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Healing Steps: Breakthroughs in Diabetic Foot Ulcer Treatments
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According to The Business Research Company's, 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 in the historic period can be attributed to rising diabetes prevalence, increased awareness and early detection, improved patient education, government initiatives and healthcare policies, multidisciplinary approach to care, 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 growth in the forecast period can be attributed to increasing diabetes awareness campaigns, personalized medicine approaches, patient-centric care models, value-based healthcare initiatives, continuous medical education. Major trends in the forecast period include technological advances in wound care products, multidisciplinary care teams, emphasis on offloading techniques, integration of bioactive dressings, cost-effective and outpatient treatment options, increased use of hyperbaric oxygen therapy.
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Market Drivers and Trends:
The rise in the geriatric population is expected to propel the growth of the diabetic foot ulcer treatment market going forward. The geriatric population refers to individuals who are 65 years old or older. The geriatric population is at a higher risk of developing chronic diseases such as diabetes, cardiovascular diseases, and cancer, which require specialized medical care. Elderly individuals with diabetes and foot ulcers have a probability of healing despite extensive comorbidity and dependency. For instance, in October 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, six people in the world will be aged 60 years or older by 2030. At this point, there will be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. The number of individuals 60 and older in the world will double (to 2.1 billion) by the year 2050. Between 2020 and 2050, there will be 426 million more people who are 80 years of age or older than there are today.
Technological advancement is a key trend in the diabetic foot ulcer treatment market.Major market players are focusing on innovative technologies such as cloud-based AI technology for the detection of diabetic foot ulcers. For instance, in October 2021, Manchester Metropolitan University, a UK-based research university technology company, partnered with Oracle Corporation, a US-based multinational computer technology, and database management company, and introduced healthcare technology for diabetic foot problems known as FootSnap AI. FootSnap AI uses a mobile application that uses deep learning technologies to accurately detect ulcers on photos of a patient's feet with high sensitivity (0.934) and specificity (0.911) in identifying images.
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Major Key Players of the Market:
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, Cellumed Co. Ltd.
Diabetic Foot Ulcer Treatment Market 2024 Key Insights:
• 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%.
• Rising Diabetes Cases Fuel Expansion In Diabetic Foot Ulcer Treatment Market
• Innovative Ai Technology Reshaping Diabetic Foot Ulcer Treatment Market
• North America was the largest region in the diabetic foot ulcer treatment market in 2023
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