Negative Pressure Wound Therapy Market
Number of pages: 100 | Report Format: PDF | Published date: July 14, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.5 billion |
|
Revenue Forecast in 2030 |
US$ 4.43 billion |
|
CAGR |
5.9% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Segments Covered |
Products, Wound Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global negative pressure wound therapy market was valued at US$ 2.5 billion in 2021 and is expected to register a revenue CAGR of 5.9% to reach US$ 4.43 billion by 2030.
Negative Pressure Wound Therapy Market Fundamentals
Negative pressure wound therapy (NPWT), or vacuum-assisted wound closure, is a wound care system that constantly or immediately applies vacuum pressure on the wound. This therapy has gained significant popularity for treating acute or chronic open injuries. The usage of NPWT focuses on removing fluids and infections, which helps in fast healing. This therapy reduces the risk of microbial infection, enhances tissue insertion by closing the wound, and increases blood circulation. A different bandage is used to cover the injury, and a machine comprising a gentle pump is attached to the wound, which provides suction of about 50 to 125 mmHg. This suction is known as negative pressure on the wound.
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Negative Pressure Wound Therapy Market Dynamics
Growing demand for NPWT is owing to the increased expenditure on wound care, initiatives taken by healthcare facilities to prevent surgical site infections (SSIs), rising prevalence of diabetes, and increasing number of accidents.
However, a shortage of trained healthcare personnel and complications arising during therapy are likely to restrain the market revenue growth. Also, lack of awareness and high cost of the therapy are expected to pose a challenge to the revenue growth of this market.
Negative Pressure Wound Therapy Market Ecosystem
The global negative pressure wound therapy market is analyzed based on four parameters: product, wound type, end user, and region.
Negative Pressure Wound Therapy Market by Product
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Based on the products, the negative pressure wound therapy market is segmented into conventional products and disposable products.
The conventional products segment accounts for the highest revenue share in the market. The ability of these product types to better manage these devices in severe injuries makes them more valuable. These are cost-effective, customer-friendly, canister-free, and class-II FDA-approved devices that instill consumer trust.
The market for disposable devices is expected to grow dramatically in the coming years due to rise in the usage of single-use devices owing to their cost-effectiveness and ability to reduce contamination.
Negative Pressure Wound Therapy Market by Wound Type
Based on the wound type, the market is segmented into chronic wounds and acute wounds.
The chronic wounds segment accounts for a larger revenue share of the market. The segment is sub-segmented into diabetic foot ulcers and pressure foot ulcers. As the number of diabetic cases leading to ulceration is increasing and casualties from accidents rise, the recommendation for NPWT is likely to rise significantly in the next few years.
Negative Pressure Wound Therapy Market by Region
Based on the region, the global negative pressure wound therapy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounts for the highest revenue share of this market, followed by Asia Pacific. The dominance of North America in the market is ascribed to easy availability of NPWT systems, increasing awareness about the therapy, rising number of patients suffering from diabetes and some other chronic diseases, and presence of key market players in this region.
The market in Asia Pacific is expected to register revenue growth at the fastest rate in the forecast period, owing to presence of a significant number of people with chronic diseases such as diabetes, which leads to various types of ulcers. An estimation from International Diabetes Federation (IDF) shows that there will be over 400 million diabetics worldwide by 2025, with Asia, Africa, and Latin America showing the greatest number of cases. Furthermore, approximately 25% of these patients are expected to develop foot ulcers over the course of their lives.
Negative Pressure Wound Therapy Market Competitive Landscape
The prominent players operating in the global negative pressure wound therapy market include: -
Negative Pressure Wound Therapy Market Strategic Developments
The global negative pressure wound therapy market was valued at US$ 2.5 billion in 2021.
The negative pressure wound therapy market is projected to reach US$ 4.43 billion by 2030.
Increasing expenditure on wound care, rising prevalence of diabetes, and increasing number of accidents are expected to drive revenue growth in the global market.
Smith & Nephew. plc, Acetyl L.P. Inc, Cardinal Health, Inc., Alleva Medical Ltd., and Molnlycne Health care AB are among the key companies operating in the global market.
The negative pressure wound therapy market is expected to register a revenue CAGR of 5.9% between 2022 and 2030.
North America accounts for the largest market revenue share of the global negative pressure wound therapy market.
*Insights on financial performance is subject to availability of information in public domain