Mr Dickson, from Mission Beach, was taken to hospital after losing a severe amount of blood but things may have been worse if one of his friends had not dragged him from the water.
A man was critically injured when he was attacked by a shark while spear fishing on Australia's Great Barrier Reef, an official said.
According to the The Cairns Post, the shark attack on the Queensland spearfisher took place at around 10 a.m. Saturday morning.
He added that, if it was not for the efforts of Dickson's three friends in controlling the bleeding by using direct pressure and a tourniquet, along with a blood transfusion given to him by the helicopter rescue team, within 60 seconds, Dickson would possibly have succumb to his injuries.
They then raced him to the mainland town of Cardwell 30kms away where he was stabelise by ambulance crews and rushed to Cairns Hospital.
Queensland Ambulance Service senior operations supervisor Neil Noble said the 25-year-old was "extremely lucky to have the outcome he's had so far".
Tara Palmer-Tomkinson's sister: 'Tara died of natural causes'
Tara Palmer-Tomkinson arrives at Westminster Abbey before the wedding of Prince William and Kate Middleton. Tara Palmer-Tomkinson was found dead at her home in South Kensington, London last week aged just 45.
'He's a caring person who is always there for his mates and family and is loved by many.
It has been revealed one of Mr Dickson's friends was an ex navy officer with medical training.
Glenn Dickson, 25, underwent surgery in Cairns Hospital over the weekend, where he had his leg amputated after he was mauled off Hinchinbrook Island on Saturday.
"It can't eliminate the risk of a shark bite but can reduce it potentially", Dr McPhee said.
The victim jumped off the rocks and into the water where he was bitten multiple times on the leg by what is believed to be a tiger or bull shark, according to reports from the scene.
Amber Edwards started the GoFundMe campaign for the family, who are expecting their third child in June. Over $18,000 has been raised so far.