Diabetic Foot Ulcer Market Size Worth USD 7,793.83 Million By 2028 | CAGR 7.9%: The Insight Partners

The diabetic foot ulcer market is expected to reach US$ 7,793.83 million by 2028 from US$ 4,279.65 million in 2020; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
The report highlights trends prevailing in the market and factors driving its growth. The growth of the diabetic foot ulcer market is mainly attributed to the factors such as the increasing prevalence of diabetes and related chronic wounds and rising geriatric population. However, the high cost of advanced wound care treatments hinders the market growth.
Diabetic foot ulcer is a frequent complication in diabetic patients, and it may lead to leg amputation. Diabetes patients, who rely on insulin as a part of diabetes therapy, are at a higher risk of developing a foot ulcer. Diabetic foot ulcers can also affect patients who have diabetes-related kidney, skin, or heart disease, as well as obesity. Also, people who consume alcohol have a higher risk of developing the diabetic foot ulcer. The growth of the diabetic foot ulcer marketis attributed to the factors such as the increasing prevalence of diabetes and related chronic wounds and rising geriatric population. However, the high cost of advanced wound care treatments hinders the market growth.

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Market Insights
Increasing Prevalence of Diabetes and Related Chronic Wounds
Depending on time taken to heal, wounds can be classified as acute and chronic. Diabetes has emerged as one of the most impactful health emergencies of the world in the 21st century. As per the National Diabetes Statistics Report 2020, ~34.2 million people in the US have diabetes, and the diabetic population accounts for ~10.5% of the overall US population. According to the International Diabetes Federation (IDF), the number of people with diabetes in North America was ~46 million in 2017, and it is expected to reach 62 million by 2045, with the disease prevalence of ~35% during 2018-2045. Diabetes affects many parts of the body, particularly the feet. Diabetic foot ulcers are sores developed on feet; they can also develop from seemingly trivial injuries to the feet. Diabetic foot ulcers are the common causes of amputation due to diabetes. According to a report published in the International Journal of Endocrinology in 2017, ~15-25% of patients with diabetes are susceptible to foot ulcers during their lifetime. The risk of developing diabetic foot ulcers in patients diagnosed with diabetes is anticipated to be ~2%; however, in patients with a previous history of foot ulceration, this risk is expected to increase to 17-60% over the next three years. ~20% of hospital admissions in people with diabetes are because of foot ulcers
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Diabetic Foot Ulcer Market: Competitive 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 leading companies operating in the diabetic foot ulcer market.

Based on type, the diabetic foot ulcer market is segmented into advanced wound care dressings, biologics, and therapy device. The advanced wound care dressings segment held the largest market share in 2020, and it is expected to retain its dominance during the forecast period. The advanced wound care dressings offer more benefits than the traditional methods, such as gauze and tape. The advantages of advanced wound care dressings comprise faster healing time, less issues regarding drainage, and in certain instances, less risk of infection.

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