Furthermore, the market is predicted to demonstrate a CAGR of 7.3% between 2020 and 2030. The rising incidence of diabetes and the soaring geriatric population are the main factors driving the progress of the market.
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The number of people suffering from diabetes is increasing rapidly around the world. The management of diabetic foot ulcer, which is a major chronic complication of diabetes mellitus, is only possible with frequent dressing. Moreover, in diabetics, wounds develop very quickly and take a long period of time to heal. As per the Centers for Disease Control and Prevention (CDC), over 34.2 million people were suffering from diabetes in the U.S. in 2020.
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For example, in Egypt, Pakistan, Colombia, and Bangladesh, 17% of the children were found to be temporarily differently abled and 18% of them were observed to be permanently differently abled because of burns in 2018. As per the WHO, the low- and middle-income countries witness more than 96% of the fatal fire-related burns every year. The increasing prevalence of these cases is propelling the progress of the market all over the globe.
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Hence, it can be said with full confidence that the market will register substantial growth across the world in the future years, mainly because of the rising incidence of diabetes, the soaring occurrence rate of burns, and the surging population of geriatric people in several countries.