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Diabetic Foot Ulcer Market Estimated Growth Curve, Trends, Size, Share And Analysis Report 2024-2033
Diabetic Foot Ulcer Market
According to The Business Research Company's, The diabetic foot ulcer market size has grown strongly in recent years. It will grow from $5.39 billion in 2023 to $5.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing diabetes prevalence, aging population, improvements in wound care technologies, healthcare access and awareness.
The diabetic foot ulcer market size is expected to see strong growth in the next few years. It will grow to $7.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to personalized medicine, telemedicine and remote monitoring, emerging markets expansion, advanced biomaterials. Major trends in the forecast period include digital health solutions, patient-centered care, collaborative care models, preventive care and education.
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Market Drivers and Trends:
The rising geriatric population is expected to propel the growth of the diabetic foot ulcer market going forward. The geriatric population refers to the segment of the elderly or older, typically aged 65 and older. Diabetic foot ulcers are a common and significant concern within the senior population. Elderly individuals with diabetes are particularly susceptible to foot ulcers due to neuropathy, reduced circulation and slower healing processes. For instance, in October 2022, according to reports shared by the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals will be 60 or older by 2030 and by 2050, there will be a double amount of individuals in this age group (2.1 billion). Therefore, the rising geriatric population is driving the growth of the diabetic foot ulcer market.
Major companies operating in the diabetic foot ulcer market are focused on developing innovative products to meet the needs of their existing consumers. Innovative devices such as Theruptor Novo aim to improve outcomes for individuals with diabetic foot ulcers by enhancing wound care, monitoring and overall foot health. For instance, in October 2022, Healthium Medtech Limited, an India-based medical devices company, launched Theruptor Novo, an innovative device for treating diabetic foot ulcers (DFUs). It is a non-invasive, minimally invasive device that uses focused ultrasound to create microchannels in the skin and tissue surrounding the ulcer. These micro-channels allow for the delivery of oxygen and nutrients to the ulcer, which can help promote healing. Additionally, it has the potential to help patients heal their ulcers and avoid amputation.
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Major Key Players of the Market:
Cardinal Health Inc., Johnson And Johnson Private Limited, 3M Company, Medtronic PLC, Medline Industries Inc., Coloplast A/S, B. Braun Melsungen AG, Nitto Denko Corporation, Smith and Nephew PLC, Human Biosciences Inc., Derma Sciences Inc., Convatec Inc., Molnlycke Health Care AB., Integra LifeSciences Corporation, Lohmann And Rauscher International GmbH and Co. KG, Acelity L.P. Inc., Pliant Therapeutics Inc., MiMedx Group, BSN Medical GMBH, Osiris Therapeutics Inc., Advanced Medical Solutions Group PLC, Organogenesis Inc., Healiance Inc., Misonix Inc., MediWound Ltd., Tissue Regenix Group Limited, Systagenix Wound Management Limited, Healios KK.
Diabetic Foot Ulcer Market 2024 Key Insights:
• The diabetic foot ulcer market is expected to grow to$7.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Geriatric Population's Influence On The Growth Of The Diabetic Foot Ulcer Market
• Innovative Products Shaping The Future Of Diabetic Foot Ulcer Treatment
• North America was the largest region in the diabetic foot ulcer market in 2023. The regions covered in diabetic foot ulcer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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