Mimedx

Sep 27, 2023

Pune, INDIA Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Diabetic foot ulcer is a type of chronic wound that often leads to complications and challenges surgeons to manage such injuries. Diabetic foot ulcer leads to full thickness skin loss on the foot due to neuropathic and/or vascular complications in patients with type 1 or type 2 diabetes mellitus. Diabetic patient who uses insulin are at a higher risk of developing a foot ulcer. Diabetic Foot Ulcer Market in terms of revenue was estimated to be worth $7.47 billion in 2022 and is poised to reach $12.24 billion by 2030, growing at a CAGR of 6.4% from 2022 to 2030 according to a new report published by The Insight Partners. The growth of global diabetic foot ulcer market is propelled by high prevalence of diabetes and related chronic wounds and surge in geriatric population. Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00022321 High Prevalence of Diabetes and Related Chronic Wounds Drives Global Diabetic Foot Ulcer Market Growth: Diabetic patients are vulnerable to wounds, and the healing process is usually longer. Depending on healing timeframe, wounds are classified as acute and chronic. Diabetes is a life-threatening chronic disease with no functional cure. Diabetes can lead to various complications in different body parts and increase the overall risk of premature death. According to the International Diabetes Federation (IDF), in 2021, there were ∼537 million adults living with diabetes worldwide. The number is anticipated to increase to 643 million by 2030 and 783 million by 2045. Blood vessels and nerves in the feet of diabetic patients are prone to damages, resulting in numbness. Due to this, diabetic patients have a higher chance of developing diabetic foot ulceration. According to a study published in 2021 in National Center for Biotechnology Information (NCBI), the risk of developing diabetic foot ulcers is between 19% and 34%. A recurrence rate of ~40% is experienced by patients within 1 year of recovery, 60% within 3 years, and 65% within 5 years. As per same study, it is reported that infection develops in 50–60% of ulcers and is the principal cause that damages diabetic feet. Thus, the demand for diabetic foot ulcer treatments is on rise globally, thereby fueling the diabetic foot ulcer market growth. Global Diabetic Foot Ulcer Market: Competitive Landscape and Key Developments Convatec Group Plc, 3M Co, Coloplast AS, Smith & Nephew Plc, B. Braun SE, Molnlycke Health Care AB, MiMedx Group Inc, URGO MEDICAL Australia Pty Ltd, Medline Industries LP, and Organogenesis Inc are a few key companies operating in the diabetic foot ulcer market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the diabetic foot ulcer market. A few of the recent developments in the global diabetic foot ulcer market are mentioned below: In January 2023, Convatec announced the launch of ConvaFoam, a family of advanced foam dressings designed to address the needs of healthcare providers and their patients. ConvaFoam can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection. In January 2023, MiMedx Group Inc announced that it had entered into an exclusive distribution agreement with GUNZE MEDICAL LIMITED (“Gunze Medical”), a subsidiary of Gunze Limited, for sales of EPIFIX in Japan. Gunze Medical is a leading distributor of products used in a wide range of wound and surgical settings, including bioabsorbable devices and materials, such as sutures and sheet products. In March 2022, Convatec entered the attractive wound biologics segment by acquiring Triad Life Sciences Inc. The company develops biologically derived innovative products to address unmet clinical needs in surgical wounds, chronic wounds, and burns. In July 2022, Smith+Nephew announced the launch of the WOUND COMPASS Clinical Support App. It is a comprehensive digital support tool for healthcare professionals that aids wound assessment and decision-making to help reduce practice variation. The App helps improve nurse confidence when assessing and treating wounds and reassuring specialist nurses that their formulary is followed. Order a Copy of this Report at https://www.theinsightpartners.com/buy/TIPRE00022321 Asia Pacific is the fastest-growing region of the global diabetic foot ulcer market. North America accounted for the largest share of the global diabetic foot ulcer market in 2022. In the region, the US held the largest diabetic foot ulcer market share and is anticipated to register the highest CAGR during 2022–2030. The US diabetic foot ulcer market is primarily driven by the increasing prevalence of diabetes in the country. As per the American Podiatric Medical Association, in the US, nearly 14–24% of patients with diabetes who develop foot ulcers require an amputation. According to the Health Innovation Program, ~2 million people in America develop a diabetic foot ulcer annually. Furthermore, according to a study published in NCBI in 2022, ~5% of patients in the US with diabetes mellitus develop foot ulcers, and 1% end up with an amputation. The growing geriatric population in the region also boosts the market growth. According to the Administration on Aging (US Department of Health and Human Services) report published in 2022, there were 55.7 million people aged 65 and above in 2020 in the US. The old age group represents 17% of the population, i.e., 1 in every 6 Americans. As per estimates by the Urban Institute (Washington, DC-based think tank), the number of people aged 65 and above will double over the next 40 years, reaching 80 million by 2040 in the US. Additionally, In 2020, diabetes is regarded as among the leading chronic conditions among adults aged 65 and above. In recent years, several joint ventures, initiatives, and collaborations contributed in accelerating the diabetic foot ulcers market expansion in North America. In 2020, six research institutions in the US launched the first-ever multicenter network funded by the National Institutes of Health to study diabetic foot ulcers in the US. Additionally, the Diabetic Foot Canada program was launched in Canada to prevent diabetic foot complications. Thus, the high prevalence of diabetes and the increasing geriatric population will drive the diabetic foot ulcer market growth in the region. Global Diabetic Foot Ulcer Market: Segmental Overview The global diabetic foot ulcer market, by treatment type, is segmented into advanced wound care dressings, biologics, and therapy device. The advanced wound care dressings segment held the largest market share in 2022. The biologics segment is anticipated to register the highest CAGR during 2022–2030. The global diabetic foot ulcer market, by ulcer type, is segmented into neuropathic ulcers, ischemic ulcers, neuro-ischemic ulcers. The neuro-ischemic ulcers segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030. The global diabetic foot ulcer market, by infection severity, is segmented into moderate, mild, and severe. The mild segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030. The global diabetic foot ulcer market, by end user, is segmented into ambulatory surgical centers, hospitals, and home care. The hospital segment held the largest market share in 2022 and is anticipated to register the highest CAGR from 2022 to 2030. Go through further research published by The Insight Partners: