PUBLISHER: The Business Research Company | PRODUCT CODE: 1425391
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425391
Diabetic Foot Ulcer Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diabetic foot ulcer treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diabetic foot ulcer treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diabetic foot ulcer treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A diabetic foot ulcer is a skin sore with full-thickness skin loss on the foot, resulting from neuropathic and vascular complications in individuals with diabetes mellitus. These ulcers impede the healing process and increase susceptibility to infections, potentially leading to serious complications, including the need for amputation if not properly addressed. Diabetic foot ulcer treatment aims to prevent, treat, and manage these ulcers in diabetic patients.
The primary types of diabetic foot ulcer treatment include wound care dressings, biologics, therapy devices, antibiotic medications, and other interventions. Wound care dressings are sterile pads used to cover wounds, promoting healing and protecting against further damage. Various types of ulcers are classified as neuropathic ulcers, ischemic ulcers, and neuro-ischemic ulcers, categorized by grades 1 through 5 based on severity. Diabetic foot ulcer treatments are utilized by hospitals, ambulatory surgery centers, and other end-users in the healthcare sector.
The diabetic foot ulcer treatment market research report is one of a series of new reports from The Business Research Company that provides diabetic foot ulcer treatment market statistics, including diabetic foot ulcer treatment industry global market size, regional shares, competitors with a diabetic foot ulcer treatment market share, detailed diabetic foot ulcer treatment market segments, market trends and opportunities, and any further data you may need to thrive in the diabetic foot ulcer treatment industry. This diabetic foot ulcer treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The diabetic foot ulcer treatment market size has grown strongly in recent years. It will grow from $6.96 billion in 2023 to $7.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to factors such as the rising prevalence of diabetes, increased awareness and early detection practices, improvements in patient education, government initiatives and healthcare policies, the adoption of a multidisciplinary approach to care, and the implementation of wound care guidelines and protocols.
The diabetic foot ulcer treatment market size is expected to see strong growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to the increasing focus on diabetes awareness campaigns, the adoption of personalized medicine approaches, the implementation of patient-centric care models, the rise of value-based healthcare initiatives, and a continuous emphasis on medical education. Major trends in the forecast period encompass technological advances in wound care products, the utilization of multidisciplinary care teams, a heightened emphasis on offloading techniques, the integration of bioactive dressings, the pursuit of cost-effective and outpatient treatment options, and an increased use of hyperbaric oxygen therapy.
The diabetic foot ulcer treatment market is poised for growth due to the rising number of diabetes patients. Diabetes, a metabolic illness with long-term effects, significantly contributes to elevated blood glucose levels, leading to substantial harm to various bodily functions. Diabetes is a major cause of foot ulcers, resulting in a heightened demand for effective diabetic foot ulcer treatment. Notably, in 2022, the Centers for Disease Control and Prevention reported around 37.3 million people in the United States suffering from diabetes, comprising 11.3% of the population. Globally, the International Diabetes Federation highlighted approximately 537 million adults with diabetes, emphasizing the considerable impact on both developed and developing countries. The increased prevalence of diabetes is a key factor propelling the growth of the diabetic foot ulcer treatment market.
The diabetic foot ulcer treatment market is set for growth driven by the increasing geriatric population. As individuals aged 65 or older are more susceptible to chronic diseases, including diabetes, cardiovascular issues, and cancer, specialized medical care becomes essential. Elderly individuals, despite comorbidities and dependencies, have a probability of healing from diabetes-related foot ulcers. The World Health Organization predicts a significant rise in the global geriatric population, reaching 1.4 billion individuals aged 60 or older by 2030, doubling to 2.1 billion by 2050. This demographic trend contributes to the growth of the diabetic foot ulcer treatment market as a result of age-related health challenges.
Technological advancement stands out as a key trend in the diabetic foot ulcer treatment market. Major players are directing their efforts towards innovative technologies, such as cloud-based AI, for the early detection of diabetic foot ulcers. An example is the collaboration between Manchester Metropolitan University and Oracle Corporation, introducing FootSnap AI. This healthcare technology employs deep learning technologies through a mobile application, offering accurate detection of ulcers in photos of a patient's feet. With high sensitivity and specificity, FootSnap AI showcases how technological advancements are crucial in improving the early identification and management of diabetic foot ulcers.
Innovative solutions, such as ON101, are making an impact in the diabetic foot ulcer treatment market. ON101, launched by Oneness Biotech Co., is a novel treatment cream designed for the topical treatment of diabetic foot ulcers (DFUs). Clinical trial results demonstrate its effectiveness, reporting a 60% rate of complete healing over 16 weeks, surpassing the 35% healing rate with conventional absorbent wound dressings. The introduction of such advanced solutions underscores the commitment of major companies to enhancing diabetic foot ulcer treatment outcomes and gaining a competitive edge in the market.
In October 2021, Bioventus Inc., a prominent US-based company specializing in active wound healing, successfully acquired MISONIX Inc. The financial details of the transaction were not disclosed. This strategic acquisition is intended to bolster Bioventus Inc.'s product portfolio, particularly in the area of diabetic foot ulcer treatment, reinforcing its position in the field of active healing. MISONIX Inc., the acquired company, is also based in the United States and operates in the realms of ultrasonic surgical devices and diabetes foot ulcer treatment. The acquisition reflects Bioventus Inc.'s commitment to expanding its capabilities and offerings in critical segments of the healthcare market.
Major companies operating in the diabetic foot ulcer treatment market report are Coloplast A/S, Medtronic PLC, Molnlycke Health Care AB, B. Braun Melsungen AG, Medline Industries Inc., ConvaTec Inc., Acelity L.P. Inc., 3M Healthcare, Smith & Nephew PLC, Organogenesis Inc., BSN Medical GMBH, Integra LifeSciences Corporation, Derma Sciences Inc., Advancis Medical, Tissue Regenix Group PLC, Osiris Therapeutics Inc., MiMedx Group Inc., ACell Inc., Kerecis, Human Regenerative Technologies LLC, Tissue Engineering Technologies AG, AOTI Inc., Lohmann & Rauscher International GmbH & Co. KG, Urgo Medical, L&R USA Inc., Systagenix Wound Management, Wound Care Technologies Inc., Misonix Inc., Bioventus, and Cellumed Co. Ltd.
North America was the largest region in the diabetic foot ulcer treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the diabetic foot ulcer treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the diabetic foot ulcer treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The diabetic foot ulcer treatment market includes revenues earned by entities by ultrasound therapy, negative pressure wound therapy, and active therapies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.