Negative Pressure Wound Therapy Market size is set to surpass USD 2.5 billion by 2025; according to a new research report by Global Market Insights.
Increasing prevalence of endocrine and other chronic diseases across the globe will positively influence the market growth. Diabetes is a metabolic disorder that adversely affects almost every system of body and it is leading cause for occurrence of foot ulcers in patients. Diabetic foot lesions lead socioeconomic and health problems that hampers quality life of patients. As per NCBI, diabetic people have 25% greater chances of acquiring foot ulcers. NPWT has significant role in healing such wounds resulting into enhanced patient outcomes that will increase its adoption.
Technological advancements in negative pressure wound therapy will augment its demand throughout the analysis period. Industry players are focusing on R&D activities for developing advanced NPWT products that are efficient and highly reliable. Recently developed NPWT products enables faster patient recovery that results in declined hospital stays.
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Single-use segment in the NPWT market is estimated to witness around 7.5% growth rate till 2025. Single-use NPWT devices are convenient as compared to conventional devices that results in positive patient outcomes. Moreover, with the application of single-use NPWT, infection risk is eliminated and as device is portable that increases its preference in home care settings.
Skin burn segment had around 20% of the market share in 2018 owing to rising traumas and fire accidents globally. According to WHO, 180,000 deaths occurred globally due to fire in low-and middle-income countries. In India alone, more than 1 million people suffer from moderate to severe burn injuries every year. Depending on the intensity of skin burns, negative pressure wound therapies are customized to ensure effective patient recovery. Benefits offered by NPWT coupled with increasing incidences of burns will escalate its demand.
Browse key industry insights spread across 125 pages with 104 market data tables & 8 figures & charts from the report, “Negative Pressure Wound Therapy (NPWT) Market Size By Type (Single Use, Conventional), By Wound Type (Diabetic Wounds, Skin Burns, Pressure Wounds, Surgical Wounds, Venous Legs Ulcers,) By End Use (Hospitals, Homecare Settings)Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
NPWT market for hospitals end-use segment is predicted to attain a CAGR of 5.5% through 2025. Patients suffering from critical wounds such as foot ulcers, skin burns, pressure and surgical wounds need to stay in hospital. Additionally, NPWT dressings are changed in every 24-48 hours to avoid bacterial build up. As a result, usage of NPWT treatment will be prominently high in hospitals.
North America negative pressure wound therapy market accounted for 42% of revenue share in 2018 driven by increasing incidences of traumas and accidents. Thus, demand for NPWT treatment will remain high in the region. Strong foothold of key industry participants coupled with favorable regulatory scenario for NPWT devices will boost the regional growth.
Notable companies operational in market are ConvaTec, Cork Medical, Smith & Nephew Inc, Acelity, Cardinal Health, DeRoyal, Genadyne Biotechnologies Inc, Medela Inc, Invacare Corporation, Sanoma Pharmaceuticals. These industry leaders have implemented several strategic initiatives such as new product launch, merger and acquisition as well as geographical expansion. FDA approvals for newly developed products also fosters company’s growth.