According to our new research study on “Diabetic Foot Ulcer Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Ulcer Type, and End User,” the market is expected to reach US$ 7,793.83 million by 2028 from US$ 4,279.65 million in 2020; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028. The report highlights major market drivers and prominent companies along with their key developments in the market.
Diabetic foot ulcers are a frequent complication in diabetic patients, and they may lead to leg amputation. Diabetes patients who rely on insulin for therapy are at a higher risk of developing a foot ulcer. Diabetic foot ulcers can also affect patients who have diabetes-related kidney, skin, or heart disease, as well as others who are obese. Those that use alcohol have a higher risk of developing the condition.
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Market leaders operating in the market have undertaken various organic growth strategies in the diabetic foot ulcer market. The diabetic foot ulcer market majorly consists of the players such as ConvaTec Inc; 3M Company (Acelity L.P. Inc.); Coloplast A/S; Smith & Nephew plc; B. Braun Melsungen AG; Medline Industries, Inc; Cardinal Health Inc; Organogenesis Holdings Inc; Mölnlycke Health Care; MiMedx Group, Inc; Kerecis hf, and URGO. Some of the activities undertaken by the company, which have promoted its growth are, product launch, approvals, partnership and strategy and business planning. Companies such ConvaTec Group Plc, MiMedx and others have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market.
Skin tissue damage caused by various indications due to diabetes, and vascular diseases poses a significant burden on healthcare systems of different countries. 3D bioprinting is an approach based on layer-based synthesis, wherein the newly generated cells and cell-based materials can be dispensed to mimic native tissues. Though the technology is still in its early phase, 3D printing has a potential to revolutionize the wound care industry. Many companies are involved in developing new products involving ion-release biomaterials that will promote angiogenesis for dermal regeneration. In addition, 3D bioprinting is helping in patching large wounds that are hard to heal with standard techniques. In February 2019, researchers at Wake Forest Institute for Regenerative Medicine (WFIRM) developed a new bioprinter that can print dual layers of skin directly into a patient’s wound. For instance, in September 2019, AngioDerm, a project focused on regenerative medicine, received a European grant of US$ 822,000 to provide a solution for dermal regeneration for helping patients with ulcers or major burns that fail to heal. The funding was announced for five European institutions and companies working in collaboration on the project. Thus, the use of 3D bioprinting technologies in ulcer or wound treatments is likely to emerge as a prominent trend in the diabetic foot ulcer treatment market in the coming years.
Below is the list of the growth strategies done by the players operating in the diabetic foot ulcer market:
|May-21||MIMEDX Group, Inc. and Wake Forest Institute for Regenerative Medicine (WFIRM) entered collaboration. This collaboration reflects a shared vision to advance regenerative science and innovative biologics for safe and effective clinical therapies for diabetic foot ulcers.|
|Sep-2020||MiMedx Group, Inc. has launched EpiCord expandable placental allograft. EpiCord has demonstrated clinical efficacy in the treatment of diabetic foot ulcers.|
|Jan-2020||ConvaTec Group Plc has launched ConvaMax the new superabsorber dressing. ConvaMax superabsorber wound dressing is used for the management of highly exuding wounds, including leg ulcers, pressure ulcers, diabetic foot ulcers and dehisced surgical wounds.|
|Oct-19||3M has completed acquisition of Acelity, Inc. and its KCI subsidiaries worldwide. Acelity is a leading global medical technology company focused on advanced wound care and specialty surgical applications marketed under the KCI brand. This acquisition has further accelerated 3M’s position as a leader in advanced wound care market.|
|Jun-18||Acelity has acquired Crawford Healthcare to develop the world’s most expansive wound care portfolio. Crawford Healthcare is a rapidly growing UK-based advanced wound care and dermatology company.|
Geographically, the diabetic foot ulcer market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SCAM). North America held the largest market share in 2020. In 2020, the US held the largest share of the market in North America. The market growth in North America is attributed to the key driving factors such as the rising prevalence of diabetic foot ulcers, surging incidence of diabetes, and availability of advanced treatment for diabetic foot ulcer.
ConvaTec Inc; 3M Company (Acelity L.P. Inc.); Coloplast A/S; Smith & Nephew plc; B. Braun Melsungen AG; Medline Industries, Inc; Cardinal Health Inc; Organogenesis Holdings Inc; Mölnlycke Health Care; MiMedx Group, Inc; Kerecis hf; and URGO are among the leading companies operating in the diabetic foot ulcer market.
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