Negative Pressure Wound Therapy (NPWT) Market Size to Reach $3,001.3 Million by 2024: P&S Intelligence

Prominent players in the global negative pressure wound therapy market includes, DeRoyal Industries, Smith & Nephew plc, Devon International Group, Acelity L.P. Inc., ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Limited, Mölnlycke Health Care AB, Cardinal Health, Medela AG, Lohmann & Rauscher GmbH & Co. KG, BSN medical GmbH, Carilex Medical, TRIAGE MEDITECH, Shandog Wego Newlife Medical Device, ConvaTec Group Plc, B. Braun Melsungen AG, Genadyne Biotechnologies Inc., and Cork Medical LLC

NEW YORK, June 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global negative pressure wound therapy market is expected to generate $3,001.3 million revenue by 2024, advancing at a CAGR of 6.6% during the forecast period. The factors responsible for the growth of the market are rising prevalence of diabetes, increasing cases of burns, growing geriatric population, and high rate of caesarean section (C-section) leading to increasing post-operative use of NPWT devices.

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Based on wound type, the negative pressure wound therapy market is categorized into chronic wounds and acute wounds. The chronic wounds category is further classified into venous, diabetic foot, and pressure ulcers. Among these, the NPWT devices are mostly utilized for the treatment of venous ulcers, and the category is expected to hold 61.1% share in the market by 2024. This can be attributed to increasing cases of varicose veins among people, which are the major reason for venous ulcers.

Further, the acute wounds category is classified as surgical wounds, burns, and others. The number of surgeries has been increasing globally, which is a major factor for the largest share of the surgical wound category in the market.

The negative pressure wound therapy market can be categorized into hospitals and clinics, home-care settings, and others, based on end user. Out of these, home-care settings are expected to the fastest growing end-user category in the market, progressing at a CAGR of 6.9% during the forecast period. With the increasing advancements in technology, it is easy to get medical care at home. Moreover, rising preference of patient comfort is another factor driving the demand for NPWT devices in this end-user category.

Further, the hospitals end-user category is bifurcated into in-patient and out-patient. Out of which, in-patient is expected to be larger revenue generating and faster growing sub-category. This is attributed to more application of NPWT in diseases, which require prolonged care. The sub-category fostered a CAGR of 5.3% during the historical period, which is expected to increase to 7.1% CAGR during the forecast period.

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In the U.S., the negative pressure wound therapy market is expected to generate $790.5 million revenue by 2024, observing a CAGR of 6.7% during the forecast period, owing to the extensive wound epidemiology in the country. The prevalent cases of chronic wounds increased from 5,788,966 cases in 2016 to 6,362,965 cases in 2028 in the country. This is majorly attributed to the growing geriatric population and rising prevalence of diabetes in the U.S. According to the Centers for Disease Control and Prevention (CDC), in 2017, there were more than 100 million adults living with diabetes or prediabetes in the U.S. The rising prevalence of diabetes increases the risk of developing diabetic foot ulcer.

The negative pressure wound therapy market is witnessing many product launches throughout the world. For instance, in November 2018, Smith & Nephew plc launched its new NPWT product called PICO7Y. This is a single-use NPWT device with a Y extension, enabling the utilization of two dressings concurrently from one pump, in practice allowing for two wounds to be addressed at the same time, thereby potentially reducing the cost of treatment.

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Further, in February 2019, Acelity L.P. Inc. launched ABTHERA open abdomen NPWT in Japan. This product launch aimed at expanding company’s portfolio in surgical division. In December 2018, Smith & Nephew plc announced the launch of new PICO 7 single-use NPWT system in the U.S. This device is reported to deliver more efficient vacuum with superior leak management as compared to its previous version.

DeRoyal Industries, Smith & Nephew plc, Devon International Group, Acelity L.P. Inc., ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Limited, Mölnlycke Health Care AB, Cardinal Health, Medela AG, Lohmann & Rauscher GmbH & Co. KG, BSN medical GmbH, Carilex Medical, TRIAGE MEDITECH, Shandog Wego Newlife Medical Device, ConvaTec Group Plc, B. Braun Melsungen AG, Genadyne Biotechnologies Inc., and Cork Medical LLC are some of the prominent players in the global negative pressure wound therapy market.

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The global wound care market was valued at $24,482.9 million in 2015, and it is expected to grow at a CAGR of 6.7% during the period 2016 - 2022. The wound care market is growing due to increasing geriatric population, increase in volume of sugeries and increasing awareness about wound care products. Increasing cases of diabetes leading to pressure ulcer formation is further generating an increased demand for wound care products.

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Globally, North America accounted for the largest share of the wound dressing market, with 40.5% share in 2017. This is attributable to increasing geriatric population, rising number of road accidents, growing number of diabetes and obesity cases, and increase in burn cases in the region.

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