Press release
Diabetic Foot Ulcer Therapeutics Market will Grow at an Impressive 11.4% CAGR by 2024
The global diabetic foot ulcer therapeutics market is segmented on the basis of product type, ulcer type, end user, and region. On the basis of product type, the market has been segmented into advance wound dressings, skin substitutes, growth factors, and negative pressure wound therapy devices. By ulcer type, the market has been segmented into neuropathic ulcers, ischemic ulcers, and neuro-ischemic ulcers. On the basis of end user, the market has been segmented into hospitals, specialty clinics, long-term care centers and ambulatory surgical centers. On the basis of region, the global diabetic foot ulcer therapeutics market has been segmented into five regions namely North America, Latin America, Europe, Asia Pacific and the Middle East & Africa.
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By product type, the growth factors segment dominated the global diabetic foot ulcer therapeutics market in terms of revenue in 2016 and the trend is projected to continue throughout the forecast period. The growth factors segment is the most attractive segment in the global diabetic foot ulcer therapeutics market, recording an attractiveness index of 1.8 and a CAGR of 20.7% over the forecast period.
By ulcer type, the neuro-ischemic ulcers segment is expected to remain the largest segment, registering a significant CAGR of 14.4% in terms of value over the forecast period. The neuropathic ulcers segment is expected to reach a market value in excess of US$ 3,500 Mn by 2024 end, registering a CAGR of 8.6% during 2016 – 2024.
By end user, the hospitals segment is projected to be the fastest growing segment during the forecast period. Revenue from the hospitals segment is anticipated to grow 2.4x by 2024 end as compared to that in 2016. The specialty clinics segment is expected to be the second most lucrative segment in the global diabetic foot ulcer therapeutics market, registering an attractiveness index of 1.3 during the forecast period.
By region, the North America diabetic foot ulcer therapeutics market dominated the global diabetic foot ulcer therapeutics market in revenue terms in 2016 and the trend is projected to continue throughout the forecast period. Revenue from the North America market is anticipated to increase at a CAGR of 10.8% over 2016–2024 to reach a market valuation of more than US$ 3,100 Mn by 2024. The Asia Pacific market is projected to be the second most lucrative market in the global diabetic foot ulcer therapeutics market, with a market attractiveness index of 1.5 during the forecast period.
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Rising prevalence of diabetes and subsequent increase in the incidence of diabetic foot ulcer is the key factor that is significantly responsible for positively impacting the global diabetic foot ulcer therapeutics market. Also, increasing demand for accelerated wound healing and faster recovery therapeutics and growing acceptance of ingenious technologies and protocols to manage complex and hard-to-heal wounds is likely to fuel the growth of the global diabetic foot ulcer therapeutics market over the forecast period.
However, the high cost of diabetic foot ulcer treatment medications may hamper the demand and subsequently restrain the growth of the global diabetic foot ulcer therapeutics market. The lack of awareness regarding specific treatment options in developing countries such as China and India coupled with patient ignorance towards treatment options and medications is also expected to hinder the growth of the global diabetic foot ulcer therapeutics market during the forecast period.
Some of the key players identified in the global diabetic foot ulcer therapeutics market report include B. Braun Melsungen AG, Smith & Nephew Plc, Organogenesis Inc., Derma Sciences Inc., Sigvaris Inc., 3M, and Acelity L.P. Inc. Some of these companies are striving to increase their product portfolio, diversify their customer base, increase their global footprint and augment organic growth by identifying, integrating and acquiring other businesses, technologies and products.
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