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The diabetic foot ulcers treatment market offers treatment options such advanced wound care products, biologics and therapy devices for foot ulcers caused in patients suffering from diabetes. With rising prevalence of diabetes globally, foot ulceration has emerged as a serious complication damaging the skin and tissues of feet in diabetic patients. The advanced treatment products available in the market help in faster healing of foot ulcers and prevent them from becoming infected or gangrenous. With introduction of innovative biologics and skin graft products, the recovery time has reduced significantly.
The Global Diabetic Foot Ulcers Treatment Market is estimated to be valued at US$ 7.72 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030. Key players operating in the diabetic foot ulcers treatment are 3M Healthcare, Braun Melsungen AG, Smith & Nephew, Inc., Organogenesis, Inc., Derma Sciences Inc., Sigvaris Inc., Acelity L.P. Inc., Osiris, Molnlycke Health Care AB, Alkem Laboratories Ltd., Healthium Medtech, Kerecis, Podimetrics, Carmell Corporation, Paracrine, Inc., VIVEX Biologics, Inc., and PolarityTE, Inc.
Key Takeaways
Key players operating in the diabetic foot ulcers treatment are focusing on developing advanced wound care products to treat complex and non-healing foot ulcers. 3M Healthcare, Braun Melsungen AG, and Smith & Nephew, Inc. are some of the leading players offering extensive range of wound dressings, skin grafts, and debridement products for foot ulcer management.
The growing prevalence of diabetes worldwide has resulted in surge in diabetic foot ulcer incidence rates. As per International Diabetes Federation, in 2021, over 537 million adults were living with diabetes and the number is estimated to rise to 643 million by 2030. This rising diabetes burden will further drive the demand for effective treatment of foot ulcers.
Leading companies in the market are expanding their global footprint through partnerships and acquisitions to cater to the rising needs of diabetic foot ulcer patients worldwide. In 2023, Organogenesis partnered with Anthropic to incorporate artificial intelligence capabilities in its advanced wound care products.
Market Key Trends
The adoption of advanced technologies such as skin substitutes, growth factors, and topical oxygen therapies for treating non-healing and chronic foot ulcers is one of the key trends witnessed in the global diabetic foot ulcers treatment market. The oxygen therapy technology works by generating pure therapeutic oxygen at the wound site promoting faster healing. Other emerging technologies in the market include hyperbaric oxygen therapy and use of nanoparticles for controlled drug delivery.
Porter’s Analysis
Threat of new entrants: Low as this market requires high capital investments and there are stringent regulations for entry.
Bargaining power of buyers: Moderate as there are many established brands but the treatments have varying efficacy.
Bargaining power of suppliers: Moderate as raw material supply and pricing depends on a few major suppliers.
Threat of new substitutes: Low as there are limited treatment options for diabetic foot ulcers currently.
Competitive rivalry: High as major players compete on innovation, efficacy and customer service.
Geographically, North America accounts for the largest share of the diabetic foot ulcers treatment market currently, valued at over US$ 3 Bn annually due to high diabetes prevalence and advanced healthcare systems. Asia Pacific is poised to be the fastest growing regional market owing to rising middle class population, growing diabetes burden and increasing medical tourism. China and India specifically are expanding at a double digit CAGR on back of huge patient pools and improving access to treatments.
The market for diabetic foot ulcers treatment is most concentrated in developed countries of North America and Western Europe where value sales account for over 60% of global revenues. However, Asia Pacific region is emerging as the new growth driver for industry players led by China, India and South East Asian countries. Countries like Mexico, Brazil, Turkey and South Africa are also important emerging markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
