Future Market Insights Global and Consulting Pvt. Ltd.
Companies Profiled in the Negative Pressure Wound Therapy Market are Mölnlycke Health Care, Smith & Nephew, Acelity L.P. Inc. (3M), Lohmann & Rauscher GmbH & Co. KG, ConvaTec Inc., DeRoyal Industries, Inc., Medela LLC, HARTMANN, Haromed Bvba (Belgium)., Genadyne Biotechnologies, Inc., Cork Medical, LLC, Carilex Medical GmbH, Alleva Medical Ltd. (Devon Medical Products) and Argentum Medical, LLC
DUBAI, United Arab Emirates, April 26, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights, the global negative pressure wound therapy market was valued at US$ 5.9 Bn in 2021, and is expected to exhibit a CAGR of close to 5.2% over the forecast period (2022-2032).
Negative-pressure wound therapy (NPWT) is a therapeutic technique (or) sealed wound-care system that uses a vacuum dressing to promote healing in large chronic persistent wounds and acute complex wounds.
Rising prevalence of chronic diseases is directly related to the onset of chronic wounds such as diabetes mellitus and cardiovascular diseases. This is expected to increase sales of NPWT devices over the forecast period.
According to the International Diabetes Federation, there will be over 400 million diabetics globally by 2025, with Asia, Africa, and Latin America seeing the most cases. Furthermore, approximately 25% of these patients are predicted to develop foot ulcers throughout their lives. A foot ulcer causes 6% of people to be hospitalized due to infection or other ulcer-related problems. Nonsurgical offloading in dressing combined with negative pressure wound care can help a person with diabetes and a neuropathic plantar ulcer heal.
Negative pressure wound therapy with a silver dressing reduces hospital stay and enables early reconstruction in patients suffering from infections. This also reduces hospital expenses for patients.
The development of the negative pressure wound therapy market will accelerate amid growing awareness among practitioners and patients, rising initiatives to promote the utility of negative pressure wound therapy devices, and the expansion of major players across the globe.
“Increasing demand for portable NPWT devices, coupled with increasing investments in the healthcare sector to introduce patient healthcare reimbursement plans in developing countries will augment the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways from Market Study
Based on product, sales in the standalone NPWT devices segment are expected to hold over 34% of the total market share by 2032, and are expected to grow at a 5.1% CAGR.
In terms of indication, post-surgical ulcers & open wounds segment accounted for 29.7% of the total market share in 2021, and the trend is projected to continue over the forecast period.
By end use, the hospitals segment will expand at a 5.1% CAGR over the assessment period.
North America is slated to be the leading region, with sales growing at a 3.8% CAGR through 2032.
Europe will emerge as a lucrative market over the assessment period, spearheaded by Germany.
China will account for a dominant share in the East Asia negative pressure wound therapy market.
Cardinal Health, Mölnlycke Health Care, Smith & Nephew, Acelity L.P. Inc. (3M), Lohmann & Rauscher GmbH & Co. KG, ConvaTec Inc., DeRoyal Industries, Inc., Medela LLC, HARTMANN, Haromed Bvba (Belgium)., Genadyne Biotechnologies, Inc., Cork Medical, LLC, Carilex Medical GmbH, Alleva Medical Ltd. (Devon Medical Products) and Argentum Medical, LLC are some of the leading players operating in the negative pressure wound therapy market.
Key players are focusing on acquisitions and are launching innovative products to expand their product portfolios. For instance:
In January 2022, Smith and Nephew launched new indications for use of its PICO 7 and PICO 14 single-use negative pressure wound therapy (sNPWT) systems. The U.S. Food and Drug Administration (FDA) cleared the systems for use on closed surgical incisions.
In April 2021, Lohmann & Rauscher (L&R) expanded its product range with the asset acquisition of the French hosiery company MTA’s medical stockings division.
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The global negative pressure wound therapy market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights on negative pressure wound therapy market segment based on product (standalone NPWT devices [direct sales and rental sales {products and services }], portable NPWT devices[direct sales and rental sales {products and services }], single-use NPWT devices[direct sales and rental sales {products and services }], NPWT dressings [foam dressings, hydrocolloid dressings and standard gauze dressings] and NPWT accessories), indication- (diabetic foot ulcers, pressure ulcers, venous leg ulcers, post-surgical ulcers & open wound, burn wounds and other wounds), end-user (hospitals, ambulatory surgical centers, trauma care centers, speciality clinics, home care settings, long-term care centers and skilled nursing facilities)across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
