Market Overview:
The global diabetic foot ulcer treatment market size is projected to showcase remarkable growth on account of the increasing prevalence of diabetes followed by a foot ulcer. A diabetic foot ulcer is an open wound occurring in the sole of the feet of a diabetic person and requires immediate pressure, off-loading, infection control, and vasculature to heal. As per a recent report by Fortune Business Insights, titled, “Diabetic Foot Ulcer (DFU) Treatment Market Size, Share &Covid-19 Impact Analysis, By Ulcer Type (Neuropathic Ulcer, Ischemic Ulcer, Neuro -ischemic Ulcer), By Product (Wound-care Dressings, Wound-care Devices, Active Therapies, and Others), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Homecare Settings), and Regional Forecast, 2020-2027,”the value of the market was USD 7.03 billion in 2019 and is anticipated to reach USD 11.05 billion by the end of 2027. The market is presumed to rise at a CAGR of 5.9% during the forecast period, 2020 to 2027.
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An Overview of the Impact of COVID-19 on this Market:
To control the spread of the novel corona virus worldwide, most nations have acquired social distancing and quarantine policies to attenuate the impact of this pandemic. Several businesses are adopting machine learning tools for analyzing the effects of these measures.
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The Report Answers the Following Questions:
What is the nature of the market and how fierce is the competition?
Who are the major players of the diabetic foot ulcer market and what are their prime strategies?
Which is the leading segment of this market and why?
How will COVID-19 impact the market for diabetic foot ulcer treatment?
COVID-19 Impact on Market:
On account of the current COVID-19 pandemic, most of the non-emergency procedures in the healthcare sector have been put on the delay. A report by the general surgeons at the American College of Surgeons and the U.S. Centers for Medicare and Medicaid Services (CMS) states that all non-essential surgical and medical services will be cancelled as a necessary precaution against the spread of the virus. Most of the healthcare resources in the other nations are following similar procedures. This is likely to pose a significant threat to this market in the coming years.
Drivers & Restraints-
Increasing Adoption of Extracellular Matrix Proteins to Propel Growth
A rise in the geriatric population and their vulnerability to various chronic diseases stand as the key drivers for promoting the diabetic foot ulcer treatment market growth. This, coupled with the increasing adoption of novel wound care devices, is aiding in the expansion of the market. Additionally, a rise in the availability of treatment option for diabetic foot ulcer is likely to augment the market growth in the coming years.
On the contrary, factors such as high cost of the advanced wound care therapies and devices and the lack of reimbursement policies may cause hindrance to the market growth in the coming years. Despite this, the advent and the increasing popularity ofextracellular matrix proteins, bioengineered skin substitutes, and others are likely to create lucrative growth opportunities for the market for DFU treatment in the coming years.
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Segment:
Wound Care Dressings Segment Bagged Major Share Owing to Cost-efficiency
Based on segmentation by product, the wound care dressings segment earned 42.7% diabetic foot ulcer treatment market share in 2019 and emerged dominant. This is owing to the cost-efficiency of these treatment procedures, less time taken to heal the wounds, and the overall exudate management.
Major Share Held by North America Owing to Increasing Prevalence of Diabetic Foot ulcer
Geographically, North America emerged dominant in the market for diabetic foot ulcer treatment, with a revenue of USD 2.79billion generated in 2019. This is accountable to the presence of a well-established healthcare sector, increasing prevalence of the disease, and the growing launch of advanced solutions for wound care in the region.
Asia Pacific is expected to rise at a rapid pace in the forecast duration owing to the improving medical infrastructure and development, a rise in the diabetic population, and the increasing cases of foot ulcer among them.
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Competitive Landscape-
Coloplast Corp., ConvaTec Group Plc., and Smith &Nephew Earned Major Share Owing to Robust Research Activities
This global market earns major share from companies such as Mölnlycke Health Care AB, Smith & Nephew, Coloplast Corp, and ConvaTec Group Plc. Factors responsible for their dominance are the availability of a wide range of products and the significant investments in research and development activitiesin innovative product development. Furthermore, the strategic partnerships such as contracts and agreements, joint ventures, and others would help the companies in gaining traction in the global market.
Major Industry Developments of this Market Include:
July 2018 – SastoMed GmbH was acquired by Mölnlycke for expanding the product offerings of the company by helping the medical professionals to accelerate the process of wound healing.
January 2019 –A new advanced wound care product called FibDex was launched in the European market and it is the first of its kind to receive the CE mark and FDA approval.
Some of the Key Players of the DFU Treatment Market Include:
3M (Minnesota, United States)
Braun Melsungen AG (Melsungen, Germany)
Smith & Nephew (London, U.K.)
Tissue Regenix (West Yorkshire, U.S.)
ConvaTec Group Plc(England, U.K.)
Cardinal Health (Ohio, United States)
Coloplast Corp (Humlebaek, Denmark)
Integra LifeSciences Corporation (New Jersey, United States)
Mölnlycke Health Care AB (Gothenburg, Sweden)
Other players
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Author’s Bio
Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.
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