Diabetic Foot Ulcer Treatment Market ($7,793.83million by 2028) Growth Forecast at 7.9% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com
NEW YORK, Sept. 17, 2021 /PRNewswire/ -- According to our new research study on "Diabetic Foot Ulcer Treatment Market to 2027 – Global Analysis and Forecast – by Type, Ulcer Type, and End User," the market was valued at US$ 4,580.24 million in 2021 and is projected to reach US$ 7,793.83 million by 2028; it is expected to grow at a CAGR of 7.9% during 2021–2028. The growth of the market is attributed to increasing prevalence of diabetes and related chronic wounds and rising geriatric population.
In 2019, North America dominated the global diabetic foot ulcer treatment market. The growth of the market in the region is attributed to increasing incidence of diabetes, rising prevalence of diabetic foot ulcers, and increasing availability of advanced treatments for diabetic foot ulcers. Further, the availability of advanced treatment for diabetic foot ulcers is likely to enhance the market growth. For instance, in December 2017, the US Food and Drug Administration (FDA) approved the marketing of the Dermapace System, the first shock wave device intended to treat diabetic foot ulcers. The recent years have reported various joint ventures and collaborations to develop diabetic foot ulcer products in the US. For instance, in 2020, six US research institutions launched the first-ever multicenter network to study diabetic foot ulcers in the US. This program is funded by the National Institutes of Health. Such developments are estimated to catalyze the treatment development and discoveries, which will eventually offer a favorable environment for the US diabetic foot ulcer treatment market during the forecast period.
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Based on type, the diabetic foot ulcer treatment market was segmented into advanced wound care dressings, biologics, and therapy device. Based on type, the advanced wound care dressings segment held the largest share of the market. However, the biologics segment is estimated to grow at significant CAGR during the forecast period due to the rise in research and development activities and the launch of new products for diabetic foot ulcer treatment. Based on end user, the diabetic foot ulcer treatment market has been segmented into ambulatory surgical centers, hospitals, and home care. In terms of end user, the hospitals segment held the largest share of the market. Based on ulcer type, the diabetic foot ulcer treatment market is segmented into neuropathic ulcers, ischemic ulcers, and neuro-ischemic ulcers. In terms of ulcer type, the neuropathic ulcers segment held the largest share of the market. Also, the same segment is expected to grow at the fastest rate during the coming years.
Use of 3D Printing in Wound Care Management
Skin tissue damage caused by various indications due to diabetes and vascular diseases poses a significant burden on the healthcare systems of different countries. 3D bioprinting is an approach based on the layer-based synthesis, wherein the newly generated cells and cell-based materials can be dispensed to mimic native tissues. Though the technology is still in its early phase, 3D printing has the potential to revolutionize the wound care industry. Many companies are involved in developing new products involving ion-release biomaterials that will promote angiogenesis for dermal regeneration. In addition, 3D bioprinting is helping in patching large wounds that are hard to heal with standard techniques. In February 2019, researchers at Wake Forest Institute for Regenerative Medicine (WFIRM) developed a new bioprinter that can print dual layers of skin directly into a patient's wound. For instance, in September 2019, AngioDerm, a project focused on regenerative medicine, received a European grant of US$ 822,000 to provide a solution for dermal regeneration to help patients with ulcers or major burns that fail to heal. The funding was announced for five European institutions and companies working in collaboration on the project. Thus, the use of 3D bioprinting technologies in ulcer or wound treatments is likely to emerge as a prominent trend in the diabetic foot ulcer treatment market in the coming years.
Diabetic Foot Ulcer Treatment Market: Segmental Overview
Based on type, the diabetic foot ulcer treatment market is segmented into advanced wound care dressings, biologics, and therapy device. In terms of type, the advanced wound care dressings segment held the largest share of the market. The growth of this segment is majorly attributed to the increasing research and development on diabetic wounds. Research and development activities for more effective application of hydrogel dressing in diabetic foot ulcer management are expected to contribute to market growth. For instance, in 2021, a research professor from the Colorado School of Mines studied the hydrogel bandages for delivering medication to reduce inflammation and improve the healing of diabetic wounds in mice.
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Diabetic Foot Ulcer Treatment Market: Competition Landscape and Key Developments
ConvaTec Inc; 3M Company (Acelity L.P. Inc.); Coloplast A/S; Smith & Nephew plc; B. Braun Melsungen AG; Medline Industries, Inc; Cardinal Health Inc; Organogenesis Holdings Inc; Mölnlycke Health Care; MiMedx Group, Inc; Kerecis hf; and URGO are among the key companies operating in the diabetic foot ulcer treatment market. Leading players are focusing on the new product launch, expansion, and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In January 2020, ConvaTec Group Plc launched ConvaMax, the new superabsorber dressing. ConvaMax superabsorber wound dressing is used for the management of highly exuding wounds, including leg ulcers, pressure ulcers, diabetic foot ulcers, and dehisced surgical wounds.
In September 2020, MiMedx Group, Inc. launched EpiCord expandable placental allograft. EpiCord has demonstrated clinical efficacy in the treatment of diabetic foot ulcers.
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