Global Negative Pressure Wound Therapy Market, by Device Type (Standalone Devices, Single-use Devices, Portable Devices, and Accessories), By Application (Diabetic Foot Ulcers, Venous Leg Ulcers, Pressure Ulcers, and Burn Wounds), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1,989.8 million in 2018, and is projected to exhibit a CAGR of 6.5% over the forecast period (2019 – 2027).
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Increasing incidence and prevalence of chronic wounds to fuel the demand in global negative pressure wound therapy devices market
According to the American Diabetes Association (ADA) report published in 2014, the incidence of diabetic foot ulcers in the U.S. is around 3.8% among Medicare-insured diabetic patients, and 5.0% among privately insured diabetic patients. Moreover, increasing incidence of leg ulcers and other chronic wounds is also expected to propel growth of the negative pressure wound therapy devices market during the forecast period. For instance, according to the National Health Service (NHS), in England, 24,674 patients were diagnosed with pressure ulcers between 2015 and 2016.
Key players in the market are focused on expanding their product portfolio through new product approvals. For instance, in October 2018, ConvaTec Group Plc. received the 510(K) approval from U.S. FDA for the Avelle Negative Pressure Wound Therapy system. Furthermore, increasing mergers and acquisitions are also expected to drive growth of the global negative pressure wound therapy devices market during the forecast period. For instance, in May 2019, 3M Company announced acquisition of Acelity Inc. and its KCI subsidiaries. The acquisition is expected to strengthen 3M’s position in the global negative pressure wound therapy devices market.
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Increasing incidence of chronic wounds due to pressure ulcers, diabetic foot ulcers, burn injuries, venous leg ulcers, and traumatic injuries is expected to drive the market growth. Over the past few years, there has been an increase in the number of diabetic foot ulcers in developing economies such as India, which is expected to fuel the market growth. For instance, in 2017, according to the International Diabetes Federation, around 73 million cases of diabetes were reported in India. Key players in the market are focused on strategies such as partnerships and acquisitions to expand their product portfolio and geographical positioning in the global negative pressure wound therapy market. For instance, in December 2018, KCI entered a three-year group purchasing agreement for its negative pressure wound therapy (NPWT) line, with Vizient Inc., one of the largest member driven healthcare performance improvement companies in the U.S. The agreement is expected to increase accessibility of negative pressure wound therapy devices to Vizient members in the U.S.
Browse 51 Market Data Tables and 43 Figures spread through 179 Pages and in-depth TOC on ‘Negative Pressure Wound Therapy Market’- Global Forecast to 2027, by Device Type (Standalone Devices, Single-use Devices, Portable Devices, and Accessories), By Application (Diabetic Foot Ulcers, Venous Leg Ulcers, Pressure Ulcers, and Burn Wounds), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Negative Pressure Wound Therapy market press release, click the link below: https://www.coherentmarketinsights.com/press-release/negative-pressure-wound-therapy-devices-market-to-surpass-us-27-billion-by-2024-19
Key Takeaways of the Negative Pressure Wound Therapy Market:
- The global negative pressure wound therapy market is expected to exhibit a CAGR of 6.5% over the forecast period, owing to increasing incidence of chronic wounds, and burn injuries. For instance, according to the American Burn Association report, in 2018, around 60% of acute hospitalizations in the U.S. (accounting to 40,000 hospitalizations) were for burn injuries.
- Among device type, the single-use negative pressure wound therapy devices segment is expected to register a higher CAGR in the global negative pressure wound therapy market in 2018 owing to increasing number of product launch. For instance, in December 2018, Smith & Nephew announced the launch of its new PICO 7 Single Use Negative Pressure Wound Therapy System in the U.S.
- Among application type, the diabetic foot ulcer segment held the dominant position in the global negative pressure wound therapy market in 2017, owing increasing patient population suffering from diabetes. For instance, in 2017, according to the International Diabetic Foundation, there are around 425 million individuals living with diabetes globally, and the number is expected to reach 642 million by 2040. The incidence of diabetic foot ulcers occurs in 25% of the diabetic patients. Therefore, the increasing patient population is expected to drive demand for negative pressure wound therapy devices during the forecast period.
- Key players operating in the global negative pressure wound therapy 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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