A research study titled, “Negative Pressure Wound Therapy (NPWT) Market by Product, Application, and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the NPWT market is projected to be around $4 billion by 2025.
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Key trends and growth Factors:
The therapy has shown promising capabilities in assisting healing of chronic and acute wounds such as diabetic and pressure ulcers, partial burns and skin grafts. Diabetes is one of the most common chronic diseases worldwide and its prevalence is increasing.
As per International Diabetes Federation, as of 2015, 415 million adults suffered from diabetes and this number is expected to reach 642 million by 2040. Moreover, as per the American Podiatric Medical Association (APMA), about 15% of the total patients having diabetes experience foot ulcers.
DFUs often co-exist with vascular insufficiency, which leads to gangrene and amputation in diabetic individuals. Major amputation is associated with significant morbidity and mortality (13-14% during 1st year to 39-80% at 5 years) besides social, psychological and financial consequences.
Conventional NPWT devices segment accounted for the largest share in the global market in 2016, owing to their ability to heal a wide variety of wounds; while the single-Use NPWT devices is projected to be the fastest-growing segment over the forecast period, due to its light weight and availability of advanced dressing options.
North America held a major share of the overall market in 2016. This is primarily attributed to a number of factors such as the rising incidence of diabetes mellitus, rapidly aging population, increased adoption of technologically advanced NPWT products, and highly developed healthcare infrastructure. Asia Pacific is expected to witness lucrative market growth over the forecast period, due to the availability of untapped and unsaturated markets coupled with rising demand for advanced healthcare services. Rapid economic development along with increasing patient awareness levels is a major avenue for the companies in the NPWT market.
Key Market Players:
Some of the major companies include ConvaTec Inc., Mölnlycke Health Care, Acelity L.P. Inc., Smith & Nephew plc, Coloplast A/S, Paul Hartmann AG, Cardinal Health Inc., Medela AG, Devon Medical, Inc., and Talley Group Limited.These players have adopted strategies such as new product development, collaboration, and strategic acquisitions. For instance, in 2015,
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Key Findings of the Research Study:
Conventional NPWT devices market accounts for the major share in the global market and is projected to lead market during the forecast period.
Patients prefer portable NPWT devices for home care settings to minimize the overall cost of the hospital stay.
Diabetic foot ulcers market is projected to witness robust growth during the forecast period, owing to rising prevalence of diabetes mellitus and related chronic wounds.
U.S. dominates the global NPWT market with about two-fifths share in 2016, primarily due to high adoption of technologically advanced NPWT devices.
China and India offer huge opportunities for NPWT market due to an outburst of diabetes and underserved patients.
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About Crystal Market Research:
Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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