Wilmington, Delaware, United States: Negative pressure wound therapy includes the use and application of negative pressure on the surface of the wound bed to create a positive pressure in order to heal the wound.
Wilmington, Delaware, United States: Negative pressure wound therapy includes the use and application of negative pressure on the surface of the wound bed to create a positive pressure in order to heal the wound. The global negative-pressure wound therapy devices market was valued at US$ 2,985 Mn in 2017 and is projected to reach US$ 6,754 Mn by 2026, expanding at a CAGR of 9.6% from 2018 to 2026.
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Rise in prevalence of chronic and acute wounds is anticipated to drive the global market. Additionally, favorable reimbursement for NPWT procedure and increase in awareness about pressure ulcers are expected to augment the global negative-pressure wound therapy devices market. Moreover, inclination toward minimally invasive procedures is likely to propel the market across the globe. Furthermore, high cost of NPWT products and available alternative treatment are key factors that are anticipated to restrain the market. Despite being on the market in Europe for over fifteen years and backed up by clinical and economic studies do have a dedicated reimbursement for NPWT in the inpatient sector.
In terms of product, the global NPWT devices market has been categorized into single-use NPWT devices and conventional NPWT devices. The utilizations of the single-use NPWT devices segment gives the potential to improve service delivery in patients with complicated diabetic foot Ulcers and pressure ulcers. The conventional NPWT devices segment dominated the market in 2017, due to a rise in the prevalence of chronic and acute wounds. Based on application, the market has been classified into diabetic foot ulcers, pressure ulcers, venous leg ulcers, burn wounds, surgical wounds, and others. Due to Increase in the prevalence of chronic and acute wounds is anticipated to drive the market.
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In terms of region, the global negative-pressure wound therapy devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global market in 2017. The market in North America is driven by the presence of key players and high rate of adoption of technologies in the region. Additionally, a rise in the prevalence of chronic and acute wounds is likely to propel the market in the region. The increase in the geriatric population in the U.S. and the increasing incidence of cardiovascular disease, diabetes, and obesity, the prevalence of chronic wounds, and the associated burdens, can enhance the market growth. The market in Europe is driven by an increase in the prevalence of surgical wounds. In Germany, approximately 1% to 2% people suffer from kidney diabetic foot ulcers and surgical wounds every year. The market in Asia Pacific is expanding due to an increase in the prevalence of surgical wounds in the region.
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The global negative-pressure wound therapy devices market is highly fragment, due to the presence of a large number of players. Major players operating in the global negative-pressure wound therapy devices market include SMITH AND NEPHEW, KCI (ACELITY), Cardinal Health, PAUL HARTMANN, ConvaTec Inc., DeRoyal, Genadyne Biotechnologies, Inc., Medela, Inc. ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Ltd, and Lohmann & Rauscher.
Increase in trend of mergers & acquisitions and product approvals & launches in developing countries is expected to boost the global negative-pressure wound therapy devices market during the forecast period. In April 2011, SMITH AND NEPHEW launched a single-use NPWT device named PICOS. This acquisition enabled the company to strengthen its wound management portfolio. Additionally, this acquisition provides growth in core part of business. This product approval enabled the company to enhance its product portfolio globally.
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Negative-pressure Wound Therapy (NPWT) Devices Market will Gain Impetus from Rising Prevalence of Acute Diseases
The surging prevalence of chronic and acute diseases is expected to help promote the growth of the global negative-pressure wound therapy devices market. The rising awareness about pressure ulcers is also adding boost to the overall growth of the market in the coming years. Also, great repayment for NPWT methodology and expansion in mindfulness about weight ulcers are relied upon to enlarge the worldwide negative-pressure wound treatment gadgets market. Besides, tendency toward insignificantly intrusive strategies is probably going to impel the market across the globe. Besides, significant expense of NPWT items and accessible elective treatment are key factors that are foreseen to limit the market. In spite of being available in Europe for more than fifteen years and sponsored up by clinical and financial examinations do have a committed repayment for NPWT in the inpatient area.
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COVID19 Pandemic has Bolstered Growth of Market with Increasing Number of Casualty Cases
The impact of the COVID19 pandemic on the negative-pressure wound therapy devices market is positive on account of the rising emphasis on medical welfare worldwide. There has been an increase in the number of product launches that have bode well for this market. In addition to this, the vendors operating in this market are also investing heavily for product development in this corona time so as to maintain a significant revenue generation pathway for this market.
As far as the competitive landscape is concerned, the market is concentrated in nature on account of the presence of significant players. Some of the major vendors of this market include Smith & Nephew Plc., H&R Healthcare, ConvaTec Group Plc, Paul Hartmann AG, Genadyne Biotechnologies Inc., Cardinal Health Inc., Molnlycke Health Care AB, Lohmann & Rauscher GmbH & Co. KG, Carilex Medical Inc., Medela AG, and others.
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