Negative pressure wound therapy (NPWT) devices are medical devices used to treat acute and chronic wounds by applying sub-atmospheric pressure to the wound. They help remove excess fluid and infectious materials from the wound to stimulate healing. Common NPWT devices include portable and standalone units, which are mainly used in homecare settings, hospitals, clinics, long-term care facilities, and others. The therapy helps in closing surgical wounds and diabetic foot, pressure, and venous leg ulcers. It reduces healing time and hospital stay, lowering healthcare costs.
The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Prevalence of Chronic Wounds: Chronic wounds are amongst the major drivers expected to boost the negative pressure wound therapy devices market. They include diabetic foot ulcers, pressure ulcers, and venous leg ulcers. According to a report, around 6.7 million Americans are currently affected by chronic wounds with around 200,000 new cases added each year. NPWT has been proven to reduce healing times for chronic wounds, in turn, driving demand for such devices.
Flourishing Home Healthcare: Rising preference for home healthcare over hospitals and clinics has been gaining traction due to factors such as lesser wait times, flexible timings, and affordability. NPWT ensures effective wound care at home as well owing to the availability of portable devices. This in turn, is expected to offer significant growth opportunities for negative pressure wound therapy devices market over the forecast period.
Segment Analysis
The negative pressure wound therapy (NPWT) devices market is segmented into (150 words) standalone NPWT devices, portable NPWT devices and disposable NPWT devices. Among these, the standalone NPWT devices segment dominates the market and holds the largest market share. This is because standalone NPWT devices are preferred more for chronic and acute wound treatment in hospitals and clinics owing to their availability of multiple features and functionalities in a single unit.
PEST Analysis
Political: Governments across countries are increasingly focusing on improving healthcare infrastructure and providing better medical facilities. This is positively impacting growth of NPWT devices market. (150 words)
Economic: Rising healthcare spending coupled with increasing per capita income is driving demand for advanced wound care products like NPWT devices. The negative pressure wound therapy devices market is benefiting from favorable reimbursement policies for wound care treatments.
Social: Growing geriatric population worldwide who are more prone to chronic wounds and diabetic foot ulcers is a key growth driver. Moreover, rising incidence of lifestyle diseases resulting in complex and hard-to-heal wounds is further fueling demand.
Technological: Major players are heavily investing in R&D to develop more innovative NPWT devices with improved functionalities. Integration of technologies like Bluetooth and Wi-Fi in portable NPWT devices is enhancing compliance and remote monitoring capabilities.
Key Takeaways
The Global Negative Pressure Wound Therapy (NPWT) Devices Market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the NPWT devices market and is expected to continue its dominance during the forecast period. This is attributed to growing geriatric population, rising prevalence of chronic diseases, and increasing healthcare expenditure in the region.
Key players operating in the NPWT devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited. Abbott accounts for the largest market share owing to its well-established product portfolio and strong global distribution network. Morinaga Milk Industry Co. is another prominent player focusing on new product launches to strengthen its position.
