USD 2 billion
Report ID:
SQMIG35A2463 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
91
|Figures:
76
Negative Pressure Wound Therapy Devices Market size was valued at USD 2 billion in 2021 and is poised to grow from USD 2.14 billion in 2022 to USD 3.68 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
The market for Negative Pressure Wound Therapy (NPWT) is set to expand due to an increasing demand for advanced wound care. In the field of wound management, single-use NPWT devices are gaining popularity, surpassing conventional products. A notable example is Smith & Nephew's PICO, a single-use NPWT device that has gained widespread acceptance worldwide. The industry's demand is expected to be significantly influenced by the rising prevalence of chronic diseases like diabetes, which often leads to complications such as diabetic foot ulcers.
Transport injuries, particularly road accidents, have been a major contributor to the occurrence of wounds. However, the pandemic's widespread cancellation of both public and private transportation has significantly decreased the number of patients requiring wound-related medical attention. In summary, the COVID-19 pandemic has had an adverse impact on the market.
The prevalence of diabetic ulcers in the U.S. population is estimated to grow by 2% annually, which is expected to foster market growth. Additionally, regions like the Asia Pacific are witnessing an increase in traumatic events, leading to burn-related wounds that can result in extensive skin damage. As a result, the demand for wound therapeutics is projected to rise, consequently boosting the overall market for such products.
US Negative Pressure Wound Therapy Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2 billion
Largest Segment
Hospitals & Clinics
Fastest Growth
Home Care Settings
Growth Rate
7% CAGR
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The global negative pressure wound therapy devices market is segmented on the basis of product, type, end – user, region. By product, the market is segmented into conventional NPWT, and single-use NPWT. By type, the market is segmented into diabetic foot ulcers, venous leg ulcers, pressure ulcers, burn wounds, and others. By end – user, the market is segmented into hospitals & clinics, Ambulatory Surgery Centers (ASCs), and home care settings. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Negative Pressure Wound Therapy Devices Market Analysis By End - User
The hospital sector exhibited its dominance within the market, commanding the largest portion of revenue at 52.5%. This can be attributed to the extensive utilization of conventional NPWT devices within hospital environments. However, a notable trend on the horizon is the anticipated rapid growth of the home care sector, which is projected to achieve the highest CAGR throughout the forecast period.
The emergence of NPWT therapy for home care settings is a key driver behind this growth trajectory. This shift is closely linked to the introduction of single-use NPWT systems, which are gaining prominence. As such, the home care segment is poised to witness significant expansion, fueled by these advancements in NPWT technology and its application beyond traditional healthcare settings.
Negative Pressure Wound Therapy Devices Market Analysis By Type
The pressure ulcer category assumed a commanding position within the market, capturing the largest portion of revenue at 31.3%. This was primarily due to the protracted treatment duration associated with pressure ulcers. Patients afflicted with pressure ulcers often require extended stays in hospitals, leading to escalated hospital costs. This extended treatment period is instrumental in driving the dominance of the pressure ulcer segment.
Conversely, a particularly noteworthy trend is the projected remarkable growth of the diabetic foot ulcers segment. This segment is forecasted to exhibit the highest CAGR throughout the stipulated forecast period. The driving forces behind this surge are multifaceted. Firstly, NPWT has demonstrated significant success in treating diabetic foot ulcers, expediting the healing process of these chronic wounds. Additionally, the soaring prevalence of diabetes globally further underscores the importance of this segment. Diabetic foot ulcers constitute a prevalent and recurring issue among individuals with diabetes, making them a critical target for advanced wound care solutions like NPWT.
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North America prominently commanded the market with the largest revenue share, accounting for 38.9%. This remarkable position can be attributed to several key factors that characterize the healthcare landscape in the region. Notably, North America boasts a substantial healthcare expenditure and is equipped with a highly advanced healthcare infrastructure. As a result of these advantageous factors, the adoption of Negative Pressure Wound Therapy (NPWT) devices has witnessed a significant upsurge, gaining traction across both hospital and homecare settings alike.
The robust healthcare expenditure within North America underscores the region's commitment to delivering top-notch medical care. This commitment, coupled with the sophisticated healthcare facilities in place, has established a conducive environment for the widespread utilization of NPWT devices. These advanced devices have found a significant foothold in both hospital settings, where they are applied for patients with varying wound conditions, as well as in homecare settings, providing a flexible and effective option for patients to manage their wounds with greater convenience.
Meanwhile, in the Asia Pacific region, a distinctive trend is poised to unfold over the forecast period. The market in this region is projected to exhibit a highly promising Compound Annual Growth Rate (CAGR). This projected growth trajectory primarily stems from the escalating occurrences of traumatic events, particularly burns, which are prevalent in this region. The rising number of traumatic incidents has subsequently triggered an increased demand for advanced wound care therapies, including NPWT, to address the intricate and demanding nature of burn-related wounds.
As such, the Asia Pacific region is anticipated to emerge as a significant growth hotspot for the NPWT market, owing to its unique healthcare challenges and the imperative need to provide effective wound management solutions for a diverse range of patients. This trend highlights the adaptable nature of NPWT technology, which can be applied across various contexts and wound types, making it an indispensable asset in the realm of modern wound care.
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Negative Pressure Wound Therapy Devices Market Drivers
Increasing Chronic Wounds and Surgical Procedures
Advancements in NPWT Technology
Favorable Reimbursement Policies
Negative Pressure Wound Therapy Devices Market Restraints
Complexity and Training
Risk of Complications
High Costs
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Global negative pressure wound therapy (NPWT) devices market features a dynamic and competitive landscape characterized by a mix of established medical device companies and emerging players. Key industry players such as Smith & Nephew, Mölnlycke Health Care, Acelity (now part of 3M), and ConvaTec dominate market shares due to their extensive product portfolios, strong distribution networks, and brand recognition. These companies have consistently invested in research and development to enhance NPWT device efficacy, patient comfort, and usability.
The market also witnesses the emergence of innovative startups and smaller manufacturers, bringing novel technologies and designs to the forefront. Technological advancements, including smart and connected NPWT systems, personalized wound care solutions, and integration with electronic health records, drive competition and shape market trends.
Negative Pressure Wound Therapy Devices Market Top Player’s Company Profiles
Negative Pressure Wound Therapy Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global negative pressure wound therapy devices market analysis, the global negative pressure wound therapy (NPWT) devices market presents a dynamic landscape shaped by a blend of established market leaders and innovative newcomers. The market's trajectory is driven by key factors, including the rising prevalence of chronic wounds, advancements in technology, and a shift towards personalized care. However, challenges such as high costs, regulatory compliance, and variability in patient response continue to influence the market dynamics. Market leaders like Smith & Nephew, Mölnlycke Health Care, and Acelity (now part of 3M) maintain their dominance due to their comprehensive product portfolios and extensive reach. The industry also witnesses smaller players entering with novel solutions, driving competition and fostering technological innovation. As healthcare systems emphasize cost-effectiveness and patient outcomes, companies capable of demonstrating superior clinical efficacy, user-friendliness, and affordability stand to gain a competitive edge.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2 billion |
Market size value in 2031 | USD 3.68 billion |
Growth Rate | 7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Negative Pressure Wound Therapy Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Negative Pressure Wound Therapy Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35A2463