The global negative pressure wound therapy (NPWT) market is likely to gain momentum owing to increasing prevalence of chronic wounds across the globe. Fortune Business Insights, in its latest report, titled “Negative Pressure Wound Therapy (NPWT) Market Size, Share & Industry Analysis, By Device Type (Conventional NPWT, and Single-use NPWT), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Burns & Trauma, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others) and Regional Forecast, 2019-2026.”, mentions that the market is projected to generate USD 2.74 Billion by 2026, while exhibiting a CAGR of 5.1% between 2019 and 2026. The report further observes that the market was worth USD 1.85 Billion in 2018.
Negative pressure wound therapy (NPWT) is a type of therapeutic technique that involves adoption of a suction pump along with a tube and a dressing to remove the excess exudate formed and promote healing in chronic wounds. NPWT reduces the risk of infection involved owing to pathogens, while reducing the number of dressing changes required. In addition to this, it helps to increase proper blood flow to the wounded area, while continually drawing out excessive fluids. Today, the treatment has become immensely popular to treat chronic wounds and burn injuries owing to their immense benefits.
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What does the Report Include?
The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Prevalence of Chronic Wounds to Drive the Market
According to the data by the US National Institute of Health (NIH), more than USD 25 Billion is spent in the U.S. to treat chronic wounds every year. Additionally, the financial strain is expected to rise owing to rising healthcare cost, large pool of geriatric population, and increasing cases of diabetic patients. Furthermore, increasing prevalence of chronic ailments is surging the demand for NPWT devices that will bode well for the market growth in the forthcoming years. Moreover, increasing number of surgical procedures and high number of patients suffering from surgical wounds is likely to drive the growth of the market during the forecast period.
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North America to Remain Dominant; Increasing Number of Chronic Wounds to Aid Growth
Among the regions, the market in North America is likely to register highest global negative pressure wound therapy (NPWT) market revenue during the forecast period. The market was worth USD 738.1 million in 2018 and is projected to foresee massive growth owing the increasing prevalence of chronic wounds in addition to increasing healthcare cost in the region. Furthermore, increasing cases of burn victims in the US will bode well for the market growth in the region. On the other hand, Asia-Pacific is expected to rise significantly during the projected horizon. This is attributable to factors such as increasing incidents of chronic disease and large pool of patients suffering from chronic wounds that will foster growth between 2019 and 2026.
Merger and Acquisition by the Companies to Aid Growth
In October 2019, 3M, the American multinational company, announced its acquisition of Acelity, Inc. along with its KCI subsidiaries. According to the company, this acquisition is expected to strengthen its market position to provide reliable advanced wound care and specialty surgical products in the near future. Adoption of strategies such as merger and acquisition, collaboration, and product launches by the companies will bode well for the market growth during the forecast period.
List of the Companies Operating in the Market:
- Smith & Nephew
- KCI Licensing, Inc.
- ConvaTec Inc.
- Cardinal Health
- Medela AG
- Mölnlycke Health Care AB.
- Talley Group Ltd
- PAUL HARTMANN Asia-Pacific Ltd.
- Lohmann & Rauscher GmbH & Co. KG
- Other key market players