Diabetic Ulcer Treatment Market Size

Diabetic Ulcers Treatment Market size is anticipated to reach USD 14 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of diabetic ulcers treatment was USD 8 Billion. A growing number of people being diagnosed with diabetes worldwide is the primary factor for the market's growth. In 2019, diabetes caused 1.5 million deaths directly, with 48% of fatalities occurring before 70 years of age, according to the World Health Organization. The American Diabetes Association reported that nearly 37.3 million Americans, or 11.3% of the population, have diabetes. A total of 28.7 million of them are diagnosed, whilst 8.5 million remain undiagnosed. Diabetes is one of the common diseases that can affect people at a younger age. Moreover, increasing obesity issues, genetics, unhealthy diet habits, and urbanization are some of the reasons for the increase in diabetes risk.

The most common type of diabetic ulcer is a foot ulcer which is an open sore or wound and occurs in approximately 15 percent of diabetic patients. A foot ulcer is commonly found on the bottom of the foot. Six percent of those who develop a foot ulcer will require hospitalization for infection or other ulcer-related complications. The treatment for diabetic ulcers involves debriding the wound, treating any infection, revascularizing the area, and off-loading the area. Furthermore, growing awareness of treatment options for diabetic ulcers, improvements in treatment procedures, the approval of new products, and increasing research and development expenditure are projected to drive market growth over the forecast period. According to a recent report by the World Bank, global research and development expenditures are expected to be 2.63 percent of the country's total Gross Domestic Product (GDP) in 2020. The growth is considerably higher than 2.2% in 2018.