes during 2019.
- Other regions will also grow with rising cases of diabetic ulcers like the UK and Japan. In Japan, the total number of prevalent cases of diabetic foot ulcers was over 150,500 cases in 2020, which is expected to increase during the study period 2020-2028.
- The diabetic foot ulcer market is competitive with local and international companies. The prominent companies presented in the report are 3M; B. Braun Melsungen AG, Coloplast Group, ConvaTec Group Plc; Medline Industries, Inc., Organogenesis Inc., and URGO.
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By Product Type:
- Advanced Wound Dressings
- Skin Substitutes
- Negative Pressure Wound Therapy Devices
- Growth Factors
By Ulcer Type:
- Neuropathic Ulcers
- Ischemic Ulcers
- Neuro-Ischemic Ulcers
By End User:
- Specialty Clinics
- Long-Term Care Centers
- Ambulatory Surgical Centers
- North America
- Latin America
- Middle East and Africa
WRITTEN BY: Market Data Forecast
Market Data Forecast