Global "Diabetic Foot Ulcers Market" is estimated to reach growing at a CAGR of 7.9% during the forecast period (2022-2029).
A diabetic foot ulcer is a common condition in diabetic patients and is a crucial health concern worldwide. Diabetic foot ulcers are thickened wounds below the ankle. It is caused by irritated or wounded feet due to minor trauma or pressure, neuropathic and vascular changes, poor circulation, and high blood sugar.
The major drivers fueling the growth of the market are the rising prevalence of chronic diabetes, the rapidly growing geriatric population worldwide, and advancements in the field of research.
Rising geriatric population and increasing cases of diabetic foot ulcers to boost the market growth
The rising prevalence of chronic diabetes, rapidly growing geriatric population worldwide, and advancements in research. According to Bakker et al., it is estimated that around 15% of all people with diabetes are affected by foot ulcers during their lifetime, and 1 in 4 people with diabetes develop at least one ulcer. For every 30 seconds, one leg is amputated due to diabetes. This is mainly because people affected with diabetes are prone to bruises and ulcers caused on feet and even other parts.
A constant increase in the geriatric population among developed and developing countries has been observed, along with rising in obesity and peripheral artery diseases, which leads to decreased mobility and increased risk of acquiring chronic ulcers. Centre for Disease Control and Prevention (CDC) in 2018 estimated that around 20% of hospitalizations of diabetic patients are due to foot ulcers, out of which 72% of individuals are above the age of 60. This has resulted in alarming hospitalization rates as old-aged people are highly prone to developing pressure-based ulcers and bruises. With rising awareness among the masses to treat these disorders, the higher demand for appropriate medications is rising.
The increasing awareness about diabetic ulcers and the availability of treatment options is driving the market growth
The rising awareness about diabetic ulcers and the availability of treatment choices for this ulcer is expected to drive market growth in the forecast period. Furthermore, ongoing clinical trials that yielded positive results for treating diabetic foot ulcer is more prognosticated to increase the overall market.
Several clinical trials are currently being carried wherein many companies are actively participating in extended research programs to develop novel therapies for diabetic foot ulcer therapy. Individuals with an increased risk of diabetes are demonstrating alarming hospitalization rates due to diabetic foot ulcer infection. In addition, this factor has appeared in a rise in the number of amputations. Therefore, diabetes and incorporated risk factors are increasing at an alarming rate, which is anticipated to fuel revenue growth of the global diabetic foot ulcer therapeutics market during the period of assessment.
The high expense of diabetic foot ulcer medication and care is likely to hamper the market growth
However, the high expense of diabetic foot ulcer medication and care is expected to hinder the growth of the global diabetic foot ulcer therapeutics market. For instance, according to Therapeutic Advances in Endocrinology and Metabolism 2018, the total medical cost for the management of diabetic foot disease ranges from US$ 9 billion to US$ 15 billion in the U.S. Moreover, a lack of awareness regarding specific treatment options, especially in emerging economies, is also expected to limit the market's growth.
COVID-19 Impact Analysis
Throughout 2020, the COVID-19 pandemic has had a significant impact on the care of non-communicable diseases across the world, and diabetes is no exception. Whereas many branches of medicine have adapted to telemedicine, this is difficult and challenging for the diabetic foot, which often requires “hands-on” treatment.
Widespread publicity of the COVID-19 pandemic has alerted those with diabetic foot ulcers to realize that should they be admitted to the hospital, the risk of poor outcomes is higher than those without diabetes. Thus, many people with diabetic foot ulcers have been terrified to attend hospital clinics as they quite rightly perceive that the hospital is likely to be occupied by many patients with active COVID-19 disease. This perceived and, in many ways, realistic fear has led to a reduced attendance rate that has been observed in many hospital outpatient clinics. These factors will hamper the market growth in the forecast period.
The wound care dressing segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Wound care dressings are further classified as foam dressing, hydrocolloid dressing, hydrogel dressing, alginate dressing, and others dressing. The wound care dressing is the most widely used treatment for diabetic foot care. The management of diabetic foot ulcers is carried by various wound care dressings procedures, including foam dressing, hydrocolloid, hydrogel, alginate, and other dressings. Foam dressings generally comprise hydrophilic polyurethane foam that absorbs wound fluids, maintains moisture around the wound surface, and promotes healing. Based on the study conducted by SRM Medical College & Research Institute, polyurethane foam dressings showed suitable and effective treatment of diabetic foot ulcers.
According to the National Diabetes Statistic Report 2017, published by the Centers for Disease Control and Prevention (CDC), more than 100.0 million people in the U.S. lived with diabetes or prediabetes conditions. In addition, the WHO reported that approximately 1.6 million deaths globally were directly caused due to diabetes.
Neuropathic ulcers segment are expected to dominate the Diabetic Foot Ulcers Market, by ulcers type, during the forecast period
Neuropathic ulcers in diabetes patients cause due to the failure of blood vessels that supply oxygen and nutrients. According to the CDC, between 60% and 70% of people with diabetes suffer from diabetic neuropathy annually, where the nerves of the feet and legs are mostly affected. Feet of diabetic patients are prone to neuropathy due to insufficient blood flow and unchecked blood sugar. Neuropathic ulcers are caused by repeated stress on the feet that have reduced sensation resulting in renal failure and trauma.
North America region holds the largest market share in the global diabetic foot ulcers market
North America held the largest share of the diabetic foot ulcer market owing to the rising prevalence of diseases, elevated patient awareness levels, and growing acceptance of the products. The US has the highest standards of health care. According to International Diabetes Federation (IDF), over 100 million adults in the US are suffering from prediabetes or diabetes, and another 84.1 million have prediabetes conditions, which, if not treated, may lead to type 2 diabetes within five years. The total medical cost for the management of diabetic foot disease in the United States ranges from the US $ 9 to the US $ 13 billion in 2017.
The region's growth rate has been sluggish due to a well-established network of significant market players, which creates relatively fewer opportunities for growth and business expansion for new market entrants. However, a rise in the geriatric population and favorable health care reimbursement regulations are likely to drive the market in the region during the forecast period.
In December 2017, FDA approved Sanuwave Heath Inc. for marketing its first shock wave device called Dermapace System, meant for treating diabetic foot ulcers.
The diabetic foot ulcers market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Orpyx Medical Technologies Inc, Smith & Nephew, Tissue Regenix, Coloplast Corp, B. Braun Melsungen AG, 3M, Cardinal Health., ConvaTec Group Plc, Mölnlycke Health Care AB, Huizhou Foryou Medical Devices Co., Ltd., Wuhan Huawei Technology Co., Ltd., Changzhou Recoo Healthcare Co., Ltd. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the diabetic foot ulcer market globally.
Orpyx Medical Technologies Inc
Overview: Orpyx Medical Technologies develops sensor-based technologies and self-monitoring devices in medical and athletic spaces. In addition, the company empowers people with diabetes to maintain mobility. Orpyx technology is also used by researchers to access clinical-grade plantar pressure data for health and human performance applications in the fields of sports medicine, therapeutic applications, and footwear design.
Product Portfolio: The Company offers the Orpyx SI Sensory Insoles with remote patient monitoring, which helps manage and prevent diabetic foot ulcers and limb loss through advanced foot sensor technology and real-time analytics.
Key Development: In December 2019, Orpyx SI Sensory Insoles with remote patient monitoring was launched by Orpyx Medical Technologies Inc. This is mainly used for preventing neuropathy-related ulcers and diabetic foot ulcers.
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