Negative pressure wound therapy is also referred to as vacuum-assisted wound closure and is widely used for wound healing. It is also used in the removal of fluids from the site of the wound. Negative pressure wound therapy can be used in the treatment of acute, chronic wounds, pressure ulcers, skin flaps, diabetic ulcers, and others.
Growing incidence of chronic wounds such as diabetic foot ulcers, rising awareness regarding the technologically advanced treatment modalities and favorable reimbursement policies in developed and emerging economies are projected to propel the growth of the negative pressure wound therapy derives.
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The global negative pressure wound therapy (NPWT) devices market was valued at US$ 1,989.8 million in 2018, and is expected to exhibit a CAGR of 6.5% over the forecast period (2019–2027).
Growing incidence and prevalence of chronic wounds is projected to propel the demand for negative pressure wound therapy devices across the globe
Rising prevalence of diabetes and other chronic wounds around the world is projected to raise the demand for efficient negative pressure wound therapy devices over the forecast period. For instance, according to report published by the American Diabetes Association in 2017, the annual incidence of diabetic foot ulcers in western countries is around 2%.
Moreover, increasing geriatric population with the prevalence of leg ulcers and other chronic wounds is expected to foster the market growth of negative pressure wound therapy. For instance, according to NHS in U.K., prevalence of venous leg ulcers was 0.1-0.3%, however, treatment cost was around US$ 506 – US$ 760 million annually. On the flips side, low awareness regarding NPWT devices in emerging and low-income economies is projected to hinder the growth of the market over the forecast timeframe.
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Growing awareness regarding technologically advance treatment modalities and favorable reimbursement policies are the prime factors propelling growth of the global Negative Pressure Wound Therapy (NPWT) Devices Market
Favorable reimbursement policies are major factors fueling the adoption of NPWT devices, especially in developed economies such as the U.S., Canada, Germany, Netherlands, Sweden, and Switzerland. For instance, in 2017, the U.S. Centers for Medicare and Medicaid Services (CMS) amended the reimbursement law for NPWT devices. According to the guidelines, the insurance coverage of NPWT devices and services has shifted from Home Health Prospective Payment System (HH PPS) to the Medicare Hospital Outpatient Prospective Payment System (OPPS).
Moreover, the World Health Organization (WHO) announced a new guideline for treatment of surgical site infections in November 2016. According to this guideline, the WHO recommends using prophylactic negative pressure wound therapy devices (NPWT) in closed surgical incisions in high-risk wounds. This is projected to fuel the growth of the global negative pressure wound therapy devices market in the upcoming years.
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Key Players
Major players operating in the global negative pressure wound therapy (NPWT) devices market include Smith & Nephew plc. 3M Company (ACELITY), Devon Medical, Paul Hartmann AG, Talley Group Limited, Coloplast A/S, ConvaTec Inc., Molnlycke Health Care AB, Medela AG, Kinetic Concepts, Inc., and Cardinal Health, Inc.
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