Negative Pressure Wound Therapy Market Overview
Global negative pressure wound therapy market is continually generating rising revenues year by year. Factors such as the increasing prevalence of injuries, chronic wound cases, and diabetes are facilitating the market increase. The negative pressure wound therapy (NPWT) comprises a wound-care system that facilitates an electronically controlled pump and foam dressing. The NPWT system is majorly used in managing large chronic wounds and acute wounds. In this therapy, negative pressure is applied to the wounds to expedite healing.
Advantages such as rapid healing of persistent & acute wounds that lead to lessening the healthcare costs and hospital stays are the major factors fostering the growth of the market. According to Market Research Future (MRFR), the global negative pressure wound therapy market had touched a valuation of USD 2.24 billion in 2017, which is expected to appreciate further at 6.7% CAGR over the assessment period (2018-2023). Consumer inclination towards products that can enhance therapeutic outcomes is driving the market demand hugely.
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Rising burn cases and geriatric populace are other significant growth drivers. Increasing surgeries in diabetic patients and aged people provide new avenues for the negative pressure wound therapy market to expand, resulting in pressure ulcers. Increasing product launches by the NPWT device manufacturers bolster the size of the market. Additionally, favorable reimbursement program designed to incentivize physicians promote the sale of NPWT products and thus increase the negative pressure wound therapy market value.
Negative Pressure Wound Therapy Market – Segments
The analysis is segmented into four main dynamics to widen the scope of understanding,
By Product Type: Conventional and Single-Use Negative Pressure Wound Therapy Devices, Accessories, and others.
By Wound Type: Surgical & Traumatic Wounds, Ulcers, Burns, and others.
By End-User: Hospitals, Home Care Settings, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Negative Pressure Wound Therapy Market – Geographical Analysis
North America is projected to remain dominant in the global negative pressure wound therapy market. The largest market share of the region attributes to the presence of a well-developed healthcare sector and high numbers of industry players in the region. Besides, factors such as the growing occurrences of chronic wounds alongside the rising prevalence of diabetes, and the increasing geriatric population act as a major driving force for the growth of the regional market. Also, the availability of various wound care treatment options and rising demand for advanced wound care products foster market growth in the region. Furthermore, a favorable reimbursement scenario is anticipated to increase the size of the market in the region, increasing the adoption of NPWT devices.
Europe stands second in the global negative pressure wound therapy market. Factors such as the developed healthcare infrastructure, increasing numbers of accidents, and the growing prevalence of diabetes push the market growth in the region. Moreover, government schemes to minimize patient costs and prevalence of chronic wounds are driving regional growth. Heading with the presence of reputed players and technological advances of products, the European negative pressure wound therapy market is estimated to gain colossal accruals over the forecast period.
The Asia Pacific region is emerging as a promising market for negative pressure wound therapy. The market is predominantly driven by the increasing cases of the diabetic foot and wounds & injuries. Growing awareness about advanced wound care treatments and technological advances influence the growth of the regional market further. Moreover, the presence of prominent market players operating in the NPWT device industry alongside the large patient pool in the region propels the market growth. The APAC negative pressure wound therapy market is anticipated to register a noteworthy CAGR over the forecast period.
Negative Pressure Wound Therapy Market – Competitive Analysis
The advanced wound therapy market appears highly competitive with the presence of several matured players. To gain a larger competitive advantage, these players adopt strategies such as innovation, brand reinforcement, mergers & acquisitions, collaborations, and expansion. Players make substantial investments in R&D required for product development and to expand their global footprint. They acquire small yet promising companies from emerging markets.
Negative Pressure Wound Therapy Market Major players:
Players leading the global negative pressure wound therapy market include Cardinal Health, ACELITY L. P. Inc., ConvaTec Group Plc., Smith & Nephew, DeRoyal Industries, Inc., Lohmann & Rauscher International GmbH & Co. Kg, Medela, Talley Group, Mölnlycke Health Care AB, and Genadyne, among others.
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Negative Pressure Wound Therapy Industry/ Innovation/ Related News
March 03, 2020 —- Smith+Nephew plc. (the UK), a leading global medical equipment manufacturing company, launched PICO™ 14, a single-use negative pressure wound therapy system (sNPWT) for high-risk surgical applications. PICO 14 comes with an enhanced pump that requires less user intervention and has pump duration of up to 14 days. It builds on the features & advantages of previous PICO sNPWT variants.
With the launch of new sNPWT, the company has demonstrated its commitment to healthcare professionals and patients’ evolving needs. With its additional improvements, the innovative sNPWT system delivers high efficiency in patient management and healthcare, keeping Smith+Nephew at the forefront of delivering innovative negative pressure solutions.
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