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(Health-NewsWire.Net, April 02, 2021 ) The negative pressure wound therapy market is expected to reach USD 2, 724.2 million by 2023, from USD 2,113.6 million in 2018, at a CAGR of 5.2%.
Factors Driving the Market Growth:
Negative Pressure Wound Therapy (NPWT) devices are used to treat chronic wounds, such as diabetic ulcers, pressure sores, and post-operative wounds, through the application of sub-atmospheric pressure to an open wound. Growing prevalence of diabetes, increasing spending on chronic and surgical wounds, government initiatives to prevent SSIs, and high rate of cesarean sections in elderly mothers leading to increasing post-operative use of NPWT devices are some of the factors expected to drive market growth during the forecast period.
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By product type, conventional NPWT devices segment is expected to account for the largest market share during the forecast period
Based on products, the NPWT devices market is segmented into conventional NPWT devices, single-use NPWT devices, and accessories. In 2018, the conventional NPWT devices segment was expected to account for the largest market share during the forecast period. This segment is driven by the ability of conventional NPWT systems to manage severe wound exudates. However, high costs and the growing adoption of disposable NPWT devices are restraining market growth to a certain extent.
By wound type, the surgical & traumatic wounds segment is expected to dominate the negative pressure wound therapy market
Based on wound type, the NPWT devices market is segmented into surgical & traumatic wounds, ulcers, and burns. In 2018, the surgical & traumatic wounds segment was expected to account for the largest share of the NPWT devices market. This growth can be attributed to the growing prevalence of surgical & traumatic wounds and increasing spending on chronic and surgical wounds.
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North America to command the negative wound pressure market during the forecast period
Based on region, the NPWT devices market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2017, North America commanded the largest share of the NPWT devices market. The large share of this market segment can be attributed to the increasing incidence of chronic wounds and diabetes and rising geriatric population. In addition to this, a favorable reimbursement scenario is expected to increase the adoption of NPWT devices in this regional segment.
Leading Players of Market:
The major players operating in this market are Acelity (US), Smith & Nephew (UK), Mölnlycke Health Care AB (Sweden), Cardinal Health (US), ConvaTec (UK), DeRoyal (US), Lohmann & Rauscher (German), Talley Group (UK), Medela (Switzerland), and Genadyne (US
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