The latest market report published by Credence Research, Inc. “Diabetic Foot Ulcers Treatment Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the diabetes foot ulcers treatment market was valued at US$ 3.15 Bn in 2016, and is expected to show a lucrative growth in the forecast period, 2017-2025.
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Diabetic foot ulcers are wounds that occur in almost 15% of diabetic patients and is present beneath the foot. Patients with diabetic foot ulcers are generally at an increased risk for acquiring wound infections which if left untreated leads to higher chances for amputation. The constant rise in prevalence of diabetes, rise in R&D activities for developing newer molecules with target based action and rise in geriatric population who are at a higher risk of acquiring diabetes are some of the market drivers that accounts for the remunerative growth of diabetic foot ulcers market between the forecast period of 2017-2025.
According to Center for Disease Control and Prevention (CDC) every 1 in 2 adults in the U.S. suffer from a chronic disease (2016). Of the chronic diseases present, diabetes shows larger market size with increasing prevalence. According to California Podiatric Medical Association, around 15% of diabetic people suffer from foot ulcers in their lifetime. Such high prevalence of diabetic foot ulcers combined with lack of awareness on prevention methodologies has fueled the diabetes foot ulcers treatment market.
The cost-burden of diabetes foot ulcers treatments are quiet extensive. The rising expenses in treatment of this illness has compelled the practitioners and patients to focus on preventive measures to avoid additional expenditures, which could have a negative impact on the market. Nevertheless, biologics which are frequently used in the diabetic foot ulcers treatment and the upcoming pipeline molecules with target based therapy, could hold an optimistic factor for the market growth during the forecast period, 2017-2025.
Among all the geographies considered for this market, North America accounts for a largest market share in the diabetes foot ulcers treatment market. This dominance could be accounted due to rising prevalence of diabetes in the region, high geriatric population and better reimbursement policies. It is observed that payers in the U.S. spend around US$9 billion annually on diabetic foot ulcer patients. The developing economies such as that of Asia Pacific is projected to gain higher market share in the forecast period, owing to constant rising prevalence of diabetes, better availability of healthcare facilities across the countries and development of a structured healthcare policy.
Market Competition Assessment:
The diabetic foot ulcers treatment market is dominated by several large and medium-scale companies which has rendered this market highly competitive. There lies a great opportunity for the emerging key players with advanced and developed wound care treatment options. The key players in this market are Coloplast A/S, Medtronic Plc., Molnlycke Health Care AB, Organogenesis, Inc., Medtronic Plc., Medline Industries, Inc., BSN Medical GMBH, B. Braun Melsungen AG, Molnlycke Health Care AB, Acelity L.P. Inc., 3M Healthcare, Smith & Nephew Plc., ConvaTec, Inc., Oneness Biotech Co., Ltd., Dipexium Pharmaceuticals, Inc., ViroMed Co., Ltd. & FirstString Research, Inc.
Key Market Movements:
- The rise in the future market growth depends on the development and advancement of wound care management devices specific to diabetic foot ulcers
- Early preventive measures by physicians and patients would reduce the prevalence of diabetes foot ulcers which could have a negative impact on the treatment market