Technological advancements in the devices treating chronic illnesses by negative pressure therapy are expected to provide opportunities for the global negative pressure wound therapy market.
The Negative Pressure Wound Therapy Market value is estimated to reach close to USD 3,338.73 million by end of 2028. In addition, it is projected to amass a significant CAGR of above 5.7% in the forecast period 2021-2028. Negative pressure wound therapy is types of therapy where special devices are used to remove exudate material from wounds. Such type of therapies are usually triggered to treat chronic illnesses like diabetic foot ulcers, venous foot ulcers and more such diseases for removing infection from the wound by using certain devices. For example, canisters used to take out exudate material from the wound. Such devices are used to in wound therapy to accelerate healing bring down the speed of infection. The therapies that use devices that treat wounds using negative pressure can also be classed under Negative Pressure Wound Therapy.
The future and existing market situation looks attractive outlined by various growth contributing factors. The key influencing factors expected to boost the Negative Pressure Wound Therapy Market in the forecast years are the rising occurrence of diabetes mellitus and obesity. Furthermore, other key influencers such as increased patient awareness for the NPWT devices as well rising casualties due to accident and traumas are driving expansion of the Negative Pressure Wound Therapy Market. Also, negative pressure wound therapies coupled with advanced technologies are offering three times return on investment in the market. However, shortage of skilled specialists, doctors facing difficulties in implementing the negative pressure wound therapies, and patients facing painful pressure while undergoing the therapy is hampering the growth of the Negative Pressure Wound Therapy Market. Most importantly, the demand for the market has witnessed reduced growth in wide range of areas restraining the market growth. At the same time, market players introducing patient-friendly and simple to use devices are boosting the market growth. Furthermore, underdeveloped emerging nations adopting advanced care methods and innovations in treatment of the chronic diseases using the therapy are likely to provide favourable opportunity to the Global Negative Pressure Wound Therapy Market.
Adroit Market Research report on the Global Negative Pressure Wound Therapy Market does in-depth research and analysis of the market from 2021 to 2028. The report presents conclusions of one year study from 2019 to 2020 on the developments in the negative pressure wound therapy space. It is intended to provide diplomats and interested members of the market with a better understanding of the technological developments, issues concerning the developments. The state of the market including drivers, obstacles, and further opportunities is discussed in the report. The main findings and current state of the market determined with the help of Porter’s Five Forces Model. Their performance in the current operating environment is measured by collecting data from authentic sources. The main obstacles deterring the market growth including technological, institutional resistance, legal, normative, and economic limits are discussed in the report.
The Global Negative Pressure Wound Therapy Market is comprised of fierce competition amongst well-established and new market players. Also, the Global Negative Pressure Wound Therapy Market players are pursuing potential markets in locally as well as internationally to seize a competitive position in the industry and forming mergers & acquisitions, agreements, acquiring other companies & launching new products, establishing collaboration & partnerships, and accelerating their business performance.
On the basis of product type, the Global Negative Pressure Wound Therapy Market is split into two types namely single-use NPWT and conventional devices. And, the conventional NPWT devices have shown huge ability to treat the wounds by collecting substantial amount of exudate. Hence, this product type has witnessed positive growth in the market and is estimated to gather measurable market share in the forecast period.
On the basis of wound type, the market is split into diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burn wounds. The diabetic foot ulcers gathered a major share of revenue in the market as the prevalence of diabetes and related disorders across the world is rising. Also, age old population suffering from diabetes is increasing thereby providing growth opportunities for the diabetic foot ulcers wound type segment.
On the basis of end-user, the market is split into hospitals, home care and others. Here, the hospitals segment generated the highest revenue in the market as the individuals suffering from disease like diabetic ulcers and others are approaching clinics and hospitals for better treatment. This is the primary growth influencer for hospital segment expansion in negative pressure wound therapy market.
On the basis of region, the market is split into key regions namely North America, APAC, MEA, Europe, and Latin America. Among all these key regions, the North America captured huge growth in the market as in this region the geriatric population is growing as well as the diabetic population is also rising. Moreover, patients in these regions can afford to such costly methods. Also, the other regions like MEA and APAC recorded good growth in the market.
The key players in the Global Negative Pressure Wound Therapy Market are Medela, Cardinal Health, Genadyne, Molnlycke Health Care AB, Lohmann & Rauscher Smith & Nephew, and 3M among others held market leadership in providing sophisticated wound treatment products. The market is witnessing the presence of local and global players. Additionally, to maintain a competitive position in the market these players are introducing new and advanced solutions to the customer in the global market.
Key Segments of the Global Negative Pressure Wound Therapy Market
Product Type Overview, 2021-2028 (USD Million)
- Conventional NPWT devices
- Single-use NPWT devices Wound
Wound Type Overview, 2021-2028 (USD Million)
- Traumatic wounds
- Diabetic foot ulcers
- Pressure ulcers
- Venous ulcers
End-User Overview, 2021-2028 (USD Million)
- Hospitals and clinics
- Home care setting
Region Overview, 2021-2028 (USD Million)
- North America
- Asia Pacific
- Latin America
- Middle East & Afric