What is Diabetic Foot Ulcer Treatment Market Scope?
It is estimated that by 2030 there will be 550 million people with diabetes worldwide. Diabetic foot problems such as ulcers, infections, and burns are the leading cause of hospitalizations for diabetics. Foot ulcers are a common complication of poorly controlled diabetes, which results from the breakdown of skin tissue and the exposure of the underlying layers. They are most common under your big toes and the balls of your feet and can affect your feet to the bone. The average cost to heal a single ulcer is USD 8,000, an infected ulcer is USD 17,000, and a major amputation is USD 45,000. In the United States, more than 80,000 amputations are performed on diabetics each year. Anyone with diabetes can develop foot ulcers and foot pain, but good foot care can help prevent them. Treatment for diabetic foot ulcers as well as pain varies depending upon the various causes. One of the first signs of a foot ulcer is drainage from the foot, which can stain the socks or leak in the shoe. Unusual swelling, irritation, redness, and odor from one or both feet are also common early symptoms of a foot ulcer. Successful diabetic foot ulcer treatment consists of addressing these three basic problems, namely debridement, discharge, and infection control. Holistic management of the patient with diabetes can help treat the underlying health problems and not only promote faster wound healing but also minimize risk factors that may have contributed to the development of a diabetic foot ulcer.
The Diabetic Foot Ulcer Treatment market study is being classified by Type (Wound Care Dressings [Alginate Dressings, Hydrofiber Dressings, Foam Dressings, Film Dressing, Hydrocolloid Dressings, Surgical Dressings, Hydrogel Dressings] and Therapy Devices[Negative Pressure Wound Therapy, Ultrasound Therapy]), by Application (Hospital Inpatient Settings, Hospital Outpatient Settings, Community Health Centers and Home Health Care) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from European will contribute to the maximum growth of Global Diabetic Foot Ulcer Treatment market throughout the predicted period.
ConvaTec, Inc. (United Kingdom), Acelity L.P, Inc. (United States), 3M Healthcare (United States), Coloplast A/S (Denmark), Smith & Nephew Plc. (United Kingdom), B. Braun Melsungen AG (Germany), Medline Industries, Inc. (United States), Medtronic Plc. (Ireland), Organogenesis, Inc. (United States), Molnlycke Health Care AB (Sweden), BSN Medical GMBH (Germany), Aurealis Pharma AG (Switzerland), Stratatech Corp. (United States) and Centaur Pharmaceuticals Pvt. Ltd. (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are MediWound Ltd. (Israel), Izun Pharmaceuticals Corp. (United States), Novalead Pharma Pvt. Ltd. (India) and ZZ Biotech, LLC (United States).
Analyst at AMA have segmented the market study of Global Diabetic Foot Ulcer Treatment market by Type, Application and Region.
On the basis of geography, the market of Diabetic Foot Ulcer Treatment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In January 2018, Mölnlycke Health Care AB had formed a partnership with Tissue Analytics for the purpose of jointly developing and commercializing innovative digital solutions for wound care practitioners.
On September 28th, 2020 Centaur Pharmaceuticals launched a diabetic foot ulcer treatment drug Woxheal, which is a New Chemical Entity (NCE) in the country. The product was thereby made available from October 1, 2020, across the country. The drug hereby costs Rs 1850 for a week’s treatment. The company had received manufacturing and marketing approval from the DCGI for the product in 2019 and it has plans to export the drug to the rest of the world.
Influencing Market Trend
- Increased Adoption and Favorable Legislation in Developed Economies
- The Increasing Awareness about the Availability of Treatment Options for Diabetic Foot Ulcer
- Rise in the Demand for Multiple Treatment Options by Patients Diagnosed Around the Globe
- The Rapidly Increasing Prevalence of Diabetic Foot Ulcers
- Rising Prevalence of Diabetes
- The Growing Geriatric Population
- The Growing Adoption of Novel Wound Care Devices for Treatment
- The Rise in the Healthcare Expenditures
- Increase In the Advanced Treatment Procedures
- High Cost of the Advanced Wound Care and Therapies
- A Slowdown in the Non-Emergency Procedures and Healthcare Services
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Providers of Diabetic Foot Ulcer Treatment, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
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