Diabetic Foot Ulcer And Pressure Ulcer Market Size is Projected To Be Around $5.2 Billion By 2025
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A research study titled, “Diabetic Foot Ulcers and Pressure Ulcers Market by Type of Wound, Treatment Type, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the diabetic foot ulcer and pressure ulcer market is projected to be around $5.2 billion by 2025.
Diabetic foot and pressure ulcers are chronic wounds caused by increased pressure and low angiogenic response i.e., decreased formation of new blood vessels. Diabetic foot ulcers are characterized by unusual swelling and redness and odor from feet which are some of the early symptoms. High prevalence of diabetes worldwide is one of the leading causes of diabetic foot and pressure ulcers. According to California Podiatric Medical Association (CPMA), 15% of people diagnosed with diabetes tend to develop a foot ulcer and 14 to 24% patients affected by foot ulcers will require amputation during their lifetime. Such high prevalence of diabetes and high risk of developing foot and pressure ulcers will drive the market growth during forecast period. Furthermore, increasing incidence of pressure ulcers owing to high rate of chronic diseases among geriatric population and longer hospitals stays will further drive the market growth.
Diabetic foot ulcers segment dominated the global market in 2016 and is expected to continue its leading position during the forecast period. This can be attributed to high risk of developing foot ulcers among diabetic population and lack of preventive care. Wound care dressing segment was responsible for the major share of the global market in 2016, owing to swelling prevalence of diabetes requiring wound care treatments. Hospital inpatient settingssegment dominated the global market in 2016 and is projected to maintain its lead during the forecast period.
U.S. accounted for the largest share of the North America diabetic foot ulcers and pressure ulcers market in 2016. This large sharecan be attributed to increasing geriatric population and rise in number of surgeries performed in the U.S. requiring longer hospital stay. Furthermore,growing prevalence of hospital acquired pressure ulcers will further contribute to the market growth. Emerging markets such as China and India are expected to witness high growth during the forecast period owing to rise in demand for minimally invasive wound-care procedures requiring less hospital stay, increasing elderly population with high risk of developing various chronic infections and rise in incidence of diabetes in this region.
Product development is the key strategy adopted by the key players operating in this market. These companies are highly focused on the development of advanced wound care devices to gain competitive advantage over their competitors. For instance, in September 2016, ConvaTec, Inc. launched AQUACEL Ag SURGICAL SP dressing, which helps in reducing surgical site infections.
Some of the major players operating in the global market include 3M Healthcare, Coloplast A/S, B. Braun Melsungen AG, Acelity L.P. Inc., Molnlycke Health Care AB, ConvaTec, Inc., Smith & Nephew Plc., Medtronic Plc, Medline Industries, Inc., Organogenesis, Inc., and BSN Medical GMBH.
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Key Findings of the Research Study:
- Diabetic foot ulcer segment dominated the global market in 2016, owing to increasing prevalence of diabetes and high risk of developing foot ulcers among diabetic population.
- Wound care dressings segment accounted for the largest share of the market in 2016, owing to its advantages in effective healing of wounds and ability to reduce post treatment complications.
- Hospital inpatient settings segment accounted for one-third share of the global market in 2016 and will continue to lead the market during the forecast period.
- North America accounted for over one-third share of the global market in 2016, owing to increasing geriatric population with high risk of developing chronic diseases such as diabetes and rise in demand for minimal invasive surgeries requiring shorter hospital stay.
- Asia-Pacific is projected to grow at fastest CAGR during forecast period owing to high prevalence of diabetic population in the region and highly unmet medical needs.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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