Diabetic Foot Ulcer Market Growing at CAGR of 7.9% and it Expected to reach US$ 7,793.83 million by 2028

According to The Insight Partners new research study on "Diabetic Foot Ulcer Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type, Ulcer Type, and End User," the 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.

Skin tissue damage caused by various indications due to diabetes, and vascular diseases poses a significant burden on healthcare systems of different countries. 3D bioprinting is an approach based on 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 a 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.

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Geographically, the diabetic foot ulcer market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. North America held the largest market share in 2020. In 2020, the US held the largest share of the market in North America. The market growth in North America is attributed to the key driving factors such as the rising prevalence of diabetic foot ulcers, surging incidence of diabetes, and availability of advanced treatment for diabetic foot ulcer.

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 for helping 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.

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.

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Below is the list of the growth strategies done by the players operating in the diabetic foot ulcer market:

In May-21 - MIMEDX Group, Inc. and Wake Forest Institute for Regenerative Medicine (WFIRM) entered collaboration. This collaboration reflects a shared vision to advance regenerative science and innovative biologics for safe and effective clinical therapies for diabetic foot ulcers.

In Jan-2020 - ConvaTec Group Plc has 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 Jun-18 - Acelity has acquired Crawford Healthcare to develop the world's most expansive wound care portfolio. Crawford Healthcare is a rapidly growing UK-based advanced wound care and dermatology company.

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