Pune, Jan. 21, 2020 (GLOBE NEWSWIRE) -- The global Negative Pressure Wound Therapy (NPWT) Market size is projected to reach USD 2.74 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period. However, it stood at USD 1.85 billion in 2018. Fortune Business Insights™ published this information in a recent study, 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.” As per the study, there is an increasing incidence of surgical site infections and chronic wounds amongst the masses worldwide. Thus, such factors would affect the market positively in the coming years.
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Highlights of the Report
- Highly accurate predictions on the upcoming changes in consumer behavior and NPWT market trends.
- Precise presentation of the market size in terms of value.
- Elaborate description of the competitive landscape, including new product launches, clinical trials, investment, contracts, strategic collaborations, agreements, and acquisitions.
- Comparative analysis based on market players’ business strategies.
Increasing Cases of Diabetic Foot Ulcer to Drive Growth
Nowadays, there exists a large patient pool across the world that are affected by chronic diseases, such as diabetes. Such conditions are further giving rise to diabetic foot ulcers. As per a published report by NHS, for instance, approximately 4.5 million people were affected by diabetes in the U.K. in 2017. Also, around 10.0% of that diabetic population developed foot ulcer at some point in their lives. Additionally, as the geriatric population is rising, the cases of various conditions and diseases is also upsurging. It is, in turn, causing reduced mobility amongst the affected populaces. These would contribute to the vacuum assisted closure devices market growth during the forecast period.
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North America to Grow Significantly Stoked by High Treatment Cost
In terms of region, the market is grouped into the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America. Out of these, North America had acquired USD 738.1 million NPWT market revenue in 2018 and is expected to expand steadily in the forthcoming years. This growth is attributable to the high treatment cost and rising incidence of chronic wounds in the U.S. Europe would showcase a slow growth owing to the inadequate reimbursement policies in countries, namely, Italy, Spain, and France.
Asia Pacific, on the other hand, is anticipated to grow significantly by exhibiting a high CAGR. It is likely to occur because of the rising patient pool affected by chronic wounds, as well as an increasing prevalence of chronic diseases. The Middle East & Africa and Latin America would show a moderate CAGR on account of the unavailability of favorable reimbursement policies and expensive nature of treatments.
3M Acquires Acelity While ConvaTec Receives Clearance from FDA
The market houses several organizations of all sizes. They are at present, focusing on mergers and acquisitions, as well as bagging FDA approvals to gain maximum negative pressure wound therapy market share and strengthen their positions. Below are two of the key industry developments:
- October 2019: 3M, a multinational conglomerate corporation based in the U.S., announced that it has completed the acquisition of Acelity, a privately held medical device company. 3M also acquired the latter’s KCI subsidiaries worth USD 6.7 billion. This acquisition would aid the former in enhancing its presence in surgical and advanced wound care.
- October 2018: ConvaTec Group plc, an international medical products and technologies company, headquartered in the U.K., declared that it received FDA approval for Avelle NPWT system. It aids ConvaTec in entering the competitive U.S. NPWT market. Avelle can be used on a range of moderately-exuding to low wound types, consisting of surgically closed incisions, skin grafts, dehisced and sub-acute, traumatic, acute, and chronic wounds.
List of the most renowned companies operating in the negative pressure wound therapy (NPWT) devices market. They are as follows:
- Medela AG
- KCI Licensing, Inc.
- Smith & Nephew
- Lohmann & Rauscher GmbH & Co. KG
- ConvaTec Inc.
- PAUL HARTMANN Asia-Pacific Ltd.
- Cardinal Health
- Talley Group Ltd.
- Mölnlycke Health Care AB
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Diabetic Foot Ulcers, for Key Country/ Regions, 2018
- Technological Advancements in NPWT, by Key Players
- Detail Product Mapping, for Key Players
- Pricing Analysis, by Key Players in Key Countries/Regions
- Key Industry Developments – Partnerships, Mergers and Acquisitions
- Global Negative Pressure Wound Therapy (NPWT) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Conventional NPWT
- Single-use NPWT
- Market Analysis, Insights and Forecast – By Indication
- Diabetic Foot Ulcers
- Pressure Ulcers
- Burns & Trauma
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Homecare Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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