Portland, OR, June 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global negative pressure wound therapy devices market was pegged at $2.14 billion in 2020, and is anticipated to garner $3.34 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
Surge in incidences of chronic conditions, rapid aging populations, and technological advancements in NPWT devices to deal with complex wounds have boosted the growth of the global negative pressure wound therapy devices market. Moreover, rise in awareness to reduce healthcare costs supplemented the market growth. However, complications related to NPWT hamper the market growth. On the contrary, surge in focus toward advanced treatment protocols and significant unmet needs in wound care is expected to open new opportunities for the market players in the coming years.
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COVID-19 scenario:
- The growing prevalence of chronic diseases such as diabetes & obesity and increase use of single-use devices would boost the demand for negative pressure wound therapy devices.
- Restriction on manufacturing pharmaceutical ingredients and medical devices would hamper the market.
The global negative pressure wound therapy devices market is segmented on the basis of product, application, end user, and geography. Based on product, the market is divided into conventional NPWT devices and single-use NPWT devices. The single-user NPWT segment is anticipated to manifest the highest CAGR of 7.1% during the forecast period. However, the conventional NPWT devices held the largest share in 2019, accounting for more than three-fourths of the market.
On the basis of application, the market is categorized into chronic wounds and acute wounds. The chronic wounds segment is expected to portray the highest CAGR of 6.1% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for nearly two-thirds of the market.
The global negative pressure wound therapy devices market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across the Asia-Pacific region is expected to register the highest CAGR of 7.9% during the forecast period. However, the market across North Americaheld the largest share in 2019, accounting for two-fifths of the market.
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The global negative pressure wound therapy devices market report includes an in-depth analysis of the major market players such as ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Ltd., Smith & Nephew Plc., 3M (Acelity L.P. Inc.,), ConvaTec Group Plc., Cardinal Health, DeRoyal Industries, Inc., Devon International Group, Investor AB (Mölnlycke Health Care AB), and Olle Larsson Holding AG (Medela AG).
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