Rapidly aging population, increase in incidences of chronic conditions, technological advancements in NPWT devices to deal with complex wounds, and surge in awareness to reduce healthcare costs drive the growth of the global negative pressure wound therapy devices market. On the other hand, complications related to NPWT impede the growth to some extent. However, increased focus toward advanced treatment protocols and significant unmet needs in wound care are expected to create multiple opportunities in the industry.
The global negative pressure wound therapy devices industry was estimated at $2.14 billion in 2020, and is expected to hit $3.34 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
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Increase in incidence rate of chronic diseases, such as diabetes mellitus & obesity, and rise in global geriatric population are expected to fuel the growth of the global negative pressure wound therapy devices market. In addition, innovations in wound care products such as introduction of single-use and portable NPWT devices drive the market growth. Moreover, development of cost-effective NPWT devices and rise in awareness among patients regarding wound care are expected to boost the negative pressure wound therapy devices market growth. However, unnoticed complications in the use of these devices and dearth of trained healthcare providers hamper the market growth. Conversely, high market potential in the untapped emerging economies, increased focus on improvement of treatment protocols, and significant unmet needs in wound care field are expected to provide potential growth opportunities for the market during the forecast period.
North America to rule the roost in terms of revenue-
Based on region, North America garnered the major share in 2019, holding around two-fifths of the global negative pressure wound therapy devices market. This is due to the presence of key players in the region, easy availability of NPWT devices, surge in prevalence of medical conditions leading to acute and chronic wounds, and rise in launch of new and advanced products. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 7.9% till 2027. This is attributed to factors such as surge in adoption of NPWT devices and rise in healthcare expenditure.
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COVID-19 scenario-
- The outbreak of the pandemic has made people more cautious about several health measures. And, growing prevalence of chronic diseases such as diabetes & obesity and mounting use of single use devices have boosted the negative pressure wound therapy devices market.
- Still, disruptions in the supply chain are likely to hamper the market to certain extent.
- However, the industry is quite likely to benefit from the growing awareness about healthcare.
Key Findings Of The Study
- By wound type, the chronic wound segment occupied more two-thirds share of global negative pressure wound therapy devices market in 2019.
- By product, the single use NPWT segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By end user, the ambulatory surgical centers segment occupied more than one-fourths share of negative pressure wound therapy devices market in 2019.
- By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.
Key players in the industry-
- ATMOS MedizinTechnik GmbH & Co. KG
- Talley group Ltd.
- Cardinal Health.
- Smith & Nephew Plc.
- DeRoyal Industries, Inc.
- Devon International Group,
- 3M (Acelity L.P. Inc.,)
- Investor AB (Mölnlycke Health Care AB)
- ConvaTec Group Plc.
- Olle Larsson Holding AG (Medela AG)
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