The Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Negative Pressure Wound Therapy (NPWT) Devices Market Market Overview:
NPWT devices aid in healing chronic and acute wounds by applying subatmospheric pressure to the wound bed. They help remove excess exudate and infectious material from wounds, promote granulation tissue formation, help closure of wounds, and prevent infection. Negative pressure wound therapy is commonly used for chronic, acute, traumatic, and surgical wounds. The rising geriatric population is more prone to chronic diseases and wounds, thereby driving the demand for NPWT devices.
Market key trends:
The rising geriatric population globally is susceptible to chronic diseases, diabetes, and trauma injuries which significantly increase their risk of developing wounds. As per the United Nations report, the number of people aged 60 and above is expected to double from 962 million globally in 2017 to 2.1 billion by 2050. This is a major driver boosting the adoption of NPWT devices. Additionally, growing prevalence of lifestyle diseases such as obesity and diabetes has increased cases of hard-to-heal wounds, thereby propelling the NPWT devices market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs of investment in R&D, manufacturing facilities, and marketing to gain brand recognition and commercialize devices.Bargaining power of buyers: Large healthcare buyers and government organizations have significant bargaining power due to their large purchasing volumes and put pricing pressure on existing players.Bargaining power of suppliers: The presence of many medical device component suppliers limits the bargaining power of individual suppliers. However, they can impact pricing of raw materials which is a major cost component.Threat of new substitutes: Emergence of newer therapies like advanced wound care dressings pose a threat, however NPWT devices hold an edge due to efficacy in complex wounds.Competitive rivalry: Intense competition amongst established players due to their focus on innovation of devices and expand geographic coverage.
SWOT Analysis
Strengths: Advanced devices with novel technologies, extensive R&D capabilities, global footprint.Weaknesses: Heavy investments in innovation and compliance with stringent regulations increase costs.Opportunities: Rising diabetic & obese population driving demand, untapped growth potential in developing nations. Threats: Price control measures, shortage of skilled workforce, disruptions due to COVID-19 pandemic.
Key Takeaways
The global Negative Pressure Wound Therapy (NPWT) Devices Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers.
Regional analysis: North America dominates the NPWT devices market currently due to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to rapidly developing economies, rising medical tourism, and growing patient pool.
Key players: Key players operating in the Negative Pressure Wound Therapy (NPWT) Devices market are 3M, Cardinal Health, Smith+Nephew, Genadyne, DeRoyal Industries, Inc., Medela AG, Convatec Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Ltd, Cork Medical, LLC, and Devon Medical Products. 3M holds the leading market share owing to its diverse product portfolio and global sales network. Smith & Nephew focuses on new device launches and geographical expansion through acquisitions to strengthen its market position.
Transparency Market Research (TMR) has published a new report titled, “Global Negative-pressure wound therapy devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.
Moreover, the high cost of negative-pressure technique is a major factor restraining the market.
Emerging technologies in portable negative-pressure wound therapy devices to propel marketEmerging technologies in negative-pressure wound therapy devices are projected to boost the global negative-pressure wound therapy devices market during the forecast period.
NPWT may decrease tissue oxygenation in the wound bed because the foam sponge of NPWT compresses the wound bed under the influence of the applied negative-pressure.
In the U.S., significant increase in prevalence of acute and chronic injuries is likely to propel the share held by the region in the global market during the forecast period.
These 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.
San Francisco, 23 June 2020 — “Negative Pressure Wound Therapy (NPWT) Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, By Application And Segment Forecasts To 2027” Global Negative Pressure Wound Therapy (NPWT) Market is anticipated to grow considerably in the forecast period owing to the increasing prevalence of chronic and acute wounds worldwide.
Negative pressure wound therapy uses the three types of filter materials for wound; open-cell foam, transparent and gauze film or honeycomb textile.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/negative-pressure-wound-therapy-market/request-sample Over the years, the requirement for negative pressure wound therapy has extensively grown due to its benefits like improved treatment of transplant skin, reduced odds of wound diseases for open fractures and traumas and low hospital mortality in patients with mediastinitis.
Nevertheless, unrecognized complications of negative pressure wound therapy like injuries and deaths due to infection and absence of proof of clinical sufficiency are expected to hinder the growth of negative pressure wound therapy (NPWT) market.
Negative pressure wound therapy industry is categorized on the basis of product, wound type, end user, and geography.
On the basis of product type, the industry is divided into standalone NPWT devices, single-use disposable NPWT devices, portable NPWT devices, and NPWT accessories (canisters).
