July 25, 2024
Negative Pressure Wound Therapy (NPWT) Devices Market

The Integration Of AI And Iot Is Anticipated To Open Up New Avenue For Negative Pressure Wound Therapy (NPWT) Devices Market

The 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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Negative Pressure Wound Therapy (NPWT) devices are used for the treatment of acute and chronic wounds. These devices help in wound healing by applying sub-atmospheric pressure to the wound site which removes excess fluid and decreases bacterial burden thereby promoting tissue growth. The key types of NPWT devices include single-use NPWT devices and conventional NPWT devices. These devices find widespread application in various acute and chronic wound types including surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, and burns & dissections.

Market Dynamics:
The growth of the NPWT devices market is driven by increasing incidence of diabetes and associated chronic wounds. Diabetic foot ulcers are one of the major complications of diabetes and their treatment often requires use of NPWT devices. According to the International Diabetes Federation (IDF), nearly 643 million adults aged 20-79 years are likely to have diabetes by 2030. Another major driver is the increasing geriatric population which is more prone to developing chronic wounds such as pressure ulcers. The global population aged 65 years and above is projected to reach 1.5 billion by 2050 according to the United Nations. Additionally, growing adoption of single-use NPWT devices over conventional devices owing to ease of use and reduced risk of infections is also fueling the market growth. However, high costs associated with NPWT devices and availability of alternative wound care options are some of the factors hindering the market growth.

Segment Analysis
The global Negative Pressure Wound Therapy (NPWT) Devices market can be segmented based on product type, wound type, end user, and region. The conventional NPWT systems segment currently dominates the market due to ease of use and cost effectiveness. However, the single-use NPWT systems segment is poised to witness the highest growth rate owing to increasing preference for disposable products that help avoid cross-contamination.

PEST Analysis
Political: Governments across countries are raising awareness about use of advanced wound care products through various campaigns. Economic: Rising healthcare spending on advanced wound care solutions is fueling the market growth. Social: Growing geriatric population resulting in increased incidences of chronic wounds and diabetic foot ulcers is driving the demand. Technological: Innovation in product offerings such as single-use and battery-powered portable NPWT devices is positively impacting adoption.

Key Takeaways
The global Negative Pressure Wound Therapy (NPWT) Devices Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic wounds and diabetes globally. North America currently dominates the market owing to high awareness and healthcare spending. Asia Pacific is poised to register fastest growth attributed to rising medical tourism and improved access to healthcare.

The global NPWT Devices market size was valued at US$ 16537.84 Mn in 2023 and is anticipated to reach over US$ 28000 Mn by 2030. The conventional NPWT systems segment retains largest share though single-use NPWT systems adoption is rising swiftly. Key players operating in the negative pressure wound therapy (NPWT) devices market are 3M, Cardinal Health, Smith+Nephew, Genadyne, DeRoyal Industries, Inc., Medela AG, Convatec Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Ltd, Cork Medical, LLC, and Devon Medical Products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it