The global creams and lotions for diabetic foot care market was valued at USD 334.66 million in 2019 and is expected to grow at a CAGR of 7.7% during the forecast period, 2020–2029. New product developments, the growing diabetes prevalence, and high spending of diabetes management are the factors driving the market.
Rising Importance Regarding Routine Care of Diabetic Foot Management
The increasing prevalence of diabetes across the globe among the developed, emerging, and developing regions including North America, Europe, Latin America, and Asia-Pacific — due to hereditary reasons, changes in lifestyles and deteriorating nutritional level of food consumed are the crucial factors driving the global creams and lotions for diabetic foot care market. More than 40% of the people suffering from diabetes also suffer from itchy, dry, and rough foot conditions due to inadequate supply of blood to the foot. In recent years, the rise in severity regarding diabetic foot condition has been fetching the patient’s attention towards routine care of diabetic foot management.
Growing Popularity of Skincare Products for Diabetic Foot Care
Players in the creams and lotions for the diabetic foot care market have launched several attractive marketing campaigns for the skincare products for diabetic foot care, which has resulted in significant growth in popularity for such products. Among these strategic marketing campaigns, word of mouth marketing and smart use of years of legacy of some products, including vaseline and others, have been found to be most successful. Despite products being sold in the international market, producers have been indulged in further research and development process to increase the efficacy of products significantly.
Convenience: Easy to Use Feature of Cream Products
The commercial viability of creams over lotions in the global market plays an integral role in driving the cream segment in the global cream and lotion for the diabetic foot care market. Companies are engaged in research and development for cream-based products for diabetic foot conditions. Cream-based products have high efficacy than lotions, which is a vital characteristic of the cream segment, aiding the global cream and lotion for diabetic foot care market growth. Cream products are easy to use, easy to package, and easy to apply — such factors boost the adoption rate of cream products.
New Age of Online Sales Spurring the Market Growth
In the 21st century, online sales are one of the highly successful ways of marketing and selling products for players in all types of markets. Also, online sales are highly adopted ways of marketing and selling products across the global cream and lotion for diabetic foot care market. Specific audience targeting is one of the most effective features of online sales, which has been adopted by all the players in the cream and lotion for diabetic foot care market.
Most of the companies in the market sell their products directly to consumers (hospitals, specialty clinics, skin rejuvenating centres, and others) and small and mid-sized businesses through their retail and online stores and direct sales force. Some of them also employ a variety of indirect distribution channels, such as third-party network, wholesalers, retailers, and value-added resellers.
Market players also believe that sales of their differentiated and innovative products and services are boosted by knowledgeable salespersons who can deliver the unique solutions that are offered by their products. They further believe in providing direct contact with their targeted customers as an effective way to demonstrate the advantages of their products over those of their competitors. In addition, providing high-quality sales and after-sales support experience is critical for attracting new and retaining existing customers.
Robust Insurance Policies and Healthcare Expenditure Across North America
Diabetes and its various related complications such as itchy and dry foot put an economic burden on people. It has been observed that the prevalence of diabetic foot is increasing among patients having diabetes across North America. Mostly, people suffer diabetic foot due to ignorance towards the underlying condition. Higher healthcare expenditure and strong penetration of insurance policies covering diabetes and its complications are fuelling the market growth. As per the American Diabetes Association, the total cost of diagnosed diabetes reached USD 327 billion in 2017 from USD 245 billion in 2012, out of which around 67.3% cost is covered by the government insurance.
Import-Driven Middle East Region
The Middle East healthcare infrastructure highly depends upon imports from neighboring countries for treating people with diabetes and associated conditions, including diabetic foot. The rise in demand for creams and lotions for treating diabetic foot conditions in the Middle Eastern countries is expected to drive the Middle East creams and lotions for diabetic foot care market. The increasing prevalence of diabetes and associated conditions across the Middle East is further expected to support the Middle East market. The African healthcare market is unregulated, which allows entry of any foreign direct investor in the regional market, which has increased demand for qualitative healthcare treatments for diabetes and other associated conditions, driving the African creams and lotions for diabetes foot care market.
Prominent companies operating in the creams and lotions for diabetic foot care market are HRA Pharma, GlucoRx Limited, Foot mender (AuxiliumCuraInnovatio AB), Flexitol (LaCorium Health), CeraVe, Eucerin (BEIERSDORF), Okeeffe’s Company (The Gorilla Glue Company), Aveeno (J&JCI), Kerasal (Advantice Health, LLC), TriDerma (Genuine Virgin Aloe Corp.) and Vaseline.
Currently, Vaseline is focused on sponsoring dermatologists to go on medical missions for the treatment of patients suffering from skin diseases such as dry and itchy skin in resource-poor countries and communities across the globe. Vaseline brand offers many products for diabetic foot care, such as Vaseline clinical care cracked heel rescue foot cream, extremely dry skin rescue lotion and overnight cream.
Cream and Lotion for Diabetic Foot Care Market: Segmentation
By Sales Channel
- Distribution Channel
- North America
- The U.K.
- Rest of Europe
- Southeast Asia
- Rest of Asia-Pacific
- Central, South America, and the Caribbean
- Rest of South America
- The Middle East and Africa
- South Africa
- The UAE
- Saudi Arabia
- Rest of MEA